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The Multilateral Trading System

In: The European Community after 1992

Author

Listed:
  • Richard Eglin

    (General Agreement on Tariffs and Trade)

Abstract

In 1965, the compatibility of the European Common Market for manufactured goods with the multilateral trading system was confirmed by the consolidation of the Common External Tariff (CET) and its reduction during the Dillon and Kennedy Rounds of multilateral trade negotiations. Jaquemin and Sapir (1989) have concluded that the subsequent rapid expansion of intra-EC trade resulted mainly from trade creation, and that trade diversion was relatively unimportant. In contrast, the Common Agricultural Policy (CAP) produced predominantly trade diversion, and has continued to do so ever since.

Suggested Citation

  • Richard Eglin, 1992. "The Multilateral Trading System," Palgrave Macmillan Books, in: Silvio Borner & Herbert Grubel (ed.), The European Community after 1992, chapter 19, pages 401-416, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12048-2_19
    DOI: 10.1007/978-1-349-12048-2_19
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