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Challenges to the multilateral trading system and possible responses

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  • Panagariya, Arvind

Abstract

This paper develops three major themes. First, the atmosphere of gloom around the multilateral trading system due to dim prospects of a successful conclusion of the Doha Round notwithstanding, global trade regime remains open and the institution in charge of it, the World Trade Organization, is in sound health. If anything, the Doha Round has been a victim of its own success: considerable de facto liberalization in agriculture has been achieved since the launch of the round. Second, to secure the future of the multilateral trading system, it is nevertheless crucial that the Doha Round is brought to a conclusion even if in a highly diluted form. The damage to the system from an outright failure will be very substantial. Finally, closing the Doha Round will require the United States leading the negotiations. Suggestions that as the largest merchandise exporter, China should now take the lead are frivolous. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2013-3.

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Date of creation: 2013
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Handle: RePEc:zbw:ifwedp:20133

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Keywords: World Trade Organization; Doha Round; multilateralism; regionalism;

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  1. Andrew K. Rose, 2002. "Do We Really KNow that the WTO Increases Trade?," Working Papers 182002, Hong Kong Institute for Monetary Research.
  2. repec:fth:coluec:9596-04 is not listed on IDEAS
  3. Arvind Panagariya, 2005. "Agricultural Liberalisation and the Least Developed Countries: Six Fallacies," The World Economy, Wiley Blackwell, vol. 28(9), pages 1277-1299, 09.
  4. Arvind Panagariya, 1996. "The Free Trade Area of the Americas: Good for Latin America?," The World Economy, Wiley Blackwell, vol. 19(5), pages 485-515, 09.
  5. Arvind Panagariya, 2000. "Preferential Trade Liberalization: The Traditional Theory and New Developments," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 287-331, June.
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