The G20 could also initiate work to give a new thrust to identifying a core package of reforms that would reassure the industrialized countries that their concerns are not being ignored, while also responding to some of the concerns raised by developing countries. Perhaps an eminent persons group, set up by the summit, which reports back to the G20 Summit in Tokyo in , might produce some concrete ideas of a grand bargain which could be taken up in the WTO.
The G20 at the summit level was extremely effective after the financial crisis in when it delivered results which were not forthcoming from the G20 finance ministers meet.
Plurilateral or Multilateral? | Center for Strategic and International Studies
If the world is indeed on the brink of trade wars, it is time for the G20 Summit to get into action again. These institutions require only a decision of the boards, based on weighted voting. This is not true of the WTO, where decisions are by consensus. This is also the right time to reconsider the consensus rule and let decisions in the WTO be taken on the basis of a weighted majority vote, with the weights being the share of trade in goods and services.
These shares can be recomputed every five years. Finally, in a world where dark clouds are gathering over multilateral trade, India would do well to accelerate its integration into regional groups such as the Regional Comprehensive Economic Partnership and the India-European Union Free Trade Agreement which we have been negotiating for far too long.
Montek Singh Ahluwalia was the deputy chairman of the erstwhile Planning Commission. Comments are welcome at views livemint.
Modernisation of the multilateral trading system – WTO reforms
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Subscribe to Mint Newsletters. Internet Not Available. Wait for it… Log in to our website to save your bookmarks. Fragment the multilateral trading system and undermine the multilateral character of the WTO. Erode the integrity of the rule-based multilateral trading system by subverting established rules and foundational principles of the Marrakesh Agreement; B. Create a precedent for any group of Members to bring any issue into the WTO without the required consensus; C. Bypass the collective oversight of Members for bringing in any new rules or amendments to existing rules in the WTO; D.
Usurp limited WTO resources available for multilateral negotiations; E. Result in Members disregarding existing multilateral mandates arrived at through consensus in favour of matters without multilateral mandates; F. By Georg Koopmann , Stephan Wittig.
In both cases, regional economic integration among the partner countries was much deeper than the global integration provided for among WTO members. In actual fact, though, the WTO has not notably changed over the past two decades.
Challenges for the Multilateral Trading System – Perspectives from Southern Africa
World trade in goods and services has more than quadrupled during this period, developing much more quickly than domestic production. It was not until that international trade collapsed in the midst of the global economic, financial and debt crisis, from which it has yet to fully recover. However, the Bali Package might provide a small shot in the arm to recently rather sluggish world trade and economic trends.
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Over the same time span, sweeping structural change has occurred in the international division of labour. This is particularly reflected in the pre-eminence of international value chains or production networks which combine goods, services and knowledge trade as well as foreign direct investment within multinational corporations and labour migration. Existing provisions in WTO agreements are seemingly ill-suited to this development, though. Instead, the demand for such governance has mainly been filled by a variety of preferential trade agreements between individual WTO members or among groups of member countries.
In fact, a close two-way relationship appears to exist between deep integration, as captured by a set of indices constructed in terms of policy areas covered in preferential trade agreements, and trade within production networks. While this could boost the volume of world trade by an estimated USD to billion annually and stimulate foreign direct investment, it could also promote the integration of trading partners into global value chains.
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Main beneficiaries could be the least developed countries LDCs , which face high transaction costs in importing necessary inputs and exporting the processed goods.