Looks at the impact of the Uruguay round on the international trading system, arguing that its significance lies less in its reduction of tariffs and other barriers than in its setting the stage for future liberalization in tariffs, agriculture, and textiles, and its ability to reduce the threat of regional trade blocs. Recommends new trilateral arrangements to engage the European Union, Japan, and the US in resolving trade conflicts and providing global leadership. Includes appendices of agreements and a chronology of the round. Annotation c. by Book News, Inc., Portland, Or.