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America, Europe, and the New Trade Order

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  • Schott Jeffrey J

    (Peterson Institute for International Economics)

Abstract

Over the last 60 years, the multilateral management of trade through the GATT and subsequently through the WTO has been led by the United States and Europe. Since the turn of the new millennium, however, developing countries have increasingly used their leverage to insist that talks on agriculture receive priority attention, deny the inclusion of investment and competition policy on the negotiating agenda, and block agreement on negotiating modalities for agriculture and non-agricultural market access (NAMA). Cooperation between the United States and the European Union is still essential, but no longer sufficient, for successful multilateral negotiations. Specifically, the "BRICKs" (Brazil, Russia, India, China, and Korea) are likely to be pivotal in directing the course and contributing to the success or failure of the WTO.

Suggested Citation

  • Schott Jeffrey J, 2009. "America, Europe, and the New Trade Order," Business and Politics, De Gruyter, vol. 11(3), pages 1-24, November.
  • Handle: RePEc:bpj:buspol:v:11:y:2009:i:3:n:1
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    Cited by:

    1. Limão, Nuno & Saggi, Kamal, 2013. "Size inequality, coordination externalities and international trade agreements," European Economic Review, Elsevier, vol. 63(C), pages 10-27.

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