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(In the past few days differences between the United States and the European Community on farm trade have narrowed almost to nothing. As a result the world is now close to concluding the Uruguay round of GATT talks. That deal is admittedly far

高老师2年前 (2024-03-25)外刊经贸知识选读(00096)13

(In the past few days differences between the United States and the European Community on farm trade have narrowed almost to nothing. As a result the world is now close to concluding the Uruguay round of GATT talks. That deal is admittedly far from perfect, a series of messy compromises. The cause of free trade will have many more battles to fight. Never mind. On a conservative estimate the Uruguay round would permanently raise global welfare by more than $ 100 billion a year, spur economic growth everywhere (especially in the world’s poorest countries) and extend competition to hitherto sheltered, and therefore backward, parts of all economies. By any standards, it would be a hugely valuable achievement.)What does “sheltered” mean here?

“sheltered” here means “protected”(economically).

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