Protectionism and movement toward regionalism have risen steadily in international trade. At this critical juncture, the Uruguay Round multilateral negotiations have been started to set global rules for trade that could move world economic growth into the next century. Even though the negotiations are currently continuing without any definite time frame, it is clear that the successful conclusion of the negotiations is crucial to the future prospect of the world economy. It is now the time when Korea must take the countermeasures to draw bigger benefits in the future.

This paper contains a draft of the final act of the Uruguay Round and assessment of the tasks facing Korea. It covers rules of origin, anti-dumping, technical barriers to trade, subsidies and countervailing duties, agriculture, safeguards, trade-related investment measures, textiles and clothing, GATT provisions, dispute settlement, trade in services and trade-related aspects of intellectual property rights.