The paper discusses the balance of payments provisions of the GATT, particularly as they apply to developing countries. It argues that these provisions should be reconsidered, and strengthened, in the Uruguay Round of multilateral trade negotiations

The decade from 1985 to 1995 was an unprecedented period of declining barriers to global trade. The reform wave was especially pronounced in developing countries where overvalued currencies were eliminated, quantitative import restrictions dismantled, and import tariffs reduced. What accounts...