A World Trade Organization for the 21st Century

A World Trade Organization for the 21st Century


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The global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.

The world trading system, led by the World Trade Organization (WTO), is under pressure to evolve and address 21st-century trade issues. Meanwhile, economically salient Asia has built deep supply chains over decades, whilst experimenting with mega-regional trade agreements and economic policies to sustain growth amid a fragile economy. The Asian-led Regional Comprehensive Economic Partnership (RCEP) and the United States-led Trans-Pacific Strategic Economic Partnership (TPP) are competing to set standards for Asia’s trade and supply chains. Lessons from the Asian experience offer new approaches and economic policies to sustain growth, presenting the WTO as a forum for action to improve global and regional trade governance in the 21st century.

Policy makers will benefit from the expert knowledge and policy lessons presented in this book, and development economists and researchers will profit from its critical examination of the world trading system. Undergraduate and postgraduate students interested in development, development economics, international development, and related fields will find this essential supplementary reading.

Product Details

ISBN-13: 9781783479276
Publisher: Elgar, Edward Publishing, Inc.
Publication date: 01/15/2014
Pages: 448
Product dimensions: 6.20(w) x 9.30(h) x 1.20(d)

About the Author

Edited by Richard Baldwin, Professor of International Economics, Graduate Institute of International and Development Studies, Geneva, Switzerland, Masahiro Kawai, Project Professor, Graduate School of Public Policy, University of Tokyo, Japan and Ganeshan Wignaraja, Overseas Development Institute (ODI), UK

Table of Contents




Pascal Lamy

1. Introduction and Overview

Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja

2. WTO 2.0: Governance of Global Supply-Chain Trade

Richard Baldwin

3. Trade in Value-added Cocept, Development, and an East Asian Perspective

Satoshi Inomata

4. Joining the Supply Chain: A Firm-level Perspective

Ganeshan Wignaraja

5. Effective Industrial Policies and Global Value Chains

Patrick Low and Julia Tijaja

6. Mapping Crisis-era Protectionism in the Asia-Pacific Region

Simon J. Evenett

7. Exchange Rate Policy and Regional Trade Agreements: A Case of Conflicted Interests?

Victor Pontines and Richard Pomfret

8 Policy Challenges Posed by Asian Free Trade Agreements: A Review of the Evidence

Masahiro Kawai and Ganeshan Wignaraja

9. Constructing and Multilateralizing the Regional Comprehensive Economic Partnership: an Asian Perspective

Shujiro Urata

10. The ASEAN Economic Community: Progress, Challenges and Prospects

Siow Yue Chia

11. The Future of the World Trade Organization

Biswajit Dhar

12. Plurilateral Agreements: A Viable Alternative to the World Trade Organization?

Michitaka Nakatomi

13. Role of Foreign Direct Investment Flows and a Possible Multilateral Agreement

Yunling Zhang and Rongyan Wang


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