Course OutlineThe World Trade Organization (WTO) is (or was) one of the most important intergovernmental organisations in the world. It is now best known for the endless negotiations of its members, inability to reach consensus decisions, and the destruction of the Appellate Body. Over the life of the WTO, the number and breadth of regional trade agreements (RTAs) has continued to grow. RTAs are often no longer regional and some do not even deal with market access. While most people in most countries use or consume imported goods and services most days, surveys of public opinion in many countries show that the public has become increasingly wary of the impact of international trade agreements. In some countries, the left and the right have become oddly aligned in their opposition. The costs and benefits of trade have never been evenly spread throughout society. Trade agreements may adversely impact environmental, health, labour, and social inclusion policies. In addition to diverse impacts within countries, the institutions of international trade are often seen not to work to the equal advantage of all countries - especially smaller, developing countries. Economic nationalists and others see the WTO as impeding industrial development and facilitating some members in the geostrategic competition for control over high-tech industries. Trade and investment are increasing seen to be in tension with national security interests. Many governments have responded to Covid by imposing numerous new barriers to international trade and investment and starting to rethink the wisdom of global supply chains. Some governments have sought to renegotiate or renege on trade agreements. Capturing the shift away from a rules-based system of international trade, President Trump has proclaimed that “trade wars are good, and easy to win”.
SyllabusTopics may include:
♦ objectives and effects of international trade and trade agreements
♦ history and institutions of the WTO system
♦ role and treatment of developing countries
♦ regulation of import duties and non-tariff barriers
♦ trade remedies and disciplines on subsidies
♦ preferential trade agreements and the Belt and Road Initiative
♦ trade in services and electronic commerce
♦ trade wars and national security
♦ the interaction between trade and the environment, human rights and labour