trade talks

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Discussions on the arrangements for international trade. These may be conducted bilaterally between countries, by limited groups of countries, or on a world scale. Bilateral talks are common, in efforts to resolve minor disputes. Groups of countries hold talks to discuss the setting-up and running of trade blocs such as the European Union or the North American Free Trade Agreement. World trade talks have been held under the General Agreement on Tariffs and Trade. The last series, the Uruguay Round, ended in 1994 with the setting up of the World Trade Organization, which is now holding the Millennium Round. The participants in trade talks are usually governments, but proposals for voluntary export restraint agreements may involve private trade associations as well.

Subjects: Economics.

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