The International Trade Order—Performance and Challenges

2018 ◽  
Author(s):  
Bernard Hoekman
Keyword(s):  
International Trade ◽  
World Economy ◽  
Spillover Effects ◽  
Trade Agreements ◽  
Trade Policies ◽  
Economic Policies ◽  
The Core ◽  
The World ◽  
The Usa

The World Trade Organization constitutes the core of the international trade order. It provides a framework for nations to address the negative spillover effects of trade policies and for subsets of countries to engage in deeper integration of markets through preferential trade agreements. Chapter 1 examines how the trade order has been successful in supporting economic growth of developing countries and accommodating the reintegration of China into the world economy. It now confronts the challenge of managing the consequences of success, including disagreements between major trading powers, especially China and the USA, regarding the balance of rights and obligations and the effects of “behind-the-border” economic policies.

scholarly journals Trade Agreements, Competition, and the Environment: Gridlock at the Crossroads

1994 ◽  
Vol 26 (1) ◽  
pp. 97-107 ◽  
Author(s):  
James L. Seale ◽  
Gary F. Fairchild
Keyword(s):  
International Trade ◽  
Natural Resources ◽  
World Economy ◽  
Uruguay Round ◽  
Task Force ◽  
Trade Agreements ◽  
Southern Region ◽  
Agricultural Commodities ◽  
Trade And The Environment ◽  
The World

In the 1980s, few agricultural economists, particularly from the Southern Region, published works on international trade or the globalization of the world economy. The initiation of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1986 stimulated such writings as the Southern Agriculture in a World Economy series by the Southern Region Extension International Trade Task Force (Rosson et al.). An even smaller number of agricultural economists were writing on policy linkages between trade and the environment. An early effort to remedy this situation was the Workshop on Linkages between Natural Resources and International Trade in Agricultural Commodities (Sutton).

Report: Globalization of Economic Activity: Issues for Tourism

2002 ◽  
Vol 8 (2) ◽  
pp. 207-230 ◽  
Author(s):  
Hanaa Fayed ◽  
John Fletcher
Keyword(s):  
International Trade ◽  
Economic Activity ◽  
Economic Globalization ◽  
Trade Agreements ◽  
Regional Trade ◽  
Goods And Services ◽  
The Core ◽  
The Past ◽  
The World ◽  
Distinguishing Features

Economic activity is not only becoming more internationalized, but, more significantly, it is becoming increasingly globalized. Globalization is always regarded as the product of the liberalization that has been the hallmark of economic policy throughout the world during the past decade. It has also set in motion forces working to accelerate liberalization. One of the distinguishing features of trade at the end of the twentieth century and at the start of the new millennium has been the expansion of regional trade agreements and the multilateral agreements. The internationalization of services is at the core of today's economic globalization. Tourism has become one of the most important industries in the world, and its economic impacts are vital for many countries. It has long supported the idea of services agreements and has become a major component in the globalization of international trade, particularly with respect to services. There is no doubt that the World Trade Organization (WTO) and the General Agreement on Trade in Services (GATS) have assisted the growth of international trade in goods and services. However, the success of such instruments relies upon markets behaving in a Ricardian manner, incorporating the fluidity and transparency that form the substance of those markets.

The future of global trade and the WTO

foresight ◽  
2014 ◽  
Vol 16 (2) ◽  
pp. 109-125 ◽  
Author(s):  
Jean-Pierre Cling
Keyword(s):  
International Trade ◽  
World Trade ◽  
World Economy ◽  
Trade Agreements ◽  
Power Relationship ◽  
Trade Integration ◽  
Regional Trade ◽  
Content Type ◽  
Multilateral Trade ◽  
The World

Purpose – The global governance of trade is in a deadlock and the WTO is suffering from a long standing crisis of legitimacy. This paper aims to analyse the main issues which might influence the governance of world trade from now until 2030 and present quantitative projections of international trade. Design/methodology/approach – The research on the main issues which might influence the governance of world trade from now until 2030 draws on a detailed analysis of the WTO and trade policies. Four scenarios of the world economy are presented, which are derived from the international AUGUR research project “Challenges for Europe in the world in 2030” coordinated by Paris Nord University. The analysis takes into account econometric forecasting of world trade conducted in the framework of this project. Findings – First, the failure of the Doha Round of multilateral trade negotiations to reach its ambitious agenda derives from the discrepancy between the governance of world trade and the new power relationship prevailing in the world economy, with new emerging powers (China, India, etc.) rapidly increasing their share of world trade. Second, the continuous restructuring of world trade and economy, which goes together with new forms of globalization, will increase pressure for a profound reform of the governance of world trade in the next few years. Research limitations/implications – This paper calls for a reform of world trade governance, especially of the missions of WTO within a renovated economic world order. Future research could investigate more deeply the potential for regional trade integration, which is reinforced by international production networks. Regional trade agreements might be an increasing alternative to multilateral trade agreements. Originality/value – This paper brings new ideas by raising the issue of the governance of world trade using a prospective approach, with the aim to identify the key channels through which international trade integration will impact the world economy. This study bases its analysis on potential scenarios from now on until 2030, each of these scenarios corresponding to a specific institutional configuration.

Trade Protectionism

2020 ◽  
pp. 94-115
Author(s):  
Birgül Cambazoğlu
Keyword(s):  
International Trade ◽  
Trade Policies ◽  
Economic Policies ◽  
Macroeconomic Variables ◽  
Global Impact ◽  
The Great Depression ◽  
The Usa ◽  
Pros And Cons ◽  
The Impact

The increased commercial protection of countries as a result of the Great Depression caused the effects of the global crisis to deepen and last longer. Many countries took short-term steps to minimize the negative social impacts of the crisis by implementing protectionism. However, the crisis was gradually deepened and exerted long-term impacts on macroeconomic variables. The international platform made several attempts to reduce protectionism. However, following the global economic crisis in 2007-2009, the barriers to international trade have increased in many countries, especially in the USA. In many countries, inward-looking protectionist economic policies have been increasingly preferred. Thus, the global impact of countries' adoption of protectionism in their international trade policies has begun to be discussed in terms of the pros and cons for partners. This study analyzes the pros and cons of international trade protectionism on the basis of the impact of trade on macroeconomic variables. The results show that not only protectionism but also free trade produces both winners and losers.

scholarly journals Medium- and Long-Term Trends in the Development of the World Economy

2020 ◽  
pp. 5-30 ◽  
Author(s):  
Andrey N. Spartak ◽  
Tatiana A. Voronova
Keyword(s):  
International Trade ◽  
World Economy ◽  
The United States ◽  
Global Market ◽  
The World ◽  
The Usa ◽  
World Economic ◽  
Long Term Trends ◽  
World Economic Order

The article deals with long-term trends in the world economy and international trade, new challenges for global development, including digitalization and servicification of the economy, trade wars and increasing geopolitical tensions in the world. Also the medium-term prospects of world economic and commodity markets situation are analyzed, as well as specific economic developments in the largest countries and groupings – the USA, EU, China and India. The unprecedented scale of trade and economic confrontation between the United States and China has significantly increased uncertainty in the global market and provoked an explosive growth of trade protectionism, destabilized the foundations of the existing world economic order. Long-term structural shifts in international trade are associated with an increase in the share of services and expanding range of tradable services due to digitization, in the world energy market – with the US becoming one of the largest net exporters of energy and the formation of a highly competitive global gas market due to the explosive growth of LNG exports and the diversification of its suppliers. Almost all future scenarios are dominated by downside risks and strategic uncertainties, which increases the demand for multi-vector policy and diversification in foreign economic activity.

Upheaval in the distribution of power in the world economy: Problems and outlook of the world economy to 2050

2017 ◽  
pp. 114-127 ◽  
Author(s):  
V. Klinov
Keyword(s):  
Economic Policy ◽  
International Trade ◽  
World Economy ◽  
Emerging Market ◽  
Detailed Review ◽  
Depressed State ◽  
Industry Output ◽  
The World ◽  
Distribution Of Power ◽  
The Eu

Causes of upheaval in the distribution of power among large advanced and emerging market economies in the XXI century, especially in industry output and international trade, are a topic of the paper. Problems of employment, financialization and income distribution inequality as consequences of globalization are identified as the most important. Causes of the depressed state of the EU and the eurozone are presented in a detailed review. In this content, PwC forecast of changes in the world economy by 2050, to the author’s view, optimistically provides for wise and diligent economic policy.

COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS – PACIFIC PARTNERSHIP (TPP – 11): PAST, PRESENT AND FUTURE?

2019 ◽  
pp. 5-18
Author(s):  
Vladimir Yu. Salamatov ◽  
Nataliia M. Galkina
Keyword(s):  
World Economy ◽  
Bilateral Trade ◽  
Trade Agreements ◽  
Regional Trade Agreements ◽  
Regional Trade ◽  
Trade Relations ◽  
Global Trend ◽  
The World ◽  
The Common ◽  
Partnership Agreement

The article considers the global trend towards regional trade agreements (RTA). The authors note that in addition to the common bilateral RTAs, countries conclude multilateral regional trade agreements. In particular, the article examines changes in the world economy, which occur under the influence of the mega-regional trade agreements (MRTA) formation. An example of the MRTA is the Trans-Pacific Partnership Agreement (TPP) and its possible impact onRussiais discussed in the present article. The authors discuss the stages of TPP development, its goals, provisions, innovations and prospects. The article analyses an example of a country’s withdrawal from an agreement, its’ consequences and possible impact on the country itself and other signatory countries to the agreement. The article points out the differences between TPP and TPP-11. Inparticular, the article discusses the possible impact of the TPP-11 onRussia. Trade relations betweenRussiaand TPP-11 signatory countries are considered, and key markets among TPP-11 countries are identified. The article highlights the importance ofRussia's rapid response to the possible consequences of the TPP-11, including the possible conclusion of bilateral trade agreements between the EAEU, whereRussiais a member, and potential partners from TPP-11 countries.

Bilateral Treaties and The Most-Favored-Nation Clause: The Myth of Trade Liberalization in the Nineteenth Century

2008 ◽  
Vol 60 (2) ◽  
pp. 147-188 ◽  
Author(s):  
Olivier Accominotti ◽  
Marc Flandreau
Keyword(s):  
International Trade ◽  
Trade Liberalization ◽  
Empirical Evidence ◽  
Trade Agreement ◽  
Trade Agreements ◽  
Point Of View ◽  
Most Favored Nation ◽  
The World ◽  
Most Favored Nation Clause ◽  
Bilateral Treaties

Textbook accounts of the Anglo-French trade agreement of 1860 argue that it heralded the beginning of a liberal trading order. This alleged success holds much interest from a modern policy point of view, for it rested on bilateral negotiations and most-favored-nation clauses. With the help of new data on international trade (the RICardo database), the authors provide empirical evidence and find that the treaty and subsequent network of MFN trade agreements coincided with the end of a period of unilateral liberalization across the world. They also find that it did not contribute to expanding trade at all. This is contrary to a deeply rooted belief among economists, economic historians, and political scientists. The authors draw a number of policy lessons that run counter to the conventional wisdom and raise skepticism toward the ability of bilateralism and MFN arrangements to promote trade liberalization.

POSSIBILITIES OF REALIZATION OF SERVICE SECTOR POTENTIAL IN THE GLOBAL ECONOMY

2021 ◽  
Author(s):  
Oksana Melnichuk
Keyword(s):  
International Trade ◽  
Gross Domestic Product ◽  
Global Economy ◽  
World Economy ◽  
Service Sector ◽  
Developing Economies ◽  
Domestic Product ◽  
Trade In Services ◽  
Services Sector ◽  
The World

The relevance of the study is due to the growing role of services in the world economy. Trade in services has become the dominant driver of economic growth and development in both developed and developing economies. Since the 1980s, data suggest that there is a stronger relationship between trade in services and gross domestic product (GDP) than in the case of commodity growth and GDP. It is noted that the quality of policies, regulations and institutional frameworks is a key factor in determining the effectiveness of services. As services are increasingly subject to liberalization through multilateral and regional trade agreements, it is important that countries develop harmonized approaches to internal regulation and trade liberalization in the services sector. The article identifies the features and characteristics of the service sector as a factor of multifaceted development and growth. The dynamics of international trade in services by geographical structure and types of development of countries is studied on the basis of statistical data of international organizations, taking into account the impact of the pandemic. It is noted that international trade in services is becoming an increasingly important part of global commerce. The problematic aspects of the activity of small business entities to enter foreign markets of services are considered. The issue of urgency of digital economy development for the sphere of services and contribution to world markets is outlined. Opening up the services sector has the potential to bring great benefits and deserves more attention. Further prospects for the realization of entrepreneurial potential in a comprehensive global economy are outlined. It is noted that services are an important part of the world economy, generating more than two-thirds of world gross domestic product (GDP), attracting more than three-quarters of foreign direct investment in developed economies, and creating most of new jobs worldwide. Establishing effective coordination mechanisms between trade negotiators, policymakers and regulators will be an important tool for the development of the global economy.

scholarly journals European Direct Investment in Brazil, 1860 to the Present

2010 ◽  
Vol 3 (1) ◽  
Author(s):  
Sérgio de Oliveira Birchal ◽  
Âmara Fuccio de Fraga e Silva
Keyword(s):  
United States ◽  
20Th Century ◽  
Direct Investment ◽  
World Economy ◽  
The United States ◽  
Geographical Proximity ◽  
Japanese Firms ◽  
The World ◽  
The Usa ◽  
Western European

European direct investment in Brazil dates back to the discovery of the country and has been since then either hegemonic or more important than a superficial observation can grasp, as this work aims at showing. During the 20th century, the United States has replaced Britain as the worlds economic superpower and the largest direct investor. US dominance in the world economy and geographical proximity to Brazil would suggest that US investments were by far the largest in the country during that century. Furthermore, as Japan had become the second largest economy in the world in the 1980s, we would expect that this would be reflected in the data of the largest multinationals in Brazil. However, as our investigation suggests, Western European direct investment has been as large (and in many occasions even larger) as that of the USA and Japanese firms have never had a prominent presence among the largest firms in Brazil, at least until the late 1990s.

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