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How will TPP and TTIP Change the WTO System?

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  • Gary Clyde Hufbauer
  • Cathleen Cimino-Isaacs

Abstract

The rise of new free trade agreements in the 1990s and early 2000s altered the dynamic of the World Trade Organization (WTO) as the arbiter of world commerce forever. Moreover, WTO negotiating rounds over the past decade have been beset with irreconcilable objectives among WTO members, with emerging market members fundamentally opposed to opening their markets to exports from advanced countries. The consequence was scant progress and missed deadlines, culminating in the failed Geneva Ministerial of 2008. At the Bali Ministerial in 2013, the WTO members could only muster strength to endorse the Trade Facilitation Agreement, while postponing action on numerous and more contentious Doha issues. The cumulative result is that the WTO is now at the back of the parade in addressing 21st-century trade issues. Two mega-regionals—the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP)—will undoubtedly change the multilateral trading system. This article assumes both negotiations will be concluded and ratified by 2018. However, even if neither mega-regional agreement succeeded, their negotiating objectives and ultimate stumbling blocks will shape the future of the WTO. If WTO members collectively reject the lessons, the institution will fade as an arbiter of commercial relations between nations.

Suggested Citation

  • Gary Clyde Hufbauer & Cathleen Cimino-Isaacs, 2015. "How will TPP and TTIP Change the WTO System?," Journal of International Economic Law, Oxford University Press, vol. 18(3), pages 679-696.
    • Handle: RePEc:oup:jieclw:v:18:y:2015:i:3:p:679-696.
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    File URL: http://hdl.handle.net/10.1093/jiel/jgv036
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    Citations

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    Cited by:

    1. Miles Kahler, 2017. "Regional Challenges to Global Governance," Global Policy, London School of Economics and Political Science, vol. 8(1), pages 97-100, February.
    2. Latorre, María C. & Yonezawa, Hidemichi, 2018. "Stopped TTIP? Its potential impact on the world and the role of neglected FDI," Economic Modelling, Elsevier, vol. 71(C), pages 99-120.
    3. Sofije Hoxha & Fejzi Kolaneci, 2019. "Existence and Uniqueness Results for Two-Dimensional Stochastic Linearised Boussinesq Equation," European Journal of Interdisciplinary Studies Articles, Revistia Research and Publishing, vol. 5, July -Dec.
    4. Stephen, Matthew D. & Parízek, Michal, 2019. "New Powers and the Distribution of Preferences in Global Trade Governance: From Deadlock and Drift to Fragmentation," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(6), pages 735-758.
    5. Oręziak, Leokadia, 2015. "TTIP – Transatlantyckie Partnerstwo w sprawie Handlu i Inwestycji – źródłem zagrożeń dla gospodarki i społeczeństwa," Studia z Polityki Publicznej / Public Policy Studies, Warsaw School of Economics, vol. 2(4), pages 1-26, December.

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