The politics of trade: the WTO & future of the international trade regime

The politics of trade impacts and dictates foreign trade policy. As such, emphasizing the international system as the main unit of analysis provides a unique lens from which to better understand the current state of the Bretton woods system. This system, or non-system, put forth a set of institution...

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Bibliographic Details
Main Author: Garrastazu, Antonio
Format: Article
Language:English
Published: 2016
Subjects:
Online Access:https://dialnet.unirioja.es/servlet/oaiart?codigo=6088226
Source:Revista Auctoritas Prudentium, ISSN 2305-9729, Nº. 15, 2016, pags. 5-10
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Summary: The politics of trade impacts and dictates foreign trade policy. As such, emphasizing the international system as the main unit of analysis provides a unique lens from which to better understand the current state of the Bretton woods system. This system, or non-system, put forth a set of institutions to help maintain stability, efficiency and predictability in global trade after its relative collapse following the aftermath of World War II. One of its fundamental pillars was the establishment of the World Trade Organization (WTO). The WTO’s sole mission is to guide international trade policy. Yet through its own consensus, rules based, rigid system, the institution has been on the sidelines given its failure to conclude the Doha Development Round for the past 14 years. The proliferation of Regional Trade Agreements (RTAs), though complementary, risk sidelining the institution. It must adapt or perish. The WTO must revisit its institutional deficiencies to maintain the integrity of the global trade regime and ensure its future.