Leadership And Change In The Multilateral Trading System

This volume presents an authoritative and cutting-edge account of the evolving multilateral trading system and the challenges that it faces today. It focuses on details affecting the Doha negotiations and also addresses broader themes of leadership, changing balances of power, and institutional limitations of the WTO.

Historically, the United States' leadership of the global trading system has ensured the United States a seat at the table to shape the international trade agenda in ways that both advance and defend U.S. interests. The evolution of U.S. leadership and the global trade agenda remain of interest to Congress, which holds constitutional authority over foreign commerce and establishes trade negotiating objectives and principles through legislation. Congress has recognized the World Trade Organization (WTO) as the "foundation of the global trading system" within trade promotion authority (TPA) and plays a direct legislative and oversight role over WTO agreements. The statutory basis for U.S. WTO membership is the Uruguay Round Agreements Act (P.L. 103-465), and U.S. priorities and objectives for the General Agreement on Tariffs and Trade (GATT)/WTO have been reflected in various TPA legislation since 1974. Congress also has oversight of the U.S. Trade Representative and other agencies that participate in WTO meetings and enforce WTO commitments. The WTO is a 164-member international organization that was created to oversee and administer multilateral trade rules, serve as a forum for trade liberalization negotiations, and resolve trade disputes. The United States was a major force behind the establishment of the WTO in 1995, and the rules and agreements resulting from multilateral trade negotiations. The WTO encompassed and succeeded the GATT, established in 1947 among the United States and 22 other countries. Through the GATT and WTO, the United States, with other countries, sought to establish a more open, rules-based trading system in the postwar era, with the goal of fostering international economic cooperation and raising economic prosperity worldwide. Today, 98% of global trade is among WTO members. any observers are concerned that the effectiveness of the WTO has diminished since the collapse of the Doha Round of multilateral trade negotiations, which began in 2001, and believe the WTO needs to adopt reforms to continue its role as the foundation of the global trading system. To date, WTO members have been unable to reach consensus for a new comprehensive multilateral agreement on trade liberalization and rules. While global supply chains and technology have transformed international trade and investment, global trade rules have not kept up with the pace of change. Many countries have turned to negotiating free trade agreements (FTAs) outside the WTO as well as plurilateral agreements involving subsets of WTO members rather than all members. Certain WTO members have begun to explore aspects of reform and future negotiations. Potential reforms concern the administration of the organization, its procedures and practices, and attempts to address the inability of WTO members to conclude new agreements. Proposed DS reforms also attempt to improve the working of the dispute settlement system, particularly the Appellate Body-the seven-member body that reviews appeals by WTO members of a panel's findings in a dispute case. Some U.S. frustrations with the WTO are not new and many are shared by other trading partners, such as the European Union. At the same time, the Administration's overall approach has spurred new questions regarding the future of U.S. leadership and U.S. priorities for improving the multilateral trading system. Concerns have emphasized that the Administration's recent actions to unilaterally raise tariffs under U.S. trade laws and to possibly impede the functioning of the dispute settlement system might undermine the credibility of the WTO system. A growing question of some observers is whether the WTO would flounder for lack of U.S. leadership, or whether other WTO members like the EU and China taking on larger roles would continue to make it a meaningful actor in the global trade environment.

A Brookings Institution Press and the Center for Business and Government at Harvard University publication The multilateral trading system stands at a crossroads. Despite its widely acknowledged contribution to global prosperity over the past half century, the movement toward further liberalization has increasingly been challenged. These essays by leading scholars and trade officials honor Raymond Vernon, one of the architects of the international economic institutions established following the Second World War. The book examines several key issues at the heart of the debate over the multilateral trading system. What are the global efficiency gains from further liberalization? How can efficiency gains be maximized while respecting legitimate claims to sovereignty? Is the trading system affording an equitable distribution of benefits between countries and among various groups within societies? Does civil society have a role in the trading system? What role should the World Trade Organization and its dispute settlement procedures play in resolving disputes and enhancing legitimacy?

Rafael Leal-Arcas expertly examines the interface of climate change mitigation and international trade law with a view to addressing the question: How can we make best use of the international trading system experience to aim at a global climate change agreement? The insightful book contributes to developing the architecture for a post- 2012 global climate agreement and, in doing so, seeks and proposes new approaches to climate change mitigation by linking it to the international trade system. The author suggests the adoption of a bottom-up approach to climate change negotiations by using the evolution of multilateral trade agreements as a model for reaching a global climate treaty. He discusses the innovative approach of inserting climate goals within regional trade agreements, given their proliferation – especially bilateral – in the international trading system. He explains the trade implications of climate change mitigation policies by analyzing a couple of areas where the international regimes for trade and climate change mitigation may potentially clash. Climate Change and International Trade will strongly appeal to undergraduate and graduate students of international and European trade law, international and European environmental law as well as social science academics. NGOs, think tanks, practitioners, researchers, and international organizations will also find plenty of valuable information in this timely resource.

Discussion of the governance of global trade and the multilateral trading system is too often dominated by developed-country scholars and opinion-makers, with inadequate attention given to developing country perspectives. Making Global Trade Governance Work for Development gathers a diversity of developing country views on how to improve the governance of global trade and the WTO to better advance sustainable development and respond to the needs of developing countries. With contributions by senior scholars, commentators and practitioners, the essays combine new, empirically-grounded research with practical insights about the trade policy-making process. They consider the specific governance issues of interest to developing countries and acknowledge the changing dynamics in the global economy and in trade decision-making.

This handbook provides a holistic understanding of what the World Trade Organization does, how it goes about fulfilling its tasks, its achievements and problems, and how it might contend with some critical challenges.

This book examines the strategic implications of fragmented global governance by institutions for African states and their coalitions.

This timely book examines international trade and investment law at various levels of governance, including unilateral, bilateral, regional, and multilateral arrangements.