Abstract
The aim of the article is to analyze of the future of the world trading system from the perspective of the interests of the European Union under the conditions of the growing position of emerging economies in international trade and the role of the United States in Eurasia. The article uses the analysis of statistical data and recent political and economic subjects relating to the world trading system. The study presents a diagnosis of membership benefits of China and other emerging economies in the WTO, the WTO membership enabled to become the main actor in international trade. The article analyzes of statistical data, the causes of the failure of the Doha Round negotiations, studies the negotiating positions of WTO members in the context of the possibility of the resumption of multilateral negotiations of the Doha Round. Trade liberalization in a multilateral context (WTO) and in bilateral trade agreements associated with incurring high social and economic costs in the European Union. The failure of the Doha Round was due to the weak benefits achievable through multilateral trade liberalization and the reluctance of developing countries to implement the liberalization of international trade including the Singapore issues.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Alterman, J. B. (2017). The other side of the world: China, The United States, and the struggle for middle east security. Washington, DC: Center for Strategic and International Studies (CSIS).
Azevedo, R., & Hufbauer, G. C. (2015). The WTO at 20. Washington, DC: Peterson Institute for International Economics.
Baldwin, R. E. (1986). The new protectionism: A response to shifts in national economic power. NBER Working Paper Series, No. 1823.
Bhagwati, J. (2001). Free trade and labour. Accessed August 12, 2017, from http://www.columbia.edu/~jb38/papers/pdf/ft_lab.pdf
Bickenbach, F., Liu, W.-H., & Li, G. (2015). The EU-China bilateral investment agreement in negotiation: Motivation, conflicts and perspectives. Kiel Policy Brief, No. 95.
Brown, D. K., Deardorff, A. V., & Stern, M. R. (1996). International labor standards and trade: A theoretical analysis. In J. Bhagwati & R. E. Hudec (Eds.), Fair trade and harmonization: Prerequisites for free trade?, Vol. 1. Economic analysis. Cambridge, MA: MIT Press.
Brzeziński, Z. (1997). A geostrategy for Eurasia. Foreign Affairs, 76, 50–64.
Bush, N., & Bo, Y. (2011). Disentangling industrial policy and competition policy in China. The Antitrust Source. Accessed August 12, 2017, from https://www.americanbar.org/content/dam/aba/migrated/2011_build/antitrust_law/feb11_bush2_23f.authcheckdam.pdf
Capaldo, J., Izurieta, A., & Jomo, K. S. (2016). Trading down: Unemployment, inequality and other risks of the trans-pacific partnership agreement. Global Development and Environment Institute, Working Paper No. 16(1).
Carbaugh, R. J. (2014). International economics (15th ed.). Cincinnati, OH: South-Western College Pub.
Cleppe, P. (2016). Regulation, then protectionism: Is Europe going the way of its aluminium sector? Open Europe, EURACTIV. Accessed August 7, 2017, from https://www.euractiv.com/section/trade-society/opinion/regulation-then-protectionism-is-europe-going-the-way-of-its-aluminium-sector
da Costa, P. N., & Cimino-Isaacs, C. (2016). US exit from WTO would unravel global trade. Washington, DC: Peterson Institute for International Economics.
Davies, R. B., & Vadlamannati, K. C. (2013). A race to the bottom in labour standards? An empirical investigation. Journal of Development Economics, 103, 1–14.
Decreux, Y., & Fontagné, L. (2009). Economic impact of potential outcome of the DDA. Final report commissioned by the European Commission. CEPII WP, No 2009-01.
Donnan, S., & Harding, R. (2017). US plans fresh push for talks on bilateral trade deal with Japan. The Financial Times, [online] 2 February. Accessed August 7, 2017 from https://www.ft.com/content/052cf600-e95b-11e6-893c-082c54a7f539
Duanmu, J. L. (2014). A race to lower standards? Labor standards and location choice of outward FDI from the BRIC countries. International Business Review, 23(3), 620–634.
European Commission. (2010). Trade, growth and world affairs trade policy as a core component of the EU’s 2020 strategy. Brussels: European Commission.
European Commission. (2012). Trade, growth and development tailoring trade and investment policy for those countries most in need. Brussels: European Commission.
European Commission. (2013). Trade, growth and jobs commission contribution to the European Council. Brussels: European Commission.
European Commission. (2017). Directorate-general for research and innovation directorate D – Industrial technologies. Industry in Europe. Facts and figures on competitiveness and innovation, Publications Office of the European Union. Luxembourg: European Commission.
Evenett, S. J. (2005). What can we really learn from the competition provisions of regional trade agreements? In P. Brusick, A. M. Alvarez, & L. Cernat (Eds.), Competition provisions in regional trade agreements: How to assure development gains (pp. 37–63). New York: United Nations Conference on Trade and Development.
Evenett, S. J. (2015). The BRICS trade strategy: Time for a rethink. The 17th GTA report. London: Centre for Economic Policy Research.
Feenstra, R. C. (2017). Statistics to measure offshoring and its impact. NBER Working Paper Series. Working Paper 23067.
Graceffo, A. (2017). Trump’s new protectionism: Economic and strategic impact, Feb 1, 2017, Asia Pacific, Foreign Policy Journal. Accessed August 12, 2017, from https://www.foreignpolicyjournal.com/2017/02/01/trumps-new-protectionism-economic-and-strategic-impact
Hawksworth, J., & Chan, D. (2015). The World in 2050. Will the shift in global economic power continue?. London: PricewaterhouseCoopers LLP. Accessed July 27, 2017, from https://www.pwc.com/gx/en/issues/the-economy/assets/world-in-2050-february-2015.pdf
Heribert, D., Langhammer, J. R., Bungenberg, M., Freytag, A., Grant Makokera, C., Berger, A., & Brandi, C. (2016). Nach der WTO-Konferenz von Nairobi: Wie geht es weiter mit der Welthandelsorganisation? [After the WTO conference in Nairobi: What is the future of the World Trade Organization?]. ifo Schnelldienst, 69(5), 3–17.
Horton, T. J. (2016). Antitrust or industrial protectionism?: Emerging international issues in China’s anti-monopoly law enforcement efforts. Santa Clara Journal of International Law, 14(1). Accessed August 12, 2017, from http://digitalcommons.law.scu.edu/scujil/vol14/iss1/6
Hufbauer, G. C., & Cimino-Isaacs, C. (2017). “Buy American, Hire American!”: A worrisome slogan, trade & investment policy watch. Washington, DC: Peterson Institute for International Economics.
Hufbauer, G. C., Jung, E., Miner, S., Moran, T., & Schott, J. J. (2015). From drift to deals: Advancing the WTO Agenda, Commissioned by the ICC World Trade Agenda. Washington, DC: Peterson Institute for International Economics.
International Centre for Trade and Sustainable Development. (2015). WTO ministerial: A time for reflection in Nairobi on the future of global trade, Bridges , 19(42).
International Monetary Fund. (2016). World economic outlook: Subdued demand – Symptoms and remedies international monetary. International Monetary Fund: Washington, DC.
International Monetary Fund, World Bank and World Trade Organization. (2017). Making trade an engine of growth for all: The case for trade and for policies to facilitate adjustment. Washington, DC: World Bank Group.
Irwin, D. A. (2015). Free trade under fire (4th ed.). Princeton, NJ: Princeton University Press.
Jackson, K. J. (2016). The trans-pacific partnership (TPP): Analysis of economic studies. Washington, DC: Congressional Research Service.
Jambor, A., & Babu, S. (2017). Competitivness of global agriculture: Policy lessons for food security. Washington, DC: International Food Policy Research Institute.
Jomo, K. S. (2016). Some real costs of the trans-pacific partnership: Lost jobs, lower incomes, rising inequality. Global Development and Environment Institute Tufts University, Policy Brief, No. 16-01.
Kempa, N. C., & Larue, B. (2016). Patterns in the European Union anti-dumping injury investigations. Accessed August 12, 2017, from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2858005
Krugman, P. (2016). Leave Zombies Be. Finance and Development, 53(4), 11.
Laprévote, F.-C., Frisch, S., & Can, B. (2015). Competition policy within the context of free trade agreements. The E15 initiative strengthening. The global trade and investment system for sustainable development. Geneva: International Centre for Trade and Sustainable Development (ICTSD).
Lee, M., & Morand, C. (2003). Competition policy in the WTO and FTAA: A Trojan horse for international trade negotiations? Ottawa: Canadian Centre For Policy Alternatives.
McDonald, J., & Wong, G. (2017). China’s trading partners alarmed by food import controls. The Associated Press, [online] 20 March. Accessed August 7, 2017, from https://www.apnews.com/7f8d733c5a0c4cdcb5cd0c883e1967ad
Motta, E. P. (2016). Competition policy and the trade system: Challenges and opportunities. E15Initiative. Geneva: International Centre for Trade and Sustainable Development (ICTSD) and World Economic Forum. Accessed August 12, 2017, from http://e15initiative.org/wp-content/uploads/2015/09/E15-Competition-Motta-Final.pdf
Obstfeld, M. (2016). Get on track with trade. Finance and Development, 53(4), 12–16.
Olney, W. W. (2013). A race to the bottom? Employment protection and foreign direct investment. Journal of International Economics, 91(2), 191–203.
Pelkmans, J., Hu, W., Mustilli, F., Di Salvo, M., Francois, J. F., Bekkers, E., Manchin, M., & Tomberger, P. (2016). Tomorrow’s silk road: Assessing an EU-China free trade agreement. Brussels: Centre for European Policy Studies (CEPS).
Porter, E. M., Rivkin, W. J., Desai, A. M., & Raman, M. (2016). Problems unsolved and a nation divided. The state of U.S. competitiveness 2016 including findings from Harvard Business School’s 2016 surveys on U.S. competitiveness. Boston: Harvard Business School Survey on U.S. Competitiveness.
Schwab, K. (2014). The Europe 2020 competitiveness report. Building a more competitive Europe. Geneva: World Economic Forum.
Schwab, K., & Sala-i-Martín, X. (2016). The global competitiveness report 2016–2017. World economic forum Geneva. Geneva: World Economic Forum.
Signoret, J., et al. (2016). Trans-pacific partnership agreement: Likely impact on the U.S. economy and on specific industry sectors. Washington, DC: United States International Trade Commission.
Singh, A. (2014). Competition, competition policy, competitiveness, globalisation and development. Centre for Business Research. University of Cambridge, Working Paper No. 460.
South Centre. (2017). The WTO’s agriculture domestic supports negotiations. Analytical note. Geneva: South Centre and African Trade Policy Centre of the United Nations Economic Commission for Africa (UNECA). Accessed August 7, 2017, from https://www.southcentre.int/wp-content/uploads/2017/01/AN_TDP_2017_1_The-WTO%E2%80%99s-Agriculture-Domestic-Supports-Negotiations_EN.pdf
The Economist. (2013). Racing to the bottom: Labour standards. The Economist Online, [online] 27 November. Accessed August 7, 2017, from https://www.economist.com/blogs/freeexchange/2013/11/labour-standards
The World Bank Data. (2017). Tariff rate, most favored nation, simple mean, manufactured products (%). Accessed July 27, 2017, from http://data.worldbank.org/indicator/TM.TAX.MANF.SM.FN.ZS?end=2015&start=2000&year_low_desc=false
USTR. (2017). 2017 Trade Policy agenda and 2016 annual report of the president of the United States on the trade agreements program. Washington, DC: Office of the United States Trade Representative.
Williams, M. (2015). Rule of law in China: Chinese law and business. Competition Policy and Law, The Foundation for Law, Justice and Society in collaboration with The Centre for Socio-Legal Studies. Oxford: University of Oxford.
World Bank Group and World Trade Organization. (2015). The role of trade in ending poverty. Geneva and Washington, DC: World Bank Group and World Trade Organization.
World Trade Organization. (1996). Trade and foreign direct investment. WTO News: 1996. Press Releases, Press/579, 9 October 1996. Accessed August 12, 2017, from https://www.wto.org/english/news_e/pres96_e/pr057_e.htm
World Trade Organization. (1998). Synthesis paper on the relationship of trade and competition policy to development and economic growth, note by the secretariat. Geneva: World Trade Organization.
World Trade Organization. (2001). International trade statistics 2001. Geneva: World Trade Organization.
World Trade Organization. (2006). Trade profiles 2006. Geneva: World Trade Organization.
World Trade Organization. (2014). International trade statistics 2014. Geneva: World Trade Organization.
World Trade Organization. (2015a). Ministerial conference tenth session, Nairobi 15–18 December 2015, Ministerial declaration and decisions. WT/MIN(15)/DEC. Geneva: World Trade Organization.
World Trade Organization. (2015b). Special safeguard mechanism for developing country members. Ministerial decision of 19 December 2015. Accessed August 12, 2017, from https://www.wto.org/english/thewto_e/minist_e/mc10_e/briefing_notes_e/brief_agriculture_e.htm#specialsafeguard
World Trade Organization. (2015c). Trade policy review, Report by The European Union. WT/TPR/G/317. Geneva: World Trade Organization.
World Trade Organization. (2017a). World trade statistical review. Geneva: World Trade Organization.
World Trade Organization. (2017b). Trade policy review. Report by the European Union. Geneva: World Trade Organization.
World Trade Organization, International Trade Center and United Nations Conference on Trade and Development. (2011). World tariff profiles 2011. Geneva: World Trade Organization, the International Trade Centre and the United Nations Conference on Trade and Development.
World Trade Organization, International Trade Center and United Nations Conference on Trade and Development. (2017). World tariff profiles 2017. Geneva: World Trade Organization, International Trade Center and United Nations Conference on Trade and Development.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer Nature Switzerland AG
About this paper
Cite this paper
Dugiel, W. (2019). The Future of the World Trading System After 2017 and the Interests of the European Union. In: Bilgin, M., Danis, H., Demir, E., Can, U. (eds) Eurasian Economic Perspectives. Eurasian Studies in Business and Economics, vol 10/2. Springer, Cham. https://doi.org/10.1007/978-3-030-11833-4_9
Download citation
DOI: https://doi.org/10.1007/978-3-030-11833-4_9
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-11832-7
Online ISBN: 978-3-030-11833-4
eBook Packages: Economics and FinanceEconomics and Finance (R0)