Valdai Paper #23: The Future of the Global Trading System

15.07.2015

This paper explores the possibilities and prospects for the global trading system. It does so initially by tracing the roots of the schisms that have recently emerged out of the latest round of trade talks. The 23th Valdai paper is devoted to the future of the Global Trading Relations.

In the mid-1990s, there was a moment of glory and satisfaction for those crafting the global trading system. The Uruguay Round of global trade talks had come to a successful conclusion. The participants erected the new World Trade Organization (WTO) atop the makeshift structure of the General Agreement on Tariffs and Trade (GATT).

According to the author in the decades the ebullience has faded away. In his most recent statement on their prospects, WTO Director General Roberto Azevedo concluded, “it is hard to see a way forward.”

This paper explores the possibilities and prospects for the global trading system. It does so initially by tracing the roots of the schisms that have recently emerged out of the latest round of trade talks. Then it considers the new institutional approaches – mega-regional agreements and WTO plurilaterals – that followed the breakdown of global talks. Finally, the paper will consider where these trends are likely to lead and how major participants in the system can work to shape its future.

The author of the article is Philip I. Levy, Senior Fellow on the Global Economy, The Chicago Council on Global Affairs; Adjunct Professor of Strategy, Northwestern University Kellogg School of Management.

Related articles

"Hard" Brexit Is to Be Softened
22.06.2017
There is some hope that the "hard" Brexit will be slightly softened. However, now it is very difficult to talk about the format of relations. First, at the meeting on June 19 David Davies

Category:
Expert Opinions
New Sanctions Bill Leaves Trump with Fewer Options on Russia
22.06.2017
There are several important factors with the proposed new Congressional sanctions that would strike a major blow at an already tempestuous and conflict-ridden US-Russia relationship. The hacking issue

Expert: 
Andrew Kuchins

Category:
Expert Opinions
Valdai Paper #68: A Cyber Revolt in the Making
22.06.2017
Regular news reports on cyberattacks, information leaks, hacking and their political consequences have been dominating the headlines. Cyberspace turned out to be an efficient means to bring people

Category:
Valdai Papers