The World Trade System: Trends and Challenges

by Jagdish N. Bhagwati (Editor), Pravin Krishna (Editor), Arvind Panagariya (Editor)

Overview

Leading trade esperts examine the world trading system today, from the multilateralism of the WTO to explosive bilateralism and the mega-regionals TPP and TTIP.

When the General Agreement on Tariffs and Trade (GATT) metamorphosed into the World Trade Organization (WTO) in 1994, it seemed that the third pillar of the international economic superstructure was finally in place. And yet with the failure of member countries to close the Doha Round of trade negotiations and the emergence of bilateral and plurilateral preferential trade arrangements (PTAs) such as the Trans-Pacific Partnership (TPP), the future of the multilateral WTO seems uncertain. In this volume, leading economists examine issues in trade policy that have arisen during this shift.

The contributors discuss such topics as the effect of trade on poverty and inequality, PTAs and litigation between trading partners, the WTO Trade Facilitation Agreement, and the relationship of food security and trade liberalization. They also offer regional perspectives on the TPP and trans-Atlantic free trade.

Contributors
Rahel Aichele, Jagdish Bhagwati, Steve Charnovitz, Gabriel Felbermayr Dimitar Gueorguiev, Bernard Hoekman, Jonas Kasteng, Pravin Krishna, Mary Lovely, Petros Mavroidis, Devashish Mitra, Arvind Panagariya, Tom Prusa, Andre Sapir, Stefan Tangermann

Product Details

ISBN-13:	9780262337694
Publisher:	MIT Press
Publication date:	12/12/2016
Series:	The MIT Press
Sold by:	Penguin Random House Publisher Services
Format:	eBook
Pages:	416
File size:	7 MB
Age Range:	18 Years

About the Author

Jagdish N. Bhagwati is University Professor of Economics, Law, and International Relations at Columbia University and former Adviser to the Director General of GATT, Arthur Dunkel. He is the author (with Arvind Panagariya) of Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries.

Pravin Krishna is Chung Ju Yung Distinguished Professor of International Economics at Johns Hopkins University.

Arvind Panagariya is Vice Chairman, NITI Aayog (National Institution for Transforming India), Government of India, and Professor of Economics in the School of International and Public Affairs at Columbia University.

Petros C. Mavroidis is Edwin B. Parker Professor of Law at Columbia Law School. He was previously a member of the Legal Affairs Division at the World Trade Organization.

Table of Contents

Preface vii

Acknowledgments ix

I The World Trade System Today Jagdish N. Bhagwati Pravin Krishna Arvind Panagariya 1

1 Issues in Trade Policy 23

2 Border Tax Equalization Steve Charnovitz 25

3 Trade, Poverty, and Inequality Devashish Mitra 55

4 Dial PTAs for Peace: The Influence of Preferential Trade Agreements on Litigation between Trading Partners Petros C. Mavroidis André Sapir 91

5 Antidumping Provisions in Preferential Trade Agreements Thomas J. Prusa 117

6 The Bali Trade Facilitation Agreement and Rulemaking in the WTO: Milestone, Mistake, or Mirage? Bernard Hoekman 149

7 Agriculture: Food Security and Trade Liberalization Stefan Tangermann 193

II Regional Perspectives 229

8 The Trans-Pacific Partnership: Perspectives from China Dimitar D. Gueorguiev Mary E. Lovely 231

9 Transatlantic Free Trade: The Viewpoint of Germany Gabriel Felbermayr Rahel Aichele 267

10 The Abolition of Antidumping Measures in the EU: An Example and Inspiration for the TTIP Jonas Kasteng 317

List of Contributors 383

Index 385

What People are Saying About This

Endorsement

This collection brings together a group of the world's leading economic and legal scholars who set forth wide-ranging analyses of the central issues and challenges faced by the multilateral trading system and the World Trade Organization.The depth of scholarship is outstanding. Yet the issues are presented with a minimum of professional jargon and with commendable clarity.Thus, both general readers with a keen interest in global trade as well as research scholars will benefit immensely from the wisdom imparted in the disparate chapters.Given the highly emotional and divisive debates over globalization and trade in the United States and Europe, these careful analyses will provide an indispensable antidote to the calculated misinformation and simple ignorance that governs so much of current discourse.

—Claude Barfield, Resident Scholar, American Enterprise Institute; author of Free Trade, Sovereignty, Democracy

From the Publisher

With multilateral and regional trade agreements under attack today as never before, this book could not come at a better time. These accessible chapters written by economists and lawyers can serve to educate all interested persons about the institutions of world trade, and counter ill-conceived notions that we must renegotiate agreements.

—Robert Feenstra, C. Bryan Cameron Distinguished Professor, University of California, Davis; author of Offshoring in the Global Economy and Product Variety and the Gains from International Trade

The world trading system is under stress once again. This book provides some of the latest thinking on many hotly debated issues from agriculture to antidumping, the Trans-Pacific Partnership to trade and inequality. Wide-ranging and accessible, this collection will be of interest to practitioners and scholars alike.

—Douglas Irwin, John Sloan Dickey Third Century Professor in the Social Sciences, Dartmouth College; author of Free Trade under Fire

This collection brings together a group of the world's leading economic and legal scholars who set forth wide-ranging analyses of the central issues and challenges faced by the multilateral trading system and the World Trade Organization. The depth of scholarship is outstanding. Yet the issues are presented with a minimum of professional jargon and with commendable clarity. Thus, both general readers with a keen interest in global trade as well as research scholars will benefit immensely from the wisdom imparted in the disparate chapters. Given the highly emotional and divisive debates over globalization and trade in the United States and Europe, these careful analyses will provide an indispensable antidote to the calculated misinformation and simple ignorance that governs so much of current discourse.

—Claude Barfield, Resident Scholar, American Enterprise Institute; author of Free Trade, Sovereignty, Democracy

Robert Feenstra

With multilateral and regional trade agreements under attack today as never before, this book could not come at a better time. These accessible chapters written by economists and lawyers can serve to educate all interested persons about the institutions of world trade, and counter ill-conceived notions that we must renegotiate agreements.

Claude Barfield

This collection brings together a group of the world's leading economic and legal scholars who set forth wide-ranging analyses of the central issues and challenges faced by the multilateral trading system and the World Trade Organization.The depth of scholarship is outstanding. Yet the issues are presented with a minimum of professional jargon and with commendable clarity.Thus, both general readers with a keen interest in global trade as well as research scholars will benefit immensely from the wisdom imparted in the disparate chapters.Given the highly emotional and divisive debates over globalization and trade in the United States and Europe, these careful analyses will provide an indispensable antidote to the calculated misinformation and simple ignorance that governs so much of current discourse.

Douglas Irwin

The world trading system is under stress once again. This book provides some of the latest thinking on many hotly debated issues from agriculture to antidumping, the Trans-Pacific Partnership to trade and inequality.Wide-ranging and accessible, this collection will be of interest to practitioners and scholars alike.