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September 21, 2003 

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Mercado Común del Sur (Mercosur) or Mercado Comum do Sul (Mercosul)
Common Market of the South or Common Market of the Southern Cone. Customs union made up of Argentina, Brazil, Paraguay, and Uruguay. Established by the Treaty of Asunción, drafted on March 26, 1996, Mercosur has been in operation since January 1, 1995. Its goals are to establish a program of trade liberalisation, to co-ordinate macroeconomic decisions, to create a common external tariff and to implement other trade-related agreements.

Montreal Protocol
Amendment to the Convention for the Protection of the Ozone Layer adopted on September 16, 1987, and in force from January 1, 1989. It requires states parties to equitably control the total global emissions of substances that deplete the ozone layer.

Most-favoured-nation treatment
General Agreement on Trade in Services requirement that World Trade Organisation member states accord immediately and unconditionally to services and service suppliers of other members treatment that is no less favourable than that it accords to like services and service suppliers of any other state.

Multifiber Arrangement
Agreements established under the General Agreement on Tariffs and Trade of 1947 that allowed participating states to establish restrictions on the importation of textiles on a country-by-country basis contrary to the GATT's most-favoured-nation rule. The General Agreement on Tariffs and Trade of 1994 requires that these agreements be phased out.

Multilateral Investment Guarantee
Agency (MIGA)

Agency of the World Bank created by the Convention Establishing the Multilateral Investment Guarantee Agency and in operation from April 12, 1988. It promotes the flow of foreign direct investment to its developing member countries for economic development. It does so primarily through investment guarantees against the risks of currency transfer, expropriation, and war and civil disturbance ("political risks").

Test-Ban Treaty
A multilateral treaty named Treaty Banning Nuclear Weapon Tests in the Atmosphere, in Outer Space and Under Water. The treaty was adopted at Moscow, on 5 August 1963. It bans the testing of nuclear weapons in the atmosphere, outerspace, and under water.

IPIC Treaty
A multilateral treaty named Treaty on Intellectual Property in Respect of Integrated Circuits adopted at Washington on May 26, 1989. It requires members to protect integrated circuits (such as the designs on computer memory chips). The treaty is not currently in force, although the Agreement on Trade Related Aspects of Intellectual Property Rights requires that members of the World Trade Organisation observe is obligations.


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