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Trading System after the Uruguay Round, The

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  • John Whalley
  • Colleen Hamilton

Abstract

This study assesses the post Uruguay Round GATT system and concludes that the need for further reform is far-reaching. The authors find that the principles underlying the current system-nondiscrimination and multilateralism-will not adequately serve in the future to reduce barriers and promote trade. The study outlines innovative new approaches to reduce the level of protection and harness new regional trading arrangements to improve global economic performance. It examines the fundamental change in the trade system of the 1990s: the emergence of three economic superpowers (the European Union, Japan, and the United States) that have both common and conflicting interests in global trade reform. The authors argue that a crucial challenge in the years ahead will be to prevent the serious conflicts that are now emerging from devolving into full-blown hostilities, and recommends measures to do so. They also discuss the growing pressures to link trade policy and nontrade issues, particularly environmental objectives, and to broaden the participation of the developing countries in the trading system. They stress that these and other pressures will inevitably force substantial change in the system, and they set out practical suggestions for reform to address them.

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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 62 and published in 1996.

ISBN: 978-0-88132-131-9
Handle: RePEc:iie:ppress:62

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Cited by:
  1. Conconi, P. & Perroni, C., 2000. "Issue Linkage and Issue Tie-in in Multilateral Negotiations," The Warwick Economics Research Paper Series (TWERPS) 558, University of Warwick, Department of Economics.
  2. Basak, Suleyman & Croitoru, Benjamin, 2003. "International Good Market Segmentation and Financial Market Structure," CEPR Discussion Papers 4060, C.E.P.R. Discussion Papers.
  3. Basak, Suleyman & Croitoru, Benjamin, 2007. "International good market segmentation and financial innovation," Journal of International Economics, Elsevier, vol. 71(2), pages 267-293, April.
  4. John Whalley, 1998. "Why Do Countries Seek Regional Trade Agreements?," NBER Chapters, in: The Regionalization of the World Economy, pages 63-90 National Bureau of Economic Research, Inc.
  5. Cowhey, Peter & Klimenko, Mikhail M., 2001. "The WTO agreement and telecommunications policy reform," Policy Research Working Paper Series 2601, The World Bank.
  6. Ben Zissimos & Ben Lockwood, 2004. "The GATT and Gradualism," Econometric Society 2004 North American Summer Meetings 607, Econometric Society.
  7. Conconi, P., 2000. "Trade Bloc Formation Under Imperfect Competition," The Warwick Economics Research Paper Series (TWERPS) 571, University of Warwick, Department of Economics.

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