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...... Meanwhile Julio J. Nogues, Associate Banker at the European Bank for Reconstructions and Development in London, England, writes that the Uruguay Round of negotiations between industrialized countries and developing countries vis--vis international trade was unfair to developing countries. The concessions given by developing countries were more valuable then those they received, Nogues explains. Part of the reason this unfairness took place is due to the fact that Third World countries lack negotiating experience and lack knowledge on economic impacts (Nogues, 2002)
When there are unequal exchanges between industrial countries and developing countries there are likely to be two economic costs paid: one, a lower degree of access to foreign markets is likely, hampering globalization efforts for the developing; and two, by experiencing a weakening of their bargaining power through giving too many concessions to the more experienced, more powerful industrial countries, developing countries will pay a cost both in lost revenue potential and in public perceptions of their stability in the market......

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