Support for multilateral solutions to trade policy problems is high among analysts in the Asia-Pacific region. Governments too say they prefer multilateralism over unilateral policy shifts. But what are we prepared to do about it? We are taught in game theory that talk is cheap--and there has been a lot of cheap talk about supporting the WTO in recent years. Indeed, if fine words in summit communiques resolved trade disputes and negotiation impasses, commercial peace would have broken out a long time ago.
Thoughts on trade, investment and development from the ARTNeT community
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Since the early 1990s there has been a steady and continuing creation of new Regional Trading Agreements (RTAs) in the world economy. By contrast attempts to conclude the Doha Development Round of multilateral negotiations have floundered. There is a growing concern that these discriminatory RTAs may be hindering further multilateral liberalisation.
One response has been a drive to “multilateralise regionalism”. This movement began with a 2006 paper by Richard Baldwin. He proposed to extend the range of countries which may benefit from regional trade liberalisation.