Word: globalized
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Dates: during 1990-1990
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From Dec. 3 through 7, trade ministers from 105 countries are scheduled to sit down in Brussels to sign off on a major accord governing nearly $4 trillion in global commerce. But negotiations to revise the General Agreement on Tariffs and Trade are on the verge of collapse over the prickly issues of farm subsidies. Last week a new U.S.-European Community dispute over trade in services threatened to make an accord even more difficult...
Inability to achieve a GATT agreement would dramatically increase tensions in global trade. That, in turn, could damage cooperation on issues ranging from the environment to the Persian Gulf crisis...
...have called for a new global order to govern the oil business. How would that work...
...This kind of global understanding has never been reached in the past. What makes you believe it could be achieved in the future...
...This is entirely in the hands of the consumers and the oil companies. But there is a huge global stock on hand, nearly 100 days' worth. So if we draw from these inventories we will still have enough oil to take us into 1991, and I don't think this crisis will last that long. If we do that, prices will quickly come down to about $20 a barrel. But if we don't, the price will gradually go up to $60 a barrel. Even if nothing else happens. Of course, if we have a severe winter, unfortunately, it could...