Tariff Cuts Extended To All GATT Nations
cent is due to take effect 18 months after the first as part of the general reduction of tariff barriers inside the Common Market over the next 12 to 15 years.</br></br>^.å£RUSSELS, Dec. 3ÛÓThe 6-nati'on, European Common Market today headed off a threatened economic, crisis by extending 10-per-cent tariff cuts to all other member states of the General Agreement on Tariffs and Trade (GATT).</br></br>The cuts also were extended to all nations trading with the six countries on a ÛÏmost favored RationÛ basis.</br></br>Sources said the decision was reached at a meeting here) of the MarketÛªs Ministerial Council during discussions of the first item on its agendaÛÓ the current stalemate in negotiations for a 17-nation European free-trade area.</br></br>The Common Market countries also approved a proposal that the first 20-per-ccnt increase on import quotas among the six should be extended to