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Home / Tag Archives: World Trade Organization (WTO)

Tag Archives: World Trade Organization (WTO)

From globalization to deglobalization: Zooming into trade

External PublicationThis article shows some evidence of the decrease in merchandise, capital and, to a lesser extent people to people flows. By: Alicia García-Herrero Date: February 3, 2020 Topic: Global Economics & Governance After decades of increasing globalization both in trade, capital flows but even people to people movements, it seems the trend has turned towards deglobalization. This article shows some evidence of the decrease in merchandise, capital and, to a lesser...

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The WTO is dead: long live the WTO?

Should the EU fight to save the WTO when the US seeks to dismantle it? We argue that the only way for the EU to decide that is to first understand the US’s strategy (as distinct from its tactics) and then make up its mind in terms of how much of a threat it perceives China to be.The World Trade Organisation (WTO) is pivotal in enabling and protecting trade between countries. The recent US failure to appoint a judge at the WTO’s appellate court has meant that it will no longer be able to...

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Appellate Body Politic

This week, the WTO's Appellate Body, the dispute settlement body, became inoperational: it no longer has the necessary number of judges to render verdicts. What does this mean for international trade and multilateralism? Are we now living in a world without dispute settlement? This week, Guntram Wolff is joined by Alan Beattie, the author of the FT's new Trade Secrets newsletter, and Alicia García-Herrero to discuss the crisis of the Appellate Body. By: The Sound of Economics Date: December...

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High noon at the Appellate Body

This blog post explains the working method of the dispute settlement body, and then discusses the objections the US has raised against the Appellate Body, and the implications of its potential demise.The World Trade Organisation’s Appellate Body – which takes decisions on appeals against WTO dispute rulings – could collapse tomorrow (10 December), effectively removing the WTO’s enforcement mechanism. The collapse could happen because since 2017, the United States government has blocked new...

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A Fear of Regime Change is Slowing the Global Economy

Why did such a sharp and steady slowdown occur against a background of loose monetary policy, supportive fiscal policy, low inflation and absence of evident large imbalances? As argued in the IMF’s World Economic Outlook report issued last week, the evidence points to uncertainty over trade tensions as a major contributor.Global GDP has slowed sharply, from near 4% in late 2017 to half that rate on an annualised basis in recent quarters. The downturn in fortunes over the last two years has...

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The EU is in the US trade war crosshairs. It should further raise its game

The incoming European Commission faces a dilemma on the transatlantic trade relationship, because of the unpredictable policies of the Trump administration. The EU must rally its citizens; the greater the divides between member states and EU institutions, the lesser the chances are of forging effective policies toward the United States and China.The incoming European Commission led by Ursula von der Leyen faces a dilemma on the transatlantic trade relationship because of the unpredictable...

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Trump’s Backfiring Trade Policy

President Trump’s radical trade policy continues, as do trade disputes with China. The president promised to sign far better trade deals, ensure fair treatment of American firms and reduce the United States’ trade deficit. None of these objectives have been met.Thirty months into President Trump’s radical trade policy, and as the trade disputes with China escalate and risk turning into a currency war, it is time to take stock.The president promised to sign far better trade deals, ensure fair...

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EU trade policy amid the China-US clash: caught in the crossfire?

What risks face the EU with regard to China’s strategic aims in trade policy and how can the EU respond? The US effort to isolate China poses particular risks for Europe. How can the EU counter such efforts with the aim of forging its own distinct trade policy? How should the EU move forward with reform of the World Trade Organization (WTO) in light of differing demands and aims of trading blocs like China and the US?The authors prepared the text of this Working Paper in their personal...

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Collective action in a fragmented world

International collective action is in search of a new paradigm. It cannot rely anymore on global binding rules supported by universal institutions. New forms of cooperation have emerged in a number of fields. Europe should equip itself to be an effective player in this new global game. This calls for internal governance reforms. By: Jean Pisani-Ferry Date: September 11, 2019 Topic: Global Economics & Governance The issueThere is a greater need than ever for international...

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Truths about Trade: A speech by Cecilia Malmström

Cecilia Malmström, European Commissioner for Trade, talks on the truths of EU trade at the Bruegel Annual Meetings 2019. By: Cecilia Malmström Date: September 4, 2019 Topic: Global Economics & Governance Ladies and gentlemen,Today I want to discuss truth.In the age we live in – of instant communication, simplified messages and government by Twitter – truth can be difficult to hold on to. There is a quote, attributed to Mark Twain: “A lie travels around the globe while the truth...

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