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The World Trade Organization (WTO) is one of the most important
international organizations in existence today. It contains a set
of disciplines that affect the ability of governments to impose
trade restrictions, and has helped to support the steady expansion
of international trade since the 1950s. The WTO has been the focus
of vociferous protests by anti-globalization activists and has
experienced great difficulties in agreeing to new trade rules since
its establishment. At the same time it has become the premier
global forum for the settlement of trade disputes and has proven to
provide a robust framework for international cooperation in the
trade area. This book separates the facts from the propaganda and
provides an accessible overview of the WTO's history, structure and
policies as well as a discussion of the future of the organization.
It also confronts the criticisms of the WTO and assesses their
validity. New to the second edition: discussion of legislative
amendments to the WTO Agreement, in particular Aid for Trade, the
Agreement on Trade Facilitation and the Bali Package evaluation of
case law developments and major disputes since 2007, including
analysis of the WTO and the financial crisis - in particular the
trade policy responses of WTO Members and institutional response
reflection on recent shifts to mega-regional agreements (TPP, TISA,
TTIP) and their implications what next post Bali? Fully updated
throughout, this book continues to be essential reading for
students of international trade, international political economy,
commercial law and international organizations as well as activists
and others interested in a balanced account of a key global
institution.
The World Trade Organization (WTO) is one of the most important
international organizations in existence today. It contains a set
of disciplines that affect the ability of governments to impose
trade restrictions, and has helped to support the steady expansion
of international trade since the 1950s. The WTO has been the focus
of vociferous protests by anti-globalization activists and has
experienced great difficulties in agreeing to new trade rules since
its establishment. At the same time it has become the premier
global forum for the settlement of trade disputes and has proven to
provide a robust framework for international cooperation in the
trade area. This book separates the facts from the propaganda and
provides an accessible overview of the WTO's history, structure and
policies as well as a discussion of the future of the organization.
It also confronts the criticisms of the WTO and assesses their
validity. New to the second edition: discussion of legislative
amendments to the WTO Agreement, in particular Aid for Trade, the
Agreement on Trade Facilitation and the Bali Package evaluation of
case law developments and major disputes since 2007, including
analysis of the WTO and the financial crisis - in particular the
trade policy responses of WTO Members and institutional response
reflection on recent shifts to mega-regional agreements (TPP, TISA,
TTIP) and their implications what next post Bali? Fully updated
throughout, this book continues to be essential reading for
students of international trade, international political economy,
commercial law and international organizations as well as activists
and others interested in a balanced account of a key global
institution.
The multilateral trade system rests on the principle of
nondiscrimination. Unilateral trade preferences granted by
developed countries can help beneficiary countries but can create
tensions between 'preferred' developing countries--typically
beneficiaries from pre-existing colonial regimes--and other
developing countries. There is also concern about the potential
erosion of these preferences through trade liberalization in the
importing countries, an issue that has been important in the
current negotiations under the Doha Development Agenda of the World
Trade Organization. 'Trade Preference Erosion' provides the
information needed to make informed assessments of the benefits of
trade preferences for developing countries, the risks associated
with the erosion of these benefits, and policy options for dealing
with these problems. The authors provide detailed analyses of
specific preference programs and undertake cross-country,
disaggregated analyses of the impact of preferences at the product
level. Understanding the likely impacts of these programs and how
those impacts are distributed is a precondition for formulating
appropriate policy responses. The authors argue that such responses
need to go beyond trade policies and need to include a focus on
enhancing the competitiveness and supply-side capacity of
developing countries. This book is a useful and informative guide
for policy makers, non-governmental organizations, and others who
wish to better understand the debate on the magnitude and impact of
preference erosion.
The multilateral trade system rests on the principle of
nondiscrimination. Unilateral trade preferences granted by
developed countries can help beneficiary countries but can create
tensions between 'preferred' developing countries typically
beneficiaries from pre-existing colonial regimes and other
developing countries. There is also concern about the potential
erosion of these preferences through trade liberalization in the
importing countries, an issue that has been important in the
current negotiations under the Doha Development Agenda of the World
Trade Organization. 'Trade Preference Erosion' provides the
information needed to make informed assessments of the benefits of
trade preferences for developing countries, the risks associated
with the erosion of these benefits, and policy options for dealing
with these problems. The authors provide detailed analyses of
specific preference programs and undertake cross-country,
disaggregated analyses of the impact of preferences at the product
level. Understanding the likely impacts of these programs and how
those impacts are distributed is a precondition for formulating
appropriate policy responses. The authors argue that such responses
need to go beyond trade policies and need to include a focus on
enhancing the competitiveness and supply-side capacity of
developing countries. This book is a useful and informative guide
for policy makers, non-governmental organizations, and others who
wish to better understand the debate on the magnitude and impact of
preference erosion."
Despite numerous attempts in the second half of the 20th century,
Arab states have not been successful in forming a regional economic
bloc. Trade among the Arab states continues to be hampered by high
tariffs and customs and transportation bottlenecks. Integration
efforts are largely limited to attempts at reducing trade barriers
in goods and have not extended to the service sector. While labour
mobility is somewhat evident, capital mobility within the region
remains limited. The ongoing liberalization of trade in goods
through the Greater Arab Free Trade Area, scheduled for complete
implementation in 2007, brings renewed interest to a longstanding
goal. regional integration. The contributors focus on three issues:
the failure of past attempts at integration, the impact on
countries involved in any future integration and the possible
lessons from other regional experiences, particularly the European
Union. A common theme is the importance of extending the reach of
cooperation efforts beyond trade in goods.
Despite troubled trade negotiations, global trade and trade policy
will thrive in the twenty-first century, but with a bow to the
past. Is the multilateral trading order of the twentieth century a
historical artifact? Was the creation of the World Trade
Organization in 1995 the high point of multilateral cooperation on
trade? This new volume, edited by Bernard M. Hoekman and Ernesto
Zedillo, assesses the relevance of the WTO in the context of the
rise of China and the United States' turn toward unilateral
protectionism. The contributors adopt a historical perspective to
discuss changes in global trade policy trends, adducing lessons
from the past to help understand current trade tensions. Topics
include responses to U.S. protectionism under the Trump
administration, the policy dimensions of trade in services and the
rise of the digital economy, how to strengthen the WTO to better
negotiate new rules of the game and adjudicate disputes, managing
China's integration into the global trade system, and the
implications of global value chains for economic development
policies. By reflecting on past episodes of protectionism and how
they were resolved, Trade in the 21st Century provides both context
and guidance on how trade challenges can be addressed in the coming
decades.
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