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America, Europe, and the New Trade Order

Published online by Cambridge University Press:  20 January 2017

Jeffrey J. Schott
Jeffrey J. Schott*
Affiliation:
Peterson Institute for International Economics
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Abstract

Over the last 60 years, the multilateral management of trade through the GATT and subsequently through the WTO has been led by the United States and Europe. Since the turn of the new millennium, however, developing countries have increasingly used their leverage to insist that talks on agriculture receive priority attention, deny the inclusion of investment and competition policy on the negotiating agenda, and block agreement on negotiating modalities for agriculture and non-agricultural market access (NAMA). Cooperation between the United States and the European Union is still essential, but no longer sufficient, for successful multilateral negotiations. Specifically, the “BRICKs” (Brazil, Russia, India, China, and Korea) are likely to be pivotal in directing the course and contributing to the success or failure of the WTO.

Keywords

trade policyBRICKSWTO negotiationsWTO reform
Type
Article
Information
Business and Politics , Volume 11 , Issue 3 , October 2009 , pp. 1 - 22
Copyright
Copyright © V.K. Aggarwal 2009 and published under exclusive license to Cambridge University Press 

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