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Advanced Introduction to International Trade Law

Michael J. Trebilcock

A second and fully updated edition of the book previously entitled Understanding Trade Law, this book presents an accessible yet nuanced introduction to the basic structure and principles of international trade law. It explores the development of the international trade law regime, principally GATT and WTO law, and through clear and concise discussion of the many developments that have arisen, gives a streamlined overview of this notoriously complex area of legal study.
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17  Future challenges for the world trading system

Michael J. Trebilcock

Extract

Drawing together a number of the issues that have been discussed in earlier chapters in this book, several themes emerge that pose major challenges to the future of the world trading system.

17.1  Governance of the World Trade Organization

While the one-country one-vote and consensus principles have served the World Trading System well for much of its history, principles that worked well when the GATT/WTO system had a relatively small number of members do not work nearly as well today with a WTO membership of 160 countries in widely varying stages of economic, social, and political development, as reflected in the gridlock in the current Doha Round of multilateral trade negotiations. However, reforming the current decision-making processes of the WTO presents formidable challenges. Moving to a regime of majoritarian or representative decision-making puts large members (such as the USA or the EU) at risk of being out-voted by smaller member countries on important issues and may threaten their commitment to the organization. Conversely, moving to some form of trade-weighted majoritarian decision-making (as in the EU) is likely to marginalize small members and threaten their commitment to the organization. An alternative strategy is to provide much greater scope for plurilateral agreements amongst subsets of members within the WTO (“coalitions of the willing”), with subsequent accession open to other members prepared to make similar commitments (a form of conditional MFN).1

17.2  Multilateralism versus preferential trade agreements

The proliferation of preferential trade agreements (PTAs)...

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