Is the rules-based multilateral trade order in decline? Current practices, trends and their impact

2021 ◽  
Vol 10 (1) ◽  
pp. 32-53
Author(s):  
Vineet Hegde ◽  
Jan Wouters ◽  
Akhil Raina
Keyword(s):  
The United States ◽  
The European Union ◽  
Appellate Body ◽  
Legal Perspective ◽  
Common Thread ◽  
The Common ◽  
Relative Decline ◽  
Global Economic Governance ◽  
Perfect Storm ◽  
Urgent Action

Since its establishment, the World Trade Organization has suffered numerous blows. Today, however, it is going through a perfect storm: from a paralysis in its lawmaking function to the demise of the Appellate Body. Powerful economies such as the United States, China and the European Union are moving away from multilateralism, in different ways, in order to shape novel approaches. Non-transparent practices like informal trade instruments, geoeconomics, and the domestication of international trade rules are appearing as new tools of global economic governance. How to make sense of these practices and approaches from a legal perspective? The common thread in all these factors is the relative decline of the rule of law. This article explores and critically assesses these developments and calls for urgent action in order to remedy and strengthen the multilateral rules-based trade order.

The Decline of Global Economic Governance and the Role of the Transatlantic Powers

2009 ◽  
Vol 11 (3) ◽  
pp. 1-23 ◽  
Author(s):  
Heribert Dieter
Keyword(s):  
United States ◽  
Global Economy ◽  
The United States ◽  
Economic Governance ◽  
The European Union ◽  
Current Crisis ◽  
Weak Support ◽  
Policy Practice ◽  
Global Economic Governance ◽  
The Imf

Although the global economy has flourished in the current global economic governance regime, the foundations of this order are starting to crumble. Both in trade and in finance, the existing institutions are under severe stress. In trade, more and more countries undermine the WTO by implementing preferential trade agreements. In finance, the IMF has been weak for most of this decade, although it experienced a revival in the current crisis. First and foremost, this weakness of the institutions of global economic governance is the result of policies implemented by the transatlantic powers. Both the European Union and the United States are actively pursuing policies that weaken the existing institutions. In trade, there is a large gap between the official rhetoric, which highlights the importance of the multilateral regime, and the trade policy practice, which is weakening the WTO. In finance, the transatlantic powers have until very recently blocked any progress in the IMF with regard to lending policies. In addition, the EU continues to defend its unjustified overrepresentation in the IMF's governance structures. The article suggests that one of the key explanations for this development is the weak support for globalization in most OECD-countries. Confronted with no enthusiasm for globalization in their domestic constituencies, policy makers in Europe and the United States are increasingly opting for policies that will, over time, erode the existing regimes of global economic governance.

scholarly journals Sino-Russian relations as a deterrent factor of the G2 conflict: prospects and policy recommendations

2021 ◽  
pp. 23-34
Author(s):  
Francisco Javier Brambila Martinez
Keyword(s):  
Trade Agreements ◽  
The United States ◽  
Policy Recommendations ◽  
The European Union ◽  
Regional Power ◽  
Equal Distribution ◽  
Global Power ◽  
American Hegemony ◽  
The Subject ◽  
The Common

This examines promising directions in Sino-Russian cooperation as a deterrent factor of multidimensional confrontation in the G2 format. The subject of this research is modern and advanced mechanisms of cooperation of geostrategic importance between the two countries, adapted to the global requirements. The goal of this work consists in the review of the common pursuit of the nations for more equal distribution of global power in the aftermath of American hegemony as a result of global trade. The emergence of new regional actors and their ability to operate on the global level and beyond the ideological constraints is analyzed through the United States-China relations, promising trade agreements of China with the European Union and Russia. The author considers the existing hypothesis on the prospects of concentration of regional power and emergence of new actors. The modern forecasts regarding the future of Sino-Russian cooperation are compared with geostrategic approach on the basis of the national interest and sovereignty of the countries in the absence of sound ideology for the purpose of conceptualization of future scenarios and mechanisms for prevention and settlement of conflicts. In conclusion, the author underlines the common pursuit of Sino-Russian cooperation for achieving the objectives of geostrategic nature, which constitutes the dynamic foundation for more equal distribution of world power. This article provides an actual approach towards future globalization scenarios, which would assist to prevent and resolve the conflicts using innovative models of international cooperation in the globalized region.

Global Economic Governance in the Wake of the Asian Infrastructure Investment Bank: Is China Remaking Bretton Woods?

2018 ◽  
Vol 19 (3) ◽  
pp. 542-569
Author(s):  
Chien-Huei Wu
Keyword(s):  
World War Ii ◽  
The United States ◽  
Infrastructure Investment ◽  
Economic Governance ◽  
The European Union ◽  
Investment Bank ◽  
Bretton Woods ◽  
Asian Infrastructure Investment Bank ◽  
Bretton Woods Institutions ◽  
Global Economic Governance

Abstract This article examines China’s participation in the trade, monetary and development assistance fields and concludes that China’s rise does not undermine the centrality of the Bretton Woods institutions or Word Trade Organization (WTO) in global economic governance. Whereas China’s participation in the WTO presents some challenges to the long dominance of the United States and the European Union, it reaffirms the central role of the WTO. China’s monetary strategy also indicates the continuing importance of the International Monetary Fund (IMF) in the international monetary regime. Whereas the Asian Infrastructure Investment Bank (AIIB) introduces some competition to the World Bank and the Asian Development Bank (ADB), China’s efforts in establishing new multilateral development banks are mainly driven by its frustration with stalled reforms of the Bretton Woods institutions. By and large, China’s economic emergence does not challenge, but reaffirms, the post-World War II global economic architecture.

28. Global trade and global finance

2016 ◽  
Author(s):  
Matthew Watson
Keyword(s):  
Global Economy ◽  
The United States ◽  
Global Trade ◽  
The European Union ◽  
Global Finance ◽  
Occupy Movement ◽  
Transatlantic Trade ◽  
The World ◽  
Trade And Investment ◽  
Global Economic Governance

This chapter explores important issues in the conduct of global trade and global finance. It asks why the global economy is so good at allowing some people to own untold riches while many others have too little money to meet basic subsistence needs, and whether the world would be better or worse off without the institutions of global economic governance. After discussing the globalization of trade and finance, the chapter considers the regulation of global trade and global finance. Two case studies are presented, one dealing with comparative advantage theory in historical perspective and the other with the Occupy movement. There is also an Opposing Opinions box that addresses the question of whether the Transatlantic Trade and Investment Partnership between the United States and the European Union will provide enhanced opportunities for economic development around the world in a way that the World Trade Organization system now cannot.

scholarly journals Discourse analysis of the concept of the Community of the Common Destiny and its reflexive component

Communicology ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 79-87
Author(s):  
N. B. Pomozova
Keyword(s):  
European Union ◽  
Discourse Analysis ◽  
Developed Countries ◽  
The United States ◽  
The European Union ◽  
Xi Jinping ◽  
The Common ◽  
Common Destiny ◽  
Discursive Power ◽  
Sociological Discourse

The author attempts to comprehend, from the standpoint of sociological discourse analysis, the main modern foreign policy concept of China – the Community of the Common Destiny. In the context of the multi-vector confrontation between the United States and China, the main struggle is for the loyalty of Europeans, namely, citizens of the most economically developed countries of the European Union. In this context, Beijing views discursive power as one of the main tools, without the development and application of which it is impossible to naturally take its rightful place in the international arena. After analyzing Western philosophical theories, including those that were used to create the European Union (Bauer, Renan), the Chinese leadership put forward a global concept that was the result of corresponding sociological reflection. According to Habermas, discourse involves the involvement of the Other in the discussion and is aimed at achieving mutual understanding and agreement. Discourse analysis of the Community of the Common Destiny (based on the material of some speeches of the PRC Chairman Xi Jinping) confirms the following hypothesis: despite its global character and corresponding ambitions, it is formulated in such a way as to be understandable and acceptable, primarily for Europeans.

Introductory Note

2019 ◽  
pp. 449-456
Author(s):  
Joanna Gomula
Keyword(s):  
The United States ◽  
The European Union ◽  
Animal Products ◽  
Tariff Rate Quotas ◽  
Appellate Body ◽  
Phytosanitary Measures ◽  
Import Restrictions ◽  
The Relationship ◽  
Agreement On Agriculture ◽  
Gatt 1994

In 2017 panel and Appellate Body reports were adopted in nine disputes. The disputes concerned alleged violations under the General Agreement on Tariffs and Trade of 1994 (GATT 1994), the Agreement on Sanitary and Phytosanitary Measures (SPS Agreement), the Agreement on Subsidies and Countervailing Measures (SCM Agreement), the Anti-Dumping Agreement, and the Agreement on Agriculture. Four of the disputes concerned restrictions placed on the importation of animal products (mainly poultry and pigs), such as licensing requirements and import restrictions, tariff rate quotas established following re-negotiations with principal suppliers, and SPS measures. The dispute over a ban on importation of pigs featured an important issue relating to the “regionalization” of SPS measures. Two disputes provided clarification as to the relationship between WTO agreements, in particular, the relationship between GATT 1994 and the Agreement on Agriculture. The year 2017 also saw another case in the “series” of the Airbus/Boeing subsidies disputes, with the United States scoring a victory over the European Union.

scholarly journals The Governance of Kosovo: Security Council Resolution 1244 and the Establishment and Functioning of eulex

2009 ◽  
Vol 103 (1) ◽  
pp. 83-96 ◽  
Author(s):  
Erika de Wet
Keyword(s):  
United States ◽  
European Union ◽  
Rule Of Law ◽  
Police Officers ◽  
The United States ◽  
Operating Costs ◽  
The European Union ◽  
Department Of State ◽  
The Common ◽  
The U.S

On February 4,2008, shortly before Kosovo's controversial unilateral secession from Serbia on February 17 of that year, the Council of the European Union (EU) adopted a Joint Action creating the European Union Rule of Law Mission in Kosovo/EULEX (hereinafter EULEX), the largest and most important mission thus far undertaken within the common European foreign and defense policy. Although EULEX is first and foremost a European undertaking, it is also strongly backed by the United States, which agreed to shoulder 25 percent of the operating costs while the remaining costs would be shared by European and other states. In October 2008, the U.S. Department of State further agreed to provide EULEX with eighty police officers and up to eight judges and prosecutors.

ChinaMeasures Related to the Exportation of Rare Earths, Tungsten, and Molybdenum

2015 ◽  
Vol 109 (3) ◽  
pp. 616-623
Author(s):  
Elizabeth Trujillo
Keyword(s):  
Rare Earths ◽  
Dispute Settlement ◽  
The United States ◽  
Environmental Concerns ◽  
High Tech ◽  
The European Union ◽  
Republic Of China ◽  
Appellate Body ◽  
Wto Dispute Settlement ◽  
Export Restrictions

In a proceeding brought against the People’s Republic of China by the United States (in which Japan and the European Union joined), the Appellate Body of the World Trade Organization (WTO) ruled that China violated its obligations under the General Agreement on Tariffs and Trade 1994 (GATT)1 by imposing export restrictions on “rare earths,” minerals used in mobile phones, hybrid cars, and other high-tech products. In upholding the earlier decision of a WTO dispute settlement panel, the Appellate Body rejected China’s argument that export duties, quotas, and other restrictions could be justified by health and environmental concerns.

scholarly journals Reforms of the Common Agricultural Policy and agriculture in Finland

1998 ◽  
Vol 7 (2) ◽  
pp. 181-196 ◽  
Author(s):  
Jukka Kola
Keyword(s):  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
The United States ◽  
Point Of View ◽  
The European Union ◽  
Farm Sector ◽  
European Model ◽  
The Common ◽  
Agenda 2000 ◽  
Scenario Approach

This article examines some possible paths and inherent political economy of the future reforms of the Common Agricultural Policy (CAP) and their implications for the Finnish agriculture. Scenario approach is qualitatively applied in respect of two policy scenarios, the Agenda 2000 reform proposals and the renationalisation of the CAP. In addition, the proposed European model of agriculture is briefly compared with the farm sector in the United States. Agenda 2000 is regarded as a threat scenario and the renationalisation of the CAP as a target scenario from the point of view of the Finnish agriculture in the European Union.

scholarly journals The Western Balkans: The fate of an European periphery

2015 ◽  
Vol 67 (4) ◽  
pp. 349-364
Author(s):  
Dragan Djukanovic
Keyword(s):  
Regional Identity ◽  
The United States ◽  
The European Union ◽  
Western Balkans ◽  
Current Position ◽  
Short Term ◽  
Bilateral Relations ◽  
The Common ◽  
The Creation ◽  
European Periphery

The paper analyzes what is the current position of the Western Balkans in the context of contemporary European trends and events. The author considers the European and Euro-Atlantic integration a certain attempt to ?relocate? the whole region of the Western Balkans from an obvious periphery to a semi-periphery position. The focus of analysis is on numerous problems such as continued revitalization of the local ethno-nationalisms, structural economic crisis, the presence of high levels of organized crime and corruption. The author points out that, so far, numerous attempts of the most influential members of the international community primarily the United States and the European Union have failed to promote the improvement of the relations between new-formed countries and to establish a sort of regional identity. The author argues that the creation of the antagonistic identities of the states and nations of the Western Balkans during the breakup of the former Yugoslav federation was the main obstacle to the creation of the common identity. The author concludes that, in view of the new growing trends of ethnic nationalisms and certain forms of extremism and radicalism, the ?relocation? of the Western Balkans from European periphery to the semi-periphery will not be short-term or easy, as evidenced by numerous internal problems and problems in bilateral relations.

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