Passage 1
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 admittedl

Passage 1
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 and extend competition to hitherto 【sheltered】 ，and therefore backward, parts of all economies. By any standards, it would be a hugely valuable achievement.
38.How can the Uruguay round be described by a non-conservative estimate?

It can be described as a hugely valuable achievement.