TTIP, the multilateral trading system and Latin American countries
Anabel González 29 May 2014
Mega-regional negotiations will underwrite global governance on 21st-century trade issues and facilitate the proliferation of global and regional value chains. This column writes that Latin American countries would gain from a strengthened and effective WTO to help mitigate the friction and fragmentation that may result from the mega-regionals.
A lot is happening in trade negotiations in almost every corner of the world. Countries have been quite active at the bilateral and regional levels for some time – the WTO has been notified of 432 regional trade agreements.
WTO, free-trade agreements, TPP, TTIP
Supply chains, mega-regionals and the WTO: New CEPR book
Bernard Hoekman 19 May 2014
The World Trade Organisation is one of the most successful instances of multilateral cooperation post-WWII. Yet WTO negotiators have yet found a way to break the recent deadlock on key elements such as the market access and rule-making dimensions on the agenda since 2001. This column introduces a new CEPR book that suggests the adoption of a ‘supply chain framework’ that could help to mobilise greater support for concluding the Doha Round and provide a basis to use the WTO as a forum for learning from regional initiatives.
In December 2013, WTO members struck a multilateral agreement at their ministerial meeting in Bali as part of the long-running Doha Round. The Bali Trade Facilitation Agreement – the first such agreements since the WTO was founded in 1995 – is important in demonstrating WTO members can ‘get to yes’ despite their differences. While trade facilitation will benefit traders around the globe, the basic challenge confronting WTO negotiators remains.
WTO, supply chains, free-trade agreements
TPP, TTIP and multilateralism: stepping stones or oceans apart?
Lucian Cernat 08 November 2013
Trade agenda consists of new and old themes, often closely intertwined. Among the new themes, mega-FTAs– in particular the Trans-Pacific and the Trans-Atlantic Trade and Investment Partnership – have been especially popular. This column discusses the nature of mega-FTAs and their relationship with the multilateral rules. The column concludes that such FTAs promote deep regional integration, but also have positive impact on non-members.
‘New’ and ‘old’ themes in the trade agenda
multilateralism, free-trade agreements, TPP, TTIP, mega-FTAs
Future of the world trading system: Asian perspectives
Richard Baldwin, Masahiro Kawai, Ganeshan Wignaraja 12 June 2013
The WTO risks losing its centricity in the world trading system due to its focus on 20th century trade issues and lack of progress in the Doha Round. This column introduces a new eBook that looks at how Asia meanwhile built a deep network of supply chains and is experimenting with new forms of regional trade governance. Asia’s experience of open trade-led development offers lessons for other regions. Better coherence is also vital between Asia’s regional trade rules and global trade governance.
The 1995 creation of the WTO – as an institutional extension of the GATT - held out the promise of an effective, rules-based world trading system where all countries were treated alike. In addition to establishing a global judiciary for trade disputes, the WTO was expected to provide a forum for trade negotiations and other related functions. Progress on the judiciary side has been brilliant, but the negotiation promise has yet to be fulfilled (Messerlin 2012).
Global governance International trade
WTO, free-trade agreements, Factory Asia
Some news about preferential international market access
Peter Egger, Georg Wamser 07 June 2013
Free trade agreements are often signed in conjunction with other bilateral economic agreements such as investment agreements, double taxation treaties, or even currency agreements. This column argues that this trend reflects the greater complexity of 21st century economic integration – especially the intertwining of FDI and trade in goods and services. Economists should analyse the effects of all such agreement conjointly. Failing to do so may result in attributing trade booms to the wrong policies.
The world trade system as governed by the WTO works on two fundamental principles, i.e. most-favoured nation treatment and national treatment.
trade policy, WTO, free-trade agreements
Tilting the playing field: FTAs and the changing pattern of protection
Thomas Prusa, Robert Teh 15 September 2010
While countries rush to enact more and more free-trade agreements, not enough is known about their impact. This column presents evidence suggesting that free-trade agreements are more discriminatory than their preferential tariffs suggest. It finds a stark increase in contingent protection as free-trade agreements cause a 10%-30% increase in the number of antidumping disputes against non-member countries.
Two of the most popular changes in trade policy in recent years are free-trade agreements and using antidumping duties to restrict trade from low-wage countries.
WTO, antidumping, protectionism, free-trade agreements