Show Less
You do not have access to this content

Advanced Introduction to International Trade Law

Michael J. Trebilcock Joel Trachtman

Written by two leading scholars with 60 years of collective experience in the area, this insightful updated second edition provides a clear and concise introduction to the fundamental components of international trade law, presenting the basic structure and principles of this complex area of law, alongside elucidation of specific GATT and WTO legal rules and institutions. Key updates include references to the most recent cases, decisions and treaty negotiation developments, analysis of populist critiques of international trade law and analysis of new areas including digital trade and security exceptions.
Show Summary Details
You do not have access to this content

Future challenges for the world trading system

Michael J. Trebilcock Joel Trachtman

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. The period from 2016 to the publication of this book has been characterized by increasing criticism of and challenge to the fundamental economic and legal tenets of the previously established trade regime. These criticisms and challenge raise important questions about how to deal with the inevitable economic churn and need for adjustment that characterizes domestic and international markets.

In addition, we take the opportunity in this concluding chapter to address two emerging issues that have not been addressed earlier in this book: economic migration and digital commerce.

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 more than 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...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.