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.
The views expressed in this paper should not be attributed in any way to the GATT Secretariat.
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© 1992 Silvio Borner and Herbert Grubel
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Eglin, R. (1992). The Multilateral Trading System. In: Borner, S., Grubel, H. (eds) The European Community after 1992. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-12048-2_19
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DOI: https://doi.org/10.1007/978-1-349-12048-2_19
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