Seven dwarfed by economic squabbles

Article Abstract:

The Group of Seven, intended as a discussion group, is becoming a decision-making body but problems between the US and EC countries threaten its usefulness. The lack of a secretariat prevents the Group providing leadership which could have aided compromise at the Earth Summit. In Jul 1991 at the London summit European countries combined to stand up to America. In Jan 1992 the Bundesbank came under American attack and in Apr 1992 Bonn's economic deficit was denounced but Europe refused further assault. America is also unhappy with its trade relationship with Japan.

Europe, International relations, United States foreign relations, European Union. European Commission, Powers and duties, America, Group of 7

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Back to base on VAT

Article Abstract:

The public sector borrowing requirement may increase to 50 billion pounds sterling so the Treasury is considering indirect taxes, mainly VAT. The VAT base is 60% of consumer spending, compared to 70-75% in other EC countries. There are VAT-exempt items and zero-rated goods, which are the more practical target. The Treasury expects VAT on these would raise 17.8 billion pounds sterling, but this does not allow for fall in demand. Books and newspapers are the prime target.

United Kingdom, Finance, Taxation, Value-added tax, Tax policy, Public sector, United Kingdom. Treasury

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Deals that broke down the barriers

Article Abstract:

The General Agreement on Tariffs and Trade, founded in 1948, has helped world trade expansion. About 105 countries are members. The Uruguay round in 1986 aimed to make rules for intellectual property and to include trade in agriculture. The latter was the main reason for the collapse of the Brussels Gatt summit in 1990. Future problems are the shift towards regional trading blocs, the increase in new areas of trade and the poor state of the world economy.

International trade, Commercial treaties, Trade agreements, Regional economics, 1992 AD

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