This paper considers tariff phase-outs in multilateral and preferential agreements. The paper finds that early GATT rounds primarily were over bindings of existing rates and that it was not until the 1962-67 Kennedy Round's 50% reduction in manufactured goods tariffs that time paths of tariff...

This book presents an authoritative collection of the most important papers previously published by leading scholars in the field of trade policy and its reform. Included are sections on early contributions to the theory of reform, world welfare and trade reform, and reform with quotas and tariffs.

Trade liberalization has had a major impact on the world economy. As nations continue to engage in preferential trade and with the launching of the first World Trade Organization multilateral round, the need to understand the consequences of trade liberalization has never been greater.