Higher Oil Prices and the Reform of the International Trading System
Public discussion of the implications of the rise in oil prices has mainly focused on the financial implications, with intergovernmental action being taken by the International Monetary Fund (IMF) and, as far as developed countries alone are concerned, by the Organisation for Economic Cooperation and Development (OECD). It is in the OECD framework that the International Energy Agency has been established to carry out a comprehensive programme of cooperation — both in the event of emergency and over the longer term — among sixteen oil-consuming countries belonging to the OECD.1
KeywordsInternational Energy Agency Preferential Trade Agreement Emergency Protection Pacific Community Multilateral Trading System
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Notes and References
- 3.Gerard Curzon, “Crisis in the International Trading System”, in Hugh Corbet and Robert Jackson (eds), In Search of a New World Economic Order (London: Croom Helm, for the Trade Policy Research Centre, 1974) pp. 33–47.Google Scholar
- 5.For a discussion of the shortcomings of the GATT safeguard mechanism and the reform of Article 19, see Jan Tumlir, “Emergency Protection against Sharp Increase in Imports”, in Corbet and Jackson (eds), op. cit., pp. 26–84;Google Scholar
- 5.and also David Robertson, Fail-safe Systems for Trade Liberalisation, Thames Essay no. 8 (London: Trade Policy Research Centre, 1975).Google Scholar