GATT (Hansard, 23 November 1994)

HC Deb 23 November 1994 vol 250 c203W 203W

§ Mr. Yeo
To ask the President of the Board of Trade what is his latest estimate of the likely benefits to the United Kingdom of ratification of the GATT Uruguay round.

§ Mr. Needham
The GATT has recently estimated that by 2005 the Uruguay round will boost annual world income by at least $510 billion. For the EU, the benefit would be around $164 billion—an annual increase equivalent to more than 3 per cent. of GDP. There is every reason to believe that United Kingdom income will increase in line with that of the EU as a whole.