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An input-output approach to the stability and stabilization of uncertain Takagi-Sugeno (T-S) fuzzy systems with time-varying delay is proposed in this paper. The time-varying parameter uncertainties are assumed to be norm-bounded, and the delay is intervally time varying. A novel method is employed to approximate the time-varying delay, based on which the considered system is transformed into a feedback interconnection form. The new formulation of the system is comprised of a forward subsystem with constant time delay and a feedback subsystem embedding the uncertainties. By applying the scaled small-gain theorem to the converted system, less conservative stability and stabilization criteria are obtained. Moreover, the applicability of the proposed approach to the robust case is simpler since both delay and parameter uncertainties are processed in a unified framework. Numerical experiments are performed to illustrate the advantage of the proposed techniques.