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GTAP Resource #6688

"A world trading system for the twenty-first century"
by Staiger, Robert

The multilateral trading system is in trouble. Governed by the World Trade Organization (WTO), which came into existence in 1995 and which builds on and extends the principles of its twentieth century predecessor agreement, the General Agreement on Tariffs and Trade (GATT), this system of global trade rules is facing a growing list of twenty-first century challenges that include the rise of large emerging markets led by China, accommodating efforts to address climate change, the growing importance of digital trade, the rise of offshoring and global value chains, and the push for regulatory harmonization as an end in itself. These challenges reflect changes in the global economy that have occurred in recent decades, and they raise questions about the legitimacy of the GATT/WTO as the arbiter of global trade rules. Is the WTO, an institution that has traditionally been about shallow integration with a focus on trade impediments imposed at the border rather than on deep integration that results from direct negotiations over behind-the-border measures, capable of meeting these challenges? Or do we need a new global trade order for the twenty-first century?

Resource Details (Export Citation) GTAP Keywords
Category: 2022 Conference Paper
Status: Published
By/In: Presented during the 25th Annual Conference on Global Economic Analysis (Virtual Conference)
Date: 2022
Created: Batta, G. (5/11/2022)
Updated: Batta, G. (5/11/2022)
Visits: 361
- Multilateral trade negotiations

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