What is the significance of the two most recent multilateral trade talks, the Uruguay Round and the Doha Round?
Fill in the blank(s) with the appropriate word(s).
The Uruguay Round was the first round to bear the name of a developing country and the first to involve significant participation by developing countries. It extended free trade to services, investment, agriculture, and intellectual property as well as led to the creation of the World Trade Organization. Likewise, the Doha Round is important to developing countries. Known as the Developing Country Round, it offers significant potential benefits to developing countries through the reduction of agricultural subsidies in the European Union and the United States, the liberalization of patents for high-priced medical drugs for AIDS and other diseases, and the strengthening of trade capacity-building infrastructure and procedures.
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