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509.More information
The W.T.O. is currently enjoying a legitimacy unmatched by the G.A.T.T., as witnessed by the number of applications for entry and the high number of trade disputes which are brought before its settlement committees. But the success of the W.T.O. is not warranted. It will depend on its ability to enforce the new provisions for a free trade : a lowering of customs tariffs and especially a decrease in subsidies, a curtailment in the number of safeguard mesures, a defense of intelectual property rights, a reduction in protection mechanisms for agriculture and textiles. A removal of the obstacles on services first wished for, by highly industial countries, has been only partly achieved. Only recently was achieved a long awaited-for agreement on telecommunications services (february 1997), and there is still no agreement on financial services. Other issues are still pending (labour protection rules, foreign direct investment).