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• W2103528108 abstract "ABSTRACT. The WTO Doha Round of negotiations is deadlocked and adrift amid increasing global protectionism. The profusion of bilateral and plurilateral free trade agreements is adding to the confusion. A global solution is necessary for global problems.Keywords: WTO, trade, mercantilism, free trade agreements, Doha Round, 1.Introduction Singaporerecently played host to the 16th round of the Trans-Pacific Partnership (TPP) membership talks. Soon after, Japan announced plans to join the TPP. The 17th round of talks in May was held in Peru and optimistic negotiators say that member countries are on track to reach an accord by the end of the year.The recent proliferation of regional free trade agreements (FTAs) spells good news for the parties involved. But it is important that they do not become substitutes for a global solution in world trade. There remains a need for global rules to provide stability in world trade, given that the World Trade Organization's (WTO) long-running Doha trade negotiations are deadlocked amid increasing global protectionism. A global problem needs a global solution, and the Doha Round needs to get back on track with ministerial conferences.2. The Roots of FailureSingapore is keen for a successful conclusion to plurilateral trading agreements such as the TPP because the island has lived by trade since its early history. Our global trade accounts for $1 trillion annually, or three times the gross domestic product. Singapore trades with developed countries such as the United States and Japan and advanced developing countries such as China, under international rules set by the WTO and its predecessor, the General Agreement on Tariffs and Trade (GATT), which ensure open markets and fair and equitable terms. In retrospect, the first WTO ministerial conference in Singapore in 1996 marked the high water mark for multilateral trade negotiations.The success of GATT was highlighted by the broad-ranging consensus, exclusion of opt-out clauses (known as the single undertaking) and effective dispute settlement mechanism in the 1994 Uruguay Round agreements. However, the breadth of coverage, the inclusion of contentious 'behind the border' issues in later negotiations, changes in the distribution of power among major trading states and the participation of many more states as the WTO sought universal membership ensured that future WTO negotiations would be more difficult to conclude successfully. The norm in WTO is for consensus decisions and trade negotiations live by the dictum that nothing is agreed until everything is agreed. This meant that the negotiations were held to ransom by delegations which were unwilling to compromise and which had few stakes in the successful outcome of negotiations or which took a 'take it or leave it' approach. As each round took longer to negotiate, often a decade or more, policy makers were unable to see the conclusion of negotiations during their tenure in office. The political will to trade concessions declined and posturing by marginal players in global trade increased the difficulty of reaching accords on contentious issues.These problems were papered over by the launch of the Doha Development Round in December 2001 amidst international solidarity in the aftermath of the AI Qaeda attacks on the United States in September 2001. But the roots of failure were already present: as the Doha Round was designated a 'Development' round, developing countries felt that the objective was to level the playing field through unilateral concessions by the industrialized world and the newly industrializing states. They did not appreciate that in the WTO context, the trading of reciprocal concessions ensured that a fundamentally mercantilist approach was taken to trade negotiations by the negotiating parties. More importantly, the inability of the leading powers in the closed door negotiations - the United States, European Union, China, India and Brazil - to reach agreement doomed the Doha Round. …" @default.
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• W2103528108 date "2013-01-01" @default.
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• W2103528108 title "Global Risk from Trade Wars: Time to Return to WTO" @default.
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