Kennedy Round

Kennedy Round

 

 

Kennedy Round

 

Meaning of Kennedy Round

Kennedy Round: the sixth round of GATT multilateral trade negotiations, held from 1963 to 1967. It was named after President John F Kennedy in recognition of his support for the reformulation of the United States trade agenda which resulted in the Trade Expansion Act of 1962. This Act gave the President the widest-ever negotiating authority. (See United States trade agreements legislation for a brief description of how this is done). As the Dillon Round went through the laborious process of item-by-item tariff negotiations, it became clear, long before the Round ended, that a more comprehensive approach was needed to deal with the emerging challenges resulting from the formation of the European Economic Community (EEC) and EFTA, as well as Europe's re- emergence as a significant international trader more generally. Japan's high economic growth rate portended the major role it would play later as an exporter, but the focal point of the Kennedy Round always was the United States-EEC relationship. Indeed, there was an influential American view that saw what became the Kennedy Round as the start of a transatlantic partnership that might ultimately lead to a transatlantic economic community. To an extent, this view was shared in Europe, but the process of European unification created its own stresses under which the Kennedy Round at times became a secondary focus for the EEC. An example of this was the French veto in January 1963, before the round had even started, on membership by the United Kingdom. Another was the internal crisis of 1965 which ended in the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the Chicken War, an early sign of the impact variable levies under the Common Agricultural Policy would eventually have. Some participants in the Round had been concerned that the convening of UNCTAD, scheduled for 1964, would result in further complications, but its impact on the actual negotiations was minimal. In

 

Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf

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Author of the text: W. Goode

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Kennedy Round

 

Kennedy Round

 

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Kennedy Round

 

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Kennedy Round