Date: 2016
Type: Working Paper
Trade, social preferences and regulatory cooperation : the new WTO-think
Working Paper, EUI RSCAS, 2016/47, Global Governance Programme-231, Global Economics
BOLLYKY, Thomas J., MAVROIDIS, Petros C., Trade, social preferences and regulatory cooperation : the new WTO-think, EUI RSCAS, 2016/47, Global Governance Programme-231, Global Economics - https://hdl.handle.net/1814/43270
Retrieved from Cadmus, EUI Research Repository
This paper advocates changes in the corporate governance of the World Trade Organization (WTO) to reflect the decline in tariffs and other border restraints to commerce and the emerging challenges of advancing freer trade and better regulation cooperation in a world economy dominated by global value chains. Together, these changes form an integration strategy that we refer to as the new WTO Think. This strategy remains rooted in the original rationale of the General Agreement on Trade and Tariffs (GATT) of reducing the negative externalities of unilateral action and solving important international coordination challenges, but is more inclusive of regulators and non-state actors and more flexible and positive in its means. In particular, we advocate that the WTO should embrace the confluence of shared social preferences and trade, where it exists, as a motivation for advancing international regulatory cooperation. The WTO should also multilateralize the important regulatory cooperation occurring in smaller clubs of like-minded countries and better facilitate the use of plurilateral agreements where consensus across all WTO members is not yet possible.
Cadmus permanent link: https://hdl.handle.net/1814/43270
ISSN: 1028-3625
Series/Number: EUI RSCAS; 2016/47; Global Governance Programme-231; Global Economics
Keyword(s): WTO Reciprocity MFN Regulatory cooperation K40
Other topic(s): Trade, investment and international cooperation