Bernard M. Hoekman and Michel M. Kostecki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198294313
- eISBN:
- 9780191596445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829431X.003.0002
- Subject:
- Economics and Finance, International
Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and ...
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Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and the challenges that confront it. The sections of the chapter are as follows: Trade and global integration; Trade and trade agreements in history; Functions of the multilateral trading system; From GATT (General Agreement on Tariffs and Trade) to WTO (World Trade Organization); and The challenge of global cooperation.Less
Chapter 1 makes up the first part of the book. It presents a brief historical overview of the evolution of the multilateral trading system and introduces the basic functions of the trade regime and the challenges that confront it. The sections of the chapter are as follows: Trade and global integration; Trade and trade agreements in history; Functions of the multilateral trading system; From GATT (General Agreement on Tariffs and Trade) to WTO (World Trade Organization); and The challenge of global cooperation.
Sylvia Ostry
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241828
- eISBN:
- 9780191596834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241821.003.0009
- Subject:
- Economics and Finance, International
The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are ...
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The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are highlighted. The roots of the changes that have occurred are traced to the transformation of the trading system initiated in the Uruguay Round, in which the new issues of intellectual property and services were included; however, the spread of Internet use in the mid‐1990s has been equally important. In addition, there are ongoing changes in the climate of ideas that raise questions about the neoclassical model at the core of economics and trade policy. It is argued that if the rules‐based system is to endure, coping with these changes will require structural reform not only of the WTO (GATT's replacement) but also of the post‐war international architecture.Less
The main changes in the multilateral world‐trading system since and including the GATT Uruguay Round in 1994 are summarized, and the most urgent reforms needed to keep the system going are highlighted. The roots of the changes that have occurred are traced to the transformation of the trading system initiated in the Uruguay Round, in which the new issues of intellectual property and services were included; however, the spread of Internet use in the mid‐1990s has been equally important. In addition, there are ongoing changes in the climate of ideas that raise questions about the neoclassical model at the core of economics and trade policy. It is argued that if the rules‐based system is to endure, coping with these changes will require structural reform not only of the WTO (GATT's replacement) but also of the post‐war international architecture.
Robert Z. Lawrence
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199235889
- eISBN:
- 9780191717109
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235889.003.0006
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order ...
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This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order and whether China is seeking to establish an East Asian trading bloc that discriminates against nonparticipating countries. It is argued that concerns about a Fortress East Asia are misplaced. Both directly and through the induced reaction of other countries, China's bilateral agreements with regional partners could provide a powerful impetus to the process of competitive liberalization. Moreover, countries implementing agreements with China should find it relatively easy to open their markets to other developing countries.Less
This chapter examines the implications of China's emergence for the global trading system. It asks whether China's bilateral and regional initiatives might undermine the multilateral trading order and whether China is seeking to establish an East Asian trading bloc that discriminates against nonparticipating countries. It is argued that concerns about a Fortress East Asia are misplaced. Both directly and through the induced reaction of other countries, China's bilateral agreements with regional partners could provide a powerful impetus to the process of competitive liberalization. Moreover, countries implementing agreements with China should find it relatively easy to open their markets to other developing countries.
Douglas A. Irwin and Kevin H. O’Rourke
- Published in print:
- 2014
- Published Online:
- September 2014
- ISBN:
- 9780226030753
- eISBN:
- 9780226030890
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226030890.003.0002
- Subject:
- Economics and Finance, International
This chapter describes the multilateral trading system over the last two centuries. At catastrophic moments (“shocks”) when the system has lacked shock absorbers, political economy forces have then ...
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This chapter describes the multilateral trading system over the last two centuries. At catastrophic moments (“shocks”) when the system has lacked shock absorbers, political economy forces have then tended to emerge intent on using protectionist devices as an alternative tool to offset, or at least cushion, such shocks. Also, lower frequency perturbations (“shifts”) have strained the commitment to free trade, as when more gradual trends in comparative advantage (whether for technological or geopolitical or other reasons) have forced dramatic changes in trade patterns, industry structure, and factor rewards, creating a political backlash. Thus, institutions matter: even if unilateral policymaking could in theory deliver a free trading system with adequate shock absorbers, historical observation of such regimes expose the perils of beggar-they-neighbor actions and a Prisoner's Dilemma outcome. The parallels with the present are clear, and the paper draws attention to the important but often neglected linkages between the sustainable success of free trade regimes and the political and technocratic ability of countries to manage the pressures that openness exposes.Less
This chapter describes the multilateral trading system over the last two centuries. At catastrophic moments (“shocks”) when the system has lacked shock absorbers, political economy forces have then tended to emerge intent on using protectionist devices as an alternative tool to offset, or at least cushion, such shocks. Also, lower frequency perturbations (“shifts”) have strained the commitment to free trade, as when more gradual trends in comparative advantage (whether for technological or geopolitical or other reasons) have forced dramatic changes in trade patterns, industry structure, and factor rewards, creating a political backlash. Thus, institutions matter: even if unilateral policymaking could in theory deliver a free trading system with adequate shock absorbers, historical observation of such regimes expose the perils of beggar-they-neighbor actions and a Prisoner's Dilemma outcome. The parallels with the present are clear, and the paper draws attention to the important but often neglected linkages between the sustainable success of free trade regimes and the political and technocratic ability of countries to manage the pressures that openness exposes.
Douglas A. Irwin
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9780691201009
- eISBN:
- 9780691203362
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691201009.003.0008
- Subject:
- Economics and Finance, International
This chapter focuses on the current controversies about the multilateral trading system, particularly the World Trade Organization (WTO). It provides an overview of how the WTO was criticized by ...
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This chapter focuses on the current controversies about the multilateral trading system, particularly the World Trade Organization (WTO). It provides an overview of how the WTO was criticized by nongovernmental organizations (NGOs), which attacked the WTO as an antidemocratic institution that has struck down environmental regulations by ruling them inconsistent with world trade laws. The chapter examines the WTO's rules and dispute settlement system and U.S.–China trade war. It analyzes the rise of regional trade arrangements, such as the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) agreement. It also points out the importance of unilateral trade policy changes that are rooted in domestic reforms.Less
This chapter focuses on the current controversies about the multilateral trading system, particularly the World Trade Organization (WTO). It provides an overview of how the WTO was criticized by nongovernmental organizations (NGOs), which attacked the WTO as an antidemocratic institution that has struck down environmental regulations by ruling them inconsistent with world trade laws. The chapter examines the WTO's rules and dispute settlement system and U.S.–China trade war. It analyzes the rise of regional trade arrangements, such as the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) agreement. It also points out the importance of unilateral trade policy changes that are rooted in domestic reforms.
Edward M. Graham
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296058
- eISBN:
- 9780191596209
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296053.003.0018
- Subject:
- Economics and Finance, International
The surge of foreign direct investment (FDI) in the late 1980s and first half of the 1990s and the associated expansion of the activities of multinational enterprises (MNEs) has left the world a ...
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The surge of foreign direct investment (FDI) in the late 1980s and first half of the 1990s and the associated expansion of the activities of multinational enterprises (MNEs) has left the world a somewhat different place than it was as recently as 15 years ago; what has changed is that the ‘globalization’ of business, a term that had become a well‐worn cliché by the early 1990s, has come to look more and more like a description of reality. All of this has resulted in much debate over whether the rules and institutions of the world's multilateral trading system should be augmented to cover more explicitly FDI and the international activities of MNEs. While there is no complete consensus on what the substance of new rules should be, there is a general feeling among specialists that at least three issues should be addressed: first, the extent to which national governments should be allowed to engage in discriminatory treatment towards foreign‐controlled enterprises (including initial entry of these via FDI) needs clarification and, if possible, the establishment of international standards; second is the question of whether there should be limits on the abilities of national governments to create and apply measures to foreign investors that have the potential to distort world allocation of resources; and third, it is widely felt that a more effective international mechanism to resolve disputes between foreign direct investors and governments would be useful. After an introduction that discusses these matters, the next section of the chapter examines the history of efforts to create some sort of international regime regarding FDI and MNEs; the approach of this section is largely historical, but an effort is made to detail some of the specific issues that are raised; the different subsections discuss the WTO (World Trade Organization) and GATT (General Agreement on Tariffs and Trade), the OECD (Organization for Economic Cooperation and Development), the UN (United Nations), the World Bank and the IMF (International Monetary Fund), regional approaches to FDI (the EU (European Union), NAFTA (North American Free Trade Agreement) and APEC (Asian Pacific Economic Cooperation)). The last section of this chapter examines the issue of where we might be going from here.Less
The surge of foreign direct investment (FDI) in the late 1980s and first half of the 1990s and the associated expansion of the activities of multinational enterprises (MNEs) has left the world a somewhat different place than it was as recently as 15 years ago; what has changed is that the ‘globalization’ of business, a term that had become a well‐worn cliché by the early 1990s, has come to look more and more like a description of reality. All of this has resulted in much debate over whether the rules and institutions of the world's multilateral trading system should be augmented to cover more explicitly FDI and the international activities of MNEs. While there is no complete consensus on what the substance of new rules should be, there is a general feeling among specialists that at least three issues should be addressed: first, the extent to which national governments should be allowed to engage in discriminatory treatment towards foreign‐controlled enterprises (including initial entry of these via FDI) needs clarification and, if possible, the establishment of international standards; second is the question of whether there should be limits on the abilities of national governments to create and apply measures to foreign investors that have the potential to distort world allocation of resources; and third, it is widely felt that a more effective international mechanism to resolve disputes between foreign direct investors and governments would be useful. After an introduction that discusses these matters, the next section of the chapter examines the history of efforts to create some sort of international regime regarding FDI and MNEs; the approach of this section is largely historical, but an effort is made to detail some of the specific issues that are raised; the different subsections discuss the WTO (World Trade Organization) and GATT (General Agreement on Tariffs and Trade), the OECD (Organization for Economic Cooperation and Development), the UN (United Nations), the World Bank and the IMF (International Monetary Fund), regional approaches to FDI (the EU (European Union), NAFTA (North American Free Trade Agreement) and APEC (Asian Pacific Economic Cooperation)). The last section of this chapter examines the issue of where we might be going from here.
Bernard M. Hoekman and Michel M. Kostecki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198294313
- eISBN:
- 9780191596445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829431X.003.0016
- Subject:
- Economics and Finance, International
This short concluding chapter presents some final remarks on the future of the WTO (World Trade Organization) and the challenge of international cooperation in the trade area.
This short concluding chapter presents some final remarks on the future of the WTO (World Trade Organization) and the challenge of international cooperation in the trade area.
Aaron James
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199846153
- eISBN:
- 9780199933389
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199846153.003.0005
- Subject:
- Philosophy, Political Philosophy, Moral Philosophy
This chapter elaborates the idea of “structural equity,” seen as the central fairness issue in international economic practice. It presents a deontological and contractualist conception of equity in ...
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This chapter elaborates the idea of “structural equity,” seen as the central fairness issue in international economic practice. It presents a deontological and contractualist conception of equity in basic fair division, which is in turn applied to “structural” questions of equity in social relations that extend over time. It is argued that “internal” issues of structural equity arise broadly, in economic dispute resolution, in multilateral systems, as well as in capital markets. It is also suggested that a wide variety of other “internal” fairness ideas can be explained in terms of the more basic idea of structural equity.Less
This chapter elaborates the idea of “structural equity,” seen as the central fairness issue in international economic practice. It presents a deontological and contractualist conception of equity in basic fair division, which is in turn applied to “structural” questions of equity in social relations that extend over time. It is argued that “internal” issues of structural equity arise broadly, in economic dispute resolution, in multilateral systems, as well as in capital markets. It is also suggested that a wide variety of other “internal” fairness ideas can be explained in terms of the more basic idea of structural equity.
Thomas Cottier, Joost Pauwelyn, and Elisabeth Bürgi Bonanomi
- Published in print:
- 2005
- Published Online:
- March 2012
- ISBN:
- 9780199285822
- eISBN:
- 9780191700378
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199285822.003.0001
- Subject:
- Law, Public International Law
This chapter provides an overview of the linkage between trade regulation and human rights in international law. Linking trade and human rights is a complex, but important, issue. Different from ...
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This chapter provides an overview of the linkage between trade regulation and human rights in international law. Linking trade and human rights is a complex, but important, issue. Different from other linkages, such as trade and environment, or trade and culture, this linkage involves the very foundations of a human-centred system of law. The ability to take into account and to realize human rights and ethical values underlying these rights is critical for the long-term legitimacy of the multilateral trading system. At the same time, the problem is particularly complex and partly elusive. This book aims to assist in achieving some conceptual progress in bridging the gap of, and bringing together, two historically distinct traditions and regulatory areas of international law.Less
This chapter provides an overview of the linkage between trade regulation and human rights in international law. Linking trade and human rights is a complex, but important, issue. Different from other linkages, such as trade and environment, or trade and culture, this linkage involves the very foundations of a human-centred system of law. The ability to take into account and to realize human rights and ethical values underlying these rights is critical for the long-term legitimacy of the multilateral trading system. At the same time, the problem is particularly complex and partly elusive. This book aims to assist in achieving some conceptual progress in bridging the gap of, and bringing together, two historically distinct traditions and regulatory areas of international law.
Biswajit Dhar and Kasturi Das
- Published in print:
- 2015
- Published Online:
- September 2016
- ISBN:
- 9780199458943
- eISBN:
- 9780199086894
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199458943.003.0006
- Subject:
- Economics and Finance, International, Development, Growth, and Environmental
Members of the World Trade Organization (WTO) launched the Doha Round of negotiations in 2001 amid pressures by the developing countries to make the WTO more development friendly. The focus of the ...
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Members of the World Trade Organization (WTO) launched the Doha Round of negotiations in 2001 amid pressures by the developing countries to make the WTO more development friendly. The focus of the negotiations was on the agreements covering four key areas, namely, agriculture, the non-agricultural market access, services, and intellectual property rights. The major distinguishing feature of the Doha Round was the strong presence of the developing countries on the negotiating table. For the first time in the history of the multilateral trading system, these countries had formed coalitions, both formal and informal, in order to articulate their interests. The proposals made by these countries had the potential of fundamentally altering the dynamics of the global trading system by providing the developing countries a much larger share in the trade volumes. And, this was to happen, keeping in view the development priorities of the developing countries.Less
Members of the World Trade Organization (WTO) launched the Doha Round of negotiations in 2001 amid pressures by the developing countries to make the WTO more development friendly. The focus of the negotiations was on the agreements covering four key areas, namely, agriculture, the non-agricultural market access, services, and intellectual property rights. The major distinguishing feature of the Doha Round was the strong presence of the developing countries on the negotiating table. For the first time in the history of the multilateral trading system, these countries had formed coalitions, both formal and informal, in order to articulate their interests. The proposals made by these countries had the potential of fundamentally altering the dynamics of the global trading system by providing the developing countries a much larger share in the trade volumes. And, this was to happen, keeping in view the development priorities of the developing countries.
Dan Ciuriak and Philip Calvert
- Published in print:
- 2021
- Published Online:
- January 2021
- ISBN:
- 9780197553831
- eISBN:
- 9780197553862
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780197553831.003.0027
- Subject:
- Law, Comparative Law
This chapter begins with an overview of the impact of the Covid-19 pandemic on economies of Asia generally, before turning to its impact on supply chains specifically, using the medical equipment ...
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This chapter begins with an overview of the impact of the Covid-19 pandemic on economies of Asia generally, before turning to its impact on supply chains specifically, using the medical equipment sector as a case study to illustrate the practical complexities. It then considers the pandemic’s implications for the multilateral trade system and its impact on Asian economic integration and regionalism. The pandemic has motivated attempts to increase robustness of supply chains through diversification away from excessive dependence on China and into Southeast and South Asia, in an incremental rather than revolutionary way; no wholesale departure from manufacturing in China is anticipated. For most countries, the most efficient response is to continue to rely on international trade and global production networks, while addressing the strategic concerns through improved emergency-preparedness stockpiles. The increased pressure for reshoring, however, is part of a larger disaffection with globalization and the erosion of the rules-based international trade system.Less
This chapter begins with an overview of the impact of the Covid-19 pandemic on economies of Asia generally, before turning to its impact on supply chains specifically, using the medical equipment sector as a case study to illustrate the practical complexities. It then considers the pandemic’s implications for the multilateral trade system and its impact on Asian economic integration and regionalism. The pandemic has motivated attempts to increase robustness of supply chains through diversification away from excessive dependence on China and into Southeast and South Asia, in an incremental rather than revolutionary way; no wholesale departure from manufacturing in China is anticipated. For most countries, the most efficient response is to continue to rely on international trade and global production networks, while addressing the strategic concerns through improved emergency-preparedness stockpiles. The increased pressure for reshoring, however, is part of a larger disaffection with globalization and the erosion of the rules-based international trade system.
