GATT TRADE LEGISLATION Big win for U.S. chemical industry

Abstract

Congress' approval last week by overwhelming votes in the Senate and the House of Representatives of legislation implementing the Uruguay round of the General Agreement on Tariffs & Trade (GATT) is a big win for the U.S. chemical Chemical makers strongly promoted passage of the treaty, which takes effect Jan. 1, 1995. culmination of seven years of negotiations will result in lower tariffs and more open markets, stresses Fred Webber, president and chief financial officer of the Chemical Manufacturers Association (CMA). The U.S. chemical industry will be one of the big beneficiaries, Webber explains. We think GATT rules will add another $15 billion in exports over the next decade. That should create thousands of high-paying jobs in the U.S. chemical industry. Moreover, the treaty will reduce nontariff barriers to trade and for the first time allow U.S. companies to compete on a free and fair footing. GATT also will provide better international protection ...