Global Trade Governance and Political Economy
Summary
Global trade governance encompasses the rules, institutions and practices that shape the flow of goods, services and capital across borders. It rests on a multilateral trading system, centred on the World Trade Organization (WTO) and supplemented by regional and bilateral agreements. These frameworks establish disciplines on tariffs, non-tariff measures and intellectual property, while also providing a binding Dispute Settlement Mechanism (DSM). Political economy analyses reveal how power asymmetries among states influence rule-making, compliance and enforcement, often to the advantage of advanced economies. Emerging economies have both contested and reshaped global governance through coalition-building in negotiations and by pursuing ‘special and differential treatment’. At the same time, fragmentation into overlapping agreements and growing strategic competition have tested the coherence of the system. Understanding the interaction between institutional structures, domestic politics and global economic trends is essential for assessing the future of trade governance and its impact on sustainable development.
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Global Trade Governance and Political Economy publication trend
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Technical terms
Multilateral trading system: A network of rules and institutions governing trade among three or more states, typically under frameworks such as the WTO.
Dispute Settlement Mechanism (DSM): A set of procedures through which trade disputes are adjudicated and enforced under international trade agreements.
Alternative Dispute Resolution (ADR): Non-litigation methods such as mediation or conciliation used to resolve trade disputes more flexibly than formal adjudication.
Trade liberalisation: The reduction or elimination of tariffs, quotas and regulatory barriers to encourage free trade between countries.
References
- Enforceability of International Economic Law in the Context of National Power Differentials. Advances in Economics Management and Political Sciences (2024).
- Reasons for the Development of GATT into WTO and Changes in Institutional Features. Lecture Notes in Education Psychology and Public Media (2024).
- Long-Term Relationship over Litigation: Mediation in WTO Dispute Settlement Proceedings. World Trade Review (2024).
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