Agreement Establishing the World Trade Organization
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The Global Trading System
COVER STORY • Global Governance at a Crossroads – a Roadmap Towards the G20 Summit in Osaka • 3 he Global Trading System: What Went Wrong & How to Fix It TBy Edward Alden Author Edward Alden Introduction in what will become a prolonged era of growing nationalism and protectionism. Gideon Rachman, the Financial Times columnist, has It has now been more than a quarter century since the United argued that the nationalist backlash symbolized by Trump’s election States, the European Union (EU), Japan and more than 100 other and the 2016 Brexit vote in the United Kingdom is likely to spread to countries came together to conclude the Uruguay Round global trade other countries and persist for several decades. But, he noted, those agreement and establish the World Trade Organization (WHO). It was movements will have to show that they can deliver not just promises a time of extraordinary optimism. Mickey Kantor, US trade but real economic results. So far – as the process of the UK representative for President Bill Clinton, had endured many sleepless government and parliament’s efforts to leave the EU show – real nights with his counterparts to bring the deal home by the Dec. 15, economic results have not been delivered. But champions of 1993 deadline. He promised the new agreement would “raise the globalization and the “rules-based trading system” cannot simply standard of living not only for Americans, but for workers all over the wait and hope that the failures of economic nationalism will become world”. Every American family, he said, would gain some $17,000 evident. -
A Citizen's Guide to the World Trade Organization
A Citizens Guide to THE WORLD TRADE A Citizens Guide to the World Trade ORGANIZATION Organization Published by the Working Group on the WTO / MAI, July 1999 Printed in the U.S. by Inkworks, a worker- owned union shop ISBN 1-58231-000-9 EVERYTHING YOU NEED TO KNOW TO The contents of this pamphlet may be freely reproduced provided that its source FIGHT FOR is acknowledged. FAIR TRADE THE WTO AND this system sidelines environmental rules, health safeguards and labor CORPORATE standards to provide transnational GLOBALIZATION corporations (TNCs) with a cheap supply of labor and natural resources. The WTO also guarantees corporate access to What do the U.S. Cattlemen’s Associa- foreign markets without requiring that tion, Chiquita Banana and the Venezu- TNCs respect countries’ domestic elan oil industry have in common? These priorities. big business interests were able to defeat hard-won national laws ensuring The myth that every nation can grow by food safety, strengthening local econo- exporting more than they import is central mies and protecting the environment by to the neoliberal ideology. Its proponents convincing governments to challenge the seem to forget that in order for one laws at the World Trade Organization country to export an automobile, some (WTO). other country has to import it. Established in 1995, the WTO is a The WTO Hurts U.S. Workers - Steel powerful new global commerce agency, More than 10,000 which transformed the General Agree- high-wage, high-tech ment on Tarriffs and Trade (GATT) into workers in the U.S. an enforceable global commercial code. -
Three Approaches to Fixing the World Trade Organization's Appellate
Institute of International Economic Law Georgetown University Law Center 600 New Jersey Avenue, NW Washington, DC 20001 [email protected]; http://iielaw.org/ THREE APPROACHES TO FIXING THE WORLD TRADE ORGANIZATION’S APPELLATE BODY: THE GOOD, THE BAD AND THE UGLY? By Jennifer Hillman, Professor, Georgetown University Law Center* The basic rule book for international trade consists of the legal texts agreed to by the countries that set up the World Trade Organization (WTO) along with specific provisions of its predecessor, the General Agreement on Tariffs and Trade (GATT). At the heart of that rules-based system has been a dispute settlement process by which countries resolve any disputes they have about whether another country has violated those rules or otherwise negated the benefit of the bargain between countries. Now the very existence of that dispute settlement system is threatened by a decision of the Trump Administration to block the appointment of any new members to the dispute settlement system’s highest court, its Appellate Body. Under the WTO rules, the Appellate Body is supposed to be comprised of seven people who serve a four-year term and who may be reappointed once to a second four-year term.1 However, the Appellate Body is now * Jennifer Hillman is a Professor from Practice at Georgetown University in Washington, DC and a Distinguished Senior Fellow of its Institute of International Economic Law. She is a former member of the WTO Appellate Body and a former Ambassador and General Counsel in the Office of the United States Trade Representative (USTR). She would like to thank her research assistant, Archana Subramanian, along with Yuxuan Chen and Ricardo Melendez- Ortiz from the International Centre for Trade and Sustainable Development (ICTSD) for their invaluable assistance with this article. -
The Trade and Investment Effects of Preferential Trading Arrangements
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: International Trade in East Asia, NBER-East Asia Seminar on Economics, Volume 14 Volume Author/Editor: Takatoshi Ito and Andrew K. Rose, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-37896-9 Volume URL: http://www.nber.org/books/ito_05-1 Conference Date: September 5-7, 2003 Publication Date: August 2005 Title: The Trade and Investment Effects of Preferential Trading Arrangements Author: Philippa Dee, Jyothi Gali URL: http://www.nber.org/chapters/c0193 5 The Trade and Investment Effects of Preferential Trading Arrangements Philippa Dee and Jyothi Gali The number of preferential trading arrangements (PTAs) has grown dra- matically over the last decade or so. By the end of March 2002, there were 250 agreements in force that had been notified to the World Trade Organi- zation (WTO), compared with 40 in 1990 (WTO 2002). The coverage of preferential trading arrangements has also tended to expand over time. The preferential liberalization of tariffs and other mea- sures governing merchandise trade remains important in many agreements. But they increasingly cover a range of other issues—services, investment, competition policy, government procurement, e-commerce, labor, and en- vironmental standards. This paper examines, both theoretically and empirically, the effects of the trade and nontrade provisions of PTAs on the trade and foreign direct investment (FDI) flows of member and nonmember countries. 5.1 Theoretical Review The first wave of PTAs in the 1950s to 1970s were generally limited in scope, with preferential liberalization of merchandise trade playing a cen- tral role (the European Union [EU] was an important early exception). -
The Great Divergence the Princeton Economic History
THE GREAT DIVERGENCE THE PRINCETON ECONOMIC HISTORY OF THE WESTERN WORLD Joel Mokyr, Editor Growth in a Traditional Society: The French Countryside, 1450–1815, by Philip T. Hoffman The Vanishing Irish: Households, Migration, and the Rural Economy in Ireland, 1850–1914, by Timothy W. Guinnane Black ’47 and Beyond: The Great Irish Famine in History, Economy, and Memory, by Cormac k Gráda The Great Divergence: China, Europe, and the Making of the Modern World Economy, by Kenneth Pomeranz THE GREAT DIVERGENCE CHINA, EUROPE, AND THE MAKING OF THE MODERN WORLD ECONOMY Kenneth Pomeranz PRINCETON UNIVERSITY PRESS PRINCETON AND OXFORD COPYRIGHT 2000 BY PRINCETON UNIVERSITY PRESS PUBLISHED BY PRINCETON UNIVERSITY PRESS, 41 WILLIAM STREET, PRINCETON, NEW JERSEY 08540 IN THE UNITED KINGDOM: PRINCETON UNIVERSITY PRESS, 3 MARKET PLACE, WOODSTOCK, OXFORDSHIRE OX20 1SY ALL RIGHTS RESERVED LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA POMERANZ, KENNETH THE GREAT DIVERGENCE : CHINA, EUROPE, AND THE MAKING OF THE MODERN WORLD ECONOMY / KENNETH POMERANZ. P. CM. — (THE PRINCETON ECONOMIC HISTORY OF THE WESTERN WORLD) INCLUDES BIBLIOGRAPHICAL REFERENCES AND INDEX. ISBN 0-691-00543-5 (CL : ALK. PAPER) 1. EUROPE—ECONOMIC CONDITIONS—18TH CENTURY. 2. EUROPE—ECONOMIC CONDITIONS—19TH CENTURY. 3. CHINA— ECONOMIC CONDITIONS—1644–1912. 4. ECONOMIC DEVELOPMENT—HISTORY. 5. COMPARATIVE ECONOMICS. I. TITLE. II. SERIES. HC240.P5965 2000 337—DC21 99-27681 THIS BOOK HAS BEEN COMPOSED IN TIMES ROMAN THE PAPER USED IN THIS PUBLICATION MEETS THE MINIMUM REQUIREMENTS OF ANSI/NISO Z39.48-1992 (R1997) (PERMANENCE OF PAPER) WWW.PUP.PRINCETON.EDU PRINTED IN THE UNITED STATES OF AMERICA 3579108642 Disclaimer: Some images in the original version of this book are not available for inclusion in the eBook. -
The First Great Divergence
Mellon-Sawyer Seminar 2007/8 “The first great divergence: China and Europe, 500-800 CE” Organized by Ian Morris, Walter Scheidel, and Mark Lewis, Departments of Classics and History, Stanford University Sponsored by the Andrew W. Mellon Foundation Six hundred years ago China was the most powerful state on earth. The eunuch admiral Zheng He spent 1406 cruising around the Indian Ocean at the head of 30,000 crew in a fleet of giant Chinese “treasure ships,” trading, collecting tribute, and setting up and deposing client kings at will. By 1433, Chinese ships were visiting Arabia, Ethiopia, and Kenya, and probably Australia too. By any reasonable estimate, China seemed set to become the world’s first global power. But that did not happen. Anti-trade Confucian factions won out in struggles at the Ming court, and long-distance voyages were banned. By 1467, most records of Zheng’s voyages were lost or destroyed. Half a millennium later, far from dominating as the world, China seemed – at least to western observers – to be going backward. When a dispute over opium trading escalated uncontrollably in 1839, the British sent a small naval force to claim damages from the governor of Canton. A single ironclad gunboat blasted its way through all the Chinese defenses, and in 1842, with the Grand Canal under British control, Nanjing facing plunder, and famine closing in on Beijing, China conceded British demands for open ports and the right to send missionaries deep into the country. This defeat triggered crises that brought China to the verge of partition. One Hong Xiuquan, a failed civil service candidate who developed his own bizarre version of Christianity out of the teachings of the missionaries at Canton, led the massive Taiping Rebellion to install a Heavenly Kingdom of Great Peace. -
La Règle Du Jeu: France and the Paradox of Managed Globalization
La Règle du Jeu: France and the Paradox of Managed Globalization Rawi Abdelal Sophie Meunier Harvard Business School Princeton University [email protected] [email protected] To be presented at the Tenth Biennial Conference of the European Union Studies Association, Montreal, Canada, May 17‐19, 2007. We would like to thank Matthew Baldwin, Pascal Lamy, and Hubert Védrine for sharing their views with us. Thanks also to Suzanne Berger, Jean‐Francois Brakeland, Peter Katzenstein, and Nicolas Véron for their comments on an earlier version of this paper. All errors, of course, remain ours. A previous version of this paper was presented at the 2006 Annual Meeting of the American Political Science Association, August 30th‐September 3, 2006. La Règle du Jeu: France and the Paradox of Managed Globalization Abstract Globalization is often portrayed as a tidal wave that originated in the US and its policy of laissez‐faire liberalization. This paper argues, however, that globalization is not made only by striking down regulations, but also by making them. During the 1980s, French policy makers began to develop the doctrine of “managed globalization,” or what World Trade Organization (WTO) head Pascal Lamy calls today “globalization by the rules.” Central to the doctrine has been the French – and European – effort to make rules and build the capacity of international organizations such as the European Union (EU), Organization for Economic Cooperation and Development (OECD), International Monetary Fund (IMF), and WTO. These organizations then would have the authority to govern commercial and financial globalization. These organizations, however, have also used this capacity to promote liberalization. -
The Basic Economics of Internet Infrastructure
Journal of Economic Perspectives—Volume 34, Number 2—Spring 2020—Pages 192–214 The Basic Economics of Internet Infrastructure Shane Greenstein his internet barely existed in a commercial sense 25 years ago. In the mid- 1990s, when the data packets travelled to users over dial-up, the main internet T traffic consisted of email, file transfer, and a few web applications. For such content, users typically could tolerate delays. Of course, the internet today is a vast and interconnected system of software applications and computing devices, which society uses to exchange information and services to support business, shopping, and leisure. Not only does data traffic for streaming, video, and gaming applications comprise the majority of traffic for internet service providers and reach users primarily through broadband lines, but typically those users would not tolerate delays in these applica- tions (for usage statistics, see Nevo, Turner, and Williams 2016; McManus et al. 2018; Huston 2017). In recent years, the rise of smartphones and Wi-Fi access has supported growth of an enormous range of new businesses in the “sharing economy” (like, Uber, Lyft, and Airbnb), in mobile information services (like, social media, ticketing, and messaging), and in many other applications. More than 80 percent of US households own at least one smartphone, rising from virtually zero in 2007 (available at the Pew Research Center 2019 Mobile Fact Sheet). More than 86 percent of homes with access to broadband internet employ some form of Wi-Fi for accessing applications (Internet and Television Association 2018). It seems likely that standard procedures for GDP accounting underestimate the output of the internet, including the output affiliated with “free” goods and the restructuring of economic activity wrought by changes in the composition of firms who use advertising (for discussion, see Nakamura, Samuels, and Soloveichik ■ Shane Greenstein is the Martin Marshall Professor of Business Administration, Harvard Business School, Boston, Massachusetts. -
The Dynamic Gravity Dataset: Technical Documentation Update
The Dynamic Gravity Dataset: Technical Documentation Update Note Version 2.00 Abstract This document provides an update to the technical documentation for the Dynamic Gravity dataset, describing changes from Version 1.00 to Version 2.00. For full descrip- tion of the contents and construction of the dataset, see full technical documentation for Version 1.00 on the dataset page at https://www.usitc.gov/data/gravity/dgd.htm. This documentation is the result of ongoing professional research of USITC Staff and is solely meant to represent the opinions and professional research of individual authors. It is not meant to represent in any way the views of the U.S. International Trade Commission or any of its individual Commissioners. It is circulated to promote the active exchange of ideas between USITC Staff and recognized experts outside the USITC, professional development of Office Staff and increase data transparency by encouraging outside professional critique of staff research. Please address all correspondence to [email protected]. 1 1 Introduction The Dynamic Gravity dataset contains a collection of variables describing aspects of countries and territories as well as the ways in which they relate to one-another. Each record in the dataset is defined by a pair of countries or territories and a year. The records themselves are composed of three basic types of variables: identifiers, unilateral character- istics, and bilateral characteristics. The updated dataset spans the years 1948{2019 and reflects the dynamic nature of the globe by following the ways in which countries have changed during that period. The resulting dataset covers 285 countries and territories, some of which exist in the dataset for only a subset of covered years.1 1.1 Contents of the Documentation The updated note begins with a description of main changes to the dataset from Version 1.00 to Version 2.00 in section 1.2 and a table of variables available in Version 1.00 and Version 2.00 of the dataset in section 1.3. -
10Chapter Trade Policy in Developing Countries
M10_KRUG3040_08_SE_C10.qxd 1/10/08 7:26 PM Page 250 10Chapter Trade Policy in Developing Countries o far we have analyzed the instruments of trade policy and its objectives without specifying the context—that is, without saying much about the Scountry undertaking these policies. Each country has its own distinctive history and issues, but in discussing economic policy one difference between countries becomes obvious: their income levels. As Table 10-1 suggests, nations differ greatly in their per-capita incomes. At one end of the spectrum are the developed or advanced nations, a club whose members include Western Europe, several countries largely settled by Europeans (including the United States), and Japan; these countries have per-capita incomes that in many cases exceed $30,000 per year. Most of the world’s population, however, live in nations that are substantially poorer. The income range among these developing countries1 is itself very wide. Some of these countries, such as Singapore, are in fact on the verge of being “graduated” to advanced country status, both in terms of official statistics and in the way they think about themselves. Others, such as Bangladesh, remain desperately poor. Nonetheless, for virtually all developing countries the attempt to close the income gap with more advanced nations has been a central concern of economic policy. Why are some countries so much poorer than others? Why have some coun- tries that were poor a generation ago succeeded in making dramatic progress, while others have not? These are deeply disputed questions, and to try to answer them—or even to describe at length the answers that economists have proposed over the years—would take us outside the scope of this book. -
World Trade Statistical Review 2021
World Trade Statistical Review 2021 8% 4.3 111.7 4% 3% 0.0 -0.2 -0.7 Insurance and pension services Financial services Computer services -3.3 -5.4 World Trade StatisticalWorld Review 2021 -15.5 93.7 cultural and Personal, services recreational -14% Construction -18% 2021Q1 2019Q4 2019Q3 2020Q1 2020Q4 2020Q3 2020Q2 Merchandise trade volume About the WTO The World Trade Organization deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. About this publication World Trade Statistical Review provides a detailed analysis of the latest developments in world trade. It is the WTO’s flagship statistical publication and is produced on an annual basis. For more information All data used in this report, as well as additional charts and tables not included, can be downloaded from the WTO web site at www.wto.org/statistics World Trade Statistical Review 2021 I. Introduction 4 Acknowledgements 6 A message from Director-General 7 II. Highlights of world trade in 2020 and the impact of COVID-19 8 World trade overview 10 Merchandise trade 12 Commercial services 15 Leading traders 18 Least-developed countries 19 III. World trade and economic growth, 2020-21 20 Trade and GDP in 2020 and early 2021 22 Merchandise trade volume 23 Commodity prices 26 Exchange rates 27 Merchandise and services trade values 28 Leading indicators of trade 31 Economic recovery from COVID-19 34 IV. Composition, definitions & methodology 40 Composition of geographical and economic groupings 42 Definitions and methodology 42 Specific notes for selected economies 49 Statistical sources 50 Abbreviations and symbols 51 V. -
Trade and Employment Challenges for Policy Research
ILO - WTO - ILO TRADE AND EMPLOYMENT CHALLENGES FOR POLICY RESEARCH This study is the outcome of collaborative research between the Secretariat of the World Trade Organization (WTO) and the TRADE AND EMPLOYMENT International Labour Office (ILO). It addresses an issue that is of concern to both organizations: the relationship between trade and employment. On the basis of an overview of the existing academic CHALLENGES FOR POLICY RESEARCH literature, the study provides an impartial view of what can be said, and with what degree of confidence, on the relationship between trade and employment, an often contentious issue of public debate. Its focus is on the connections between trade policies, and labour and social policies and it will be useful for all those who are interested in this debate: academics and policy-makers, workers and employers, trade and labour specialists. WTO ISBN 978-92-870-3380-2 A joint study of the International Labour Office ILO ISBN 978-92-2-119551-1 and the Secretariat of the World Trade Organization Printed by the WTO Secretariat - 813.07 TRADE AND EMPLOYMENT CHALLENGES FOR POLICY RESEARCH A joint study of the International Labour Office and the Secretariat of the World Trade Organization Prepared by Marion Jansen Eddy Lee Economic Research and Statistics Division International Institute for Labour Studies World Trade Organization International Labour Office TRADE AND EMPLOYMENT: CHALLENGES FOR POLICY RESEARCH Copyright © 2007 International Labour Organization and World Trade Organization. Publications of the International Labour Office and World Trade Organization enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated.