• Trade barriers seriously distort patterns of international trade, allocation of
resources, and economic growth. The total economic costs of the barriers are
estimated to exceed $475 billion per annum
• Partial reform, such as envisaged in the Uruguay Round, would yield benefits
of $195 billion per annum, of which over $90 billion would accrue to developing
and formerly centrally planned countries
• The EC, Japan, and EFTA, stand to gain most from liberalisation
• Trade liberalisation will raise rural incomes in developing countries
Trade Liberalisation
What's at Stake?
