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International Rules for Trade in Natural Resources

Author

Listed:
  • Anthony Venables
  • Paul Collier

Abstract

This paper investigates the scope for international rules to address market failures in trade in natural resources and the associated international transactions of prospecting and investment in resource exploitation. We argue that several market failures are likely to have substantial costs. However, due to the distinctive features of natural resources, the market failures are particular to them. The ad hoc approaches which have attempted to address them to date leave scope for a more systematic and comprehensive approach by the WTO, but the distinctive features of natural resources imply that this could not simply be an application of the rules appropriate for other forms of trade.

Suggested Citation

  • Anthony Venables & Paul Collier, 2009. "International Rules for Trade in Natural Resources," OxCarre Working Papers 032, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    • Handle: RePEc:oxf:oxcrwp:032
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    Cited by:

    1. Julie Ing, 2016. "Adverse selection, commitment and exhaustible resource taxation," CER-ETH Economics working paper series 16/263, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    2. Charlier, Christophe & Guillou, Sarah, 2014. "Distortion effects of export quota policy: an analysis of the China-Raw Materials dispute," China Economic Review, Elsevier, vol. 31(C), pages 320-338.
    3. Opoku Adabor & Emmanuel Buabeng & Raoul Fani Djomo Choumbou, 2021. "Asymmetrical effect of oil and gas resource rent on economic growth: Empirical evidence from Ghana," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1971355-197, January.
    4. Michele Ruta & Anthony J. Venables, 2012. "International Trade in Natural Resources: Practice and Policy," Annual Review of Resource Economics, Annual Reviews, vol. 4(1), pages 331-352, August.
    5. Bernard Hoekman & Will Martin, 2012. "Reducing Distortions in International Commodity Markets," World Bank Publications - Reports 10041, The World Bank Group.
    6. Ing, Julie, 2020. "Adverse selection, commitment and exhaustible resource taxation," Resource and Energy Economics, Elsevier, vol. 61(C).
    7. Joelle Latina & Roberta Piermartini & Michele Ruta, 2011. "Natural resources and non-cooperative trade policy," International Economics and Economic Policy, Springer, vol. 8(2), pages 177-196, June.
    8. Bressand, Albert, 2014. "Proving the old spell wrong," Research Report 14012-GEM, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    9. Sun, Lingyun & Hasi, Muqier, 2024. "Effects of mining sector FDI, environmental regulations, and economic complexity, on mineral resource dependency in selected OECD countries," Resources Policy, Elsevier, vol. 89(C).
    10. Bleischwitz, Raimund & Dittrich, Monika & Pierdicca, Chiara, 2012. "Coltan from Central Africa, international trade and implications for any certification," Resources Policy, Elsevier, vol. 37(1), pages 19-29.
    11. Timothy Josling, 2015. "Trade, Sustainability and the Food and Natural Resource System: Some Examples of Governance Issues," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 2015(1), pages 27-43.
    12. Hoekman, Bernard & Martin, Will, 2012. "Reducing distortions in international commodity markets : an agenda for multilateral cooperation," Policy Research Working Paper Series 5928, The World Bank.
    13. Lappi, Pauli, 2020. "On optimal extraction under asymmetric information over reclamation costs," Journal of Economic Dynamics and Control, Elsevier, vol. 119(C).
    14. Bürgi Bonanomi, Elisabeth & Elsig, Manfred & Espa, Ilaria, 2015. "The Commodity Sector and Related Governance Challenges from a Sustainable Development Perspective: The Example of Switzerland Current Research Gaps," Papers 865, World Trade Institute.
    15. Adabor, Opoku, 2023. "The effect of financial development on natural gas resource rent in Ghana," Resources Policy, Elsevier, vol. 83(C).
    16. repec:dgr:rugsom:14012-gem is not listed on IDEAS

    More about this item

    JEL classification:

    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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