More prolonged than any former cycles of multilateral trade negotiations, the Uruguay Round will be remembered as the starting point of a new world trading environment. The agreements signed in Marrakesh in 1994 herald a «second generation» trade discipline, which follows a «first generation» dominated by bilateralism, and precedes a «third generation» where environmental and labour problems are issues which may figure on the multilateral trade negotiation scene. The creation of the World Trade Organisation, the concept of a «single undertaking» and the new General Agreement on Trade in Services (GATS) are only some of the more salient features of a myriad of improvements and developments encompassing all areas of international trade. The WTO agreement has been described as «a democratic charter for world trade». The European Union, as a leading partner in a global economy, was one of the most interested parties in securing the successful conclusion of the Uruguay Round. Paradoxically, high unemployment and slow growth caused the spectre of protectionism to loom throughout the negotiation process, yet those factors should have spurred the movement towards trade liberalisation. The reflections contained in this book are the result of an international conference held at the College of Europe, Bruges, in November 1994. Academics, trade officials and private practitioners analyse the implications of the Uruguay Round Agreements not only from a legal perspective, but also from an economic, political and social perspective. Detailed legal analysis, together with short comments and prospective insights, are all present in the contributions.