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Saving Multilateralism in a Higgledy-Piggledy Trading System

37 Pages Posted: 6 Mar 2015  

Miroslav N. Jovanovic

University of Geneva, Global Studies Institute

Jelena Damnjanovic

Novi Sad Business School

Date Written: March 4, 2015

Abstract

Whether international economic integration arrangements result in more liberal trade at the multilateral level cannot be proven with ease. Integration may start this process, but it may also reverse it. New mega-integration deals: the Trans-Pacific Partnership, Regional Comprehensive Economic Partnership and Transatlantic Trade and Investment Partnership are under negotiation. The American policy of creating trade rules for decades to come without the involvement of China in rulemaking may backfire. If China faces a choice of capitulation or exclusion, it may create a parallel trade and payments system. The World Trade Organization (WTO) still has important assets: to convene/service meetings and to settle trade disputes. If the WTO transforms its role from trade liberalisation forum into an institution which supervises and administers international trade rules and obligations, as well as settles international disputes in trade, perhaps this may not be an unwelcome development given the Doha Round agony and the meagre final result in Bali (2013).

Keywords: GATT, WTO, Doha Round, integration, Transatlantic Trade and Investment Partnership, Trans-Pacific Partnership

JEL Classification: F01, F10, F13, F15, F50

Suggested Citation

Jovanovic, Miroslav N. and Damnjanovic, Jelena, Saving Multilateralism in a Higgledy-Piggledy Trading System (March 4, 2015). Journal of Economic Integration, Vol. 30, No. 1, 2015. Available at SSRN: https://ssrn.com/abstract=2573750

Miroslav N. Jovanovic (Contact Author)

University of Geneva, Global Studies Institute ( email )

Sciences II, 30 Quai Ernest-Ansermet
Geneva 4, 1211
Switzerland
+41 22 379 3706 (Phone)

HOME PAGE: http://www.miroslavjovanovic.com

Jelena Damnjanovic

Novi Sad Business School ( email )

Vladimira Perica-Valtera 4
Bulevar kralja Petra I 38
Novi Sad, 21000
Serbia

HOME PAGE: http://jelenadamnjanovic.rs/

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