Sharing the Responsibility in Combating Protectionism in Trade
AJWH, Vol. 11:1, 2016
16 Pages Posted: 13 Apr 2016
Date Written: April 12, 2016
Issues in international trade, investment, transfer of technology and other economic resources are closely linked with each other and the governance of international trading system requires cooperative relationship among different international organizations and international forum such as the WTO, the OECD, the UNCTAD, FTAs and also major trading nations. To deal with the Lehman Brother’s Crisis in 2008, the WTO under the leadership of the Director General (Pascal Lamy) requested G20 to take measures and G20 responded by its resolution to “standstill” protectionist measures. This move is suggestive of future cooperative relationship.
Major international organizations, alliances and nation-states can establish cooperative relationship to maintain the free trade order. The major players in this governance include, inter alia, the WTO in trade, the OECD and the UNCTAD in investment and G20. Also the IMF, the World Bank, FTAs and major trading nations can participate in the task of working together to establish and maintain the governance of free trade order.
An international order can be maintained through a network of such entities which are in constant contacts and cooperative relationship. This kind of network is an informal alliance rather than a tightly regimented system. However, given the state of affairs in international trade today, this may prove to be a way to deal with problems although the solution may necessarily be partial and incomplete.
Keywords: WTO, OECD, UNCTAD, G20, FTAs, IMF, World Bank, linkage of trade issues, TPRM, CRTA
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