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Mega‐Regional Trade Agreements and the Future of the WTO
Author(s) -
Bown Chad P.
Publication year - 2017
Publication title -
global policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.602
H-Index - 33
eISSN - 1758-5899
pISSN - 1758-5880
DOI - 10.1111/1758-5899.12391
Subject(s) - international trade , general partnership , mega , transatlantic trade and investment partnership , negotiation , regional trade , european union , business , china , world trade , international economics , free trade , political science , economics , finance , law , physics , astronomy
Major economies such as the United States, European Union, Japan, and even China have shifted trade negotiating emphasis toward ‘mega‐regional’ agreements, including the Trans‐Pacific Partnership ( TPP ), the Transatlantic Trade and Investment Partnership (T TIP ), and the Regional Comprehensive Economic Partnership ( RCEP ). This paper explores why countries have chosen to pursue mega‐regionals, what is likely to be contained in the agreements, and some of their potential implications for the multilateral trading system under the World Trade Organization ( WTO ). I call for revisiting the historical approach of introducing plurilateral and critical mass agreements – that would cover some of the mega‐regionals’ new provisions – into the WTO so as to avoid a more substantial, long‐run erosion of the relevance of the nondiscriminatory system. I also highlight potential reforms to the WTO 's dispute settlement procedure that are required to strengthen its already prominent role.