What’s Left for the WTO?

Suppose that when addressing the question of “what’s left for the WTO?,” tariff negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify negotiating priorities. This paper use...

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Main Author:	Bown, Chad P.
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	URUGUAY ROUND EXPORT MARKETS ECONOMIC GROWTH MULTILATERAL TRADE WORLD TRADE ORGANIZATION TRADE NEGOTIATIONS SUNK COSTS TRADE POLICY REVIEW MECHANISM DISPUTE SETTLEMENT INCOME EXPECTATIONS IMPORTING COUNTRIES COUNTERVAILING DUTIES INTERNATIONAL TRADING SYSTEM TRADE BARRIERS INTERNATIONAL ORGANIZATIONS REAL GDP DISPUTE SETTLEMENT PROCEDURES EXPORTS NATIONAL TREATMENT ELASTICITY TRADE FLOWS POLITICAL ECONOMY WELFARE ACCESSION NEGOTIATIONS INCENTIVES NEGATIVE RELATIONSHIP TRADE NEGOTIATORS VARIABLES IMPORTED PRODUCTS RECENT ACCESSION MARKET ACCESS FREE TRADE INTERNATIONAL BANK EXPORT SUBSIDIES TRADE AGREEMENTS TRADE BARRIER EXPORTING COUNTRY DEVELOPMENT PREFERENTIAL TRADE AGREEMENTS TRADE SYSTEM WTO ACCESSION MARKET ACCESS COMMITMENTS GLOBAL ECONOMY MULTILATERAL SYSTEM DEVELOPMENT ECONOMICS EXPORT GROWTH ECONOMIC COOPERATION EXCHANGE RATES CUSTOMS CONTRACTING PARTIES EXTERNALITIES FAILURES IMPORT PROTECTION FREE RIDER PROBLEM WTO DEVELOPMENT ROUND TRADE THEORY TRADE’ THEORY TRADE DISPUTES FREE RIDER TRADE POLICY DIRECT INVESTMENT POLITICAL FACTORS WTO MEMBERSHIP ACCESSION TRADE POLICIES ANTIDUMPING LAWS UNEMPLOYMENT EXTERNALITY VALUE ADDED ECONOMIC COSTS INTERNATIONAL TRADE TRANSPARENCY ECONOMETRIC ANALYSIS VALUE TRADE WAR FORMAL ANALYSIS EUROPEAN UNION WORLD ECONOMY POOR COUNTRIES NATIONAL INCOME CONSUMERS AGRICULTURE MEMBER COUNTRIES MANAGED TRADE BENCHMARK ECONOMIC THEORY TRADE LIBERALIZATION WORLD TRADING SYSTEM CROSS-BORDER OWNERSHIP REGRESSION ANALYSIS WTO ACCESSION NEGOTIATIONS BUSINESS CYCLES IMPORTING COUNTRY ECONOMIC DEVELOPMENT MACROECONOMIC SHOCKS AGRICULTURAL PRODUCTS TRADE GDP THEORY TRADING SYSTEM LEGAL SYSTEM LEGAL COMMITMENTS BILATERAL TRADE PREFERENTIAL TRADE SUPPLY MULTILATERAL TRADING SYSTEM POLICY IMPLICATIONS IMPORT POLICIES WORLD TRADE POLICY RESEARCH SOCIAL PROBLEMS EXCHANGE RATE RISK AVERSION ECONOMICS RESEARCH TRADING PARTNERS TRADING PARTNER WTO MEMBERS MFN DEVELOPMENT POLICY INCOME GROUPS
Online Access:	http://documents.worldbank.org/curated/en/2015/12/25512759/what’s-left-wto http://hdl.handle.net/10986/23468

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spelling	okr-10986-234682021-04-23T14:04:15Z What’s Left for the WTO? Bown, Chad P. URUGUAY ROUND EXPORT MARKETS ECONOMIC GROWTH MULTILATERAL TRADE WORLD TRADE ORGANIZATION TRADE NEGOTIATIONS SUNK COSTS TRADE POLICY REVIEW MECHANISM DISPUTE SETTLEMENT INCOME EXPECTATIONS IMPORTING COUNTRIES COUNTERVAILING DUTIES INTERNATIONAL TRADING SYSTEM TRADE BARRIERS INTERNATIONAL ORGANIZATIONS REAL GDP DISPUTE SETTLEMENT PROCEDURES EXPORTS NATIONAL TREATMENT ELASTICITY TRADE FLOWS POLITICAL ECONOMY WELFARE ACCESSION NEGOTIATIONS INCENTIVES NEGATIVE RELATIONSHIP TRADE NEGOTIATORS VARIABLES IMPORTED PRODUCTS RECENT ACCESSION MARKET ACCESS FREE TRADE INTERNATIONAL BANK EXPORT SUBSIDIES TRADE AGREEMENTS TRADE BARRIER EXPORTING COUNTRY DEVELOPMENT PREFERENTIAL TRADE AGREEMENTS TRADE SYSTEM WTO ACCESSION MARKET ACCESS COMMITMENTS GLOBAL ECONOMY MULTILATERAL SYSTEM DEVELOPMENT ECONOMICS EXPORT GROWTH ECONOMIC COOPERATION EXCHANGE RATES CUSTOMS CONTRACTING PARTIES EXTERNALITIES FAILURES IMPORT PROTECTION FREE RIDER PROBLEM WTO DEVELOPMENT ROUND TRADE THEORY TRADE’ THEORY TRADE DISPUTES FREE RIDER TRADE POLICY DIRECT INVESTMENT POLITICAL FACTORS WTO MEMBERSHIP ACCESSION TRADE POLICIES ANTIDUMPING LAWS UNEMPLOYMENT EXTERNALITY VALUE ADDED ECONOMIC COSTS INTERNATIONAL TRADE TRANSPARENCY ECONOMETRIC ANALYSIS VALUE TRADE WAR FORMAL ANALYSIS EUROPEAN UNION WORLD ECONOMY POOR COUNTRIES NATIONAL INCOME CONSUMERS AGRICULTURE MEMBER COUNTRIES MANAGED TRADE BENCHMARK ECONOMIC THEORY TRADE LIBERALIZATION WORLD TRADING SYSTEM CROSS-BORDER OWNERSHIP REGRESSION ANALYSIS WTO ACCESSION NEGOTIATIONS BUSINESS CYCLES IMPORTING COUNTRY ECONOMIC DEVELOPMENT MACROECONOMIC SHOCKS AGRICULTURAL PRODUCTS TRADE GDP THEORY TRADING SYSTEM LEGAL SYSTEM LEGAL COMMITMENTS BILATERAL TRADE PREFERENTIAL TRADE SUPPLY MULTILATERAL TRADING SYSTEM POLICY IMPLICATIONS IMPORT POLICIES WORLD TRADE POLICY RESEARCH SOCIAL PROBLEMS EXCHANGE RATE RISK AVERSION ECONOMICS RESEARCH TRADING PARTNERS TRADING PARTNER WTO MEMBERS MFN DEVELOPMENT POLICY INCOME GROUPS Suppose that when addressing the question of “what’s left for the WTO?,” tariff negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify negotiating priorities. This paper uses the lens of the terms-of-trade theory to investigate three areas in which it is frequently alleged that currently applied tariffs remain “too high”; the implication being that the WTO’s job performance to date is incomplete. This includes applied tariffs for countries that are not members of the WTO, applied MFN tariffs for WTO members that are unbound, and applied MFN tariffs for WTO members set in the presence of large amounts of tariff binding overhang. These are almost exclusively the domain of developing countries’ own trade policies and they are collectively important; 3.5 billion people currently live in countries in which the WTO has had minimal effect for one of these three reasons. This paper builds upon recent developments in the empirical literature to present evidence—some direct, some indirect—that sheds light on each area. It then identifies specific needs for additional research to clarify policy implications for the future role of the WTO in the ever-changing international trading system. 2015-12-18T22:30:20Z 2015-12-18T22:30:20Z 2015-12 Working Paper http://documents.worldbank.org/curated/en/2015/12/25512759/what’s-left-wto http://hdl.handle.net/10986/23468 English en_US Policy Research Working Paper;No. 7502 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	URUGUAY ROUND EXPORT MARKETS ECONOMIC GROWTH MULTILATERAL TRADE WORLD TRADE ORGANIZATION TRADE NEGOTIATIONS SUNK COSTS TRADE POLICY REVIEW MECHANISM DISPUTE SETTLEMENT INCOME EXPECTATIONS IMPORTING COUNTRIES COUNTERVAILING DUTIES INTERNATIONAL TRADING SYSTEM TRADE BARRIERS INTERNATIONAL ORGANIZATIONS REAL GDP DISPUTE SETTLEMENT PROCEDURES EXPORTS NATIONAL TREATMENT ELASTICITY TRADE FLOWS POLITICAL ECONOMY WELFARE ACCESSION NEGOTIATIONS INCENTIVES NEGATIVE RELATIONSHIP TRADE NEGOTIATORS VARIABLES IMPORTED PRODUCTS RECENT ACCESSION MARKET ACCESS FREE TRADE INTERNATIONAL BANK EXPORT SUBSIDIES TRADE AGREEMENTS TRADE BARRIER EXPORTING COUNTRY DEVELOPMENT PREFERENTIAL TRADE AGREEMENTS TRADE SYSTEM WTO ACCESSION MARKET ACCESS COMMITMENTS GLOBAL ECONOMY MULTILATERAL SYSTEM DEVELOPMENT ECONOMICS EXPORT GROWTH ECONOMIC COOPERATION EXCHANGE RATES CUSTOMS CONTRACTING PARTIES EXTERNALITIES FAILURES IMPORT PROTECTION FREE RIDER PROBLEM WTO DEVELOPMENT ROUND TRADE THEORY TRADE’ THEORY TRADE DISPUTES FREE RIDER TRADE POLICY DIRECT INVESTMENT POLITICAL FACTORS WTO MEMBERSHIP ACCESSION TRADE POLICIES ANTIDUMPING LAWS UNEMPLOYMENT EXTERNALITY VALUE ADDED ECONOMIC COSTS INTERNATIONAL TRADE TRANSPARENCY ECONOMETRIC ANALYSIS VALUE TRADE WAR FORMAL ANALYSIS EUROPEAN UNION WORLD ECONOMY POOR COUNTRIES NATIONAL INCOME CONSUMERS AGRICULTURE MEMBER COUNTRIES MANAGED TRADE BENCHMARK ECONOMIC THEORY TRADE LIBERALIZATION WORLD TRADING SYSTEM CROSS-BORDER OWNERSHIP REGRESSION ANALYSIS WTO ACCESSION NEGOTIATIONS BUSINESS CYCLES IMPORTING COUNTRY ECONOMIC DEVELOPMENT MACROECONOMIC SHOCKS AGRICULTURAL PRODUCTS TRADE GDP THEORY TRADING SYSTEM LEGAL SYSTEM LEGAL COMMITMENTS BILATERAL TRADE PREFERENTIAL TRADE SUPPLY MULTILATERAL TRADING SYSTEM POLICY IMPLICATIONS IMPORT POLICIES WORLD TRADE POLICY RESEARCH SOCIAL PROBLEMS EXCHANGE RATE RISK AVERSION ECONOMICS RESEARCH TRADING PARTNERS TRADING PARTNER WTO MEMBERS MFN DEVELOPMENT POLICY INCOME GROUPS
spellingShingle	URUGUAY ROUND EXPORT MARKETS ECONOMIC GROWTH MULTILATERAL TRADE WORLD TRADE ORGANIZATION TRADE NEGOTIATIONS SUNK COSTS TRADE POLICY REVIEW MECHANISM DISPUTE SETTLEMENT INCOME EXPECTATIONS IMPORTING COUNTRIES COUNTERVAILING DUTIES INTERNATIONAL TRADING SYSTEM TRADE BARRIERS INTERNATIONAL ORGANIZATIONS REAL GDP DISPUTE SETTLEMENT PROCEDURES EXPORTS NATIONAL TREATMENT ELASTICITY TRADE FLOWS POLITICAL ECONOMY WELFARE ACCESSION NEGOTIATIONS INCENTIVES NEGATIVE RELATIONSHIP TRADE NEGOTIATORS VARIABLES IMPORTED PRODUCTS RECENT ACCESSION MARKET ACCESS FREE TRADE INTERNATIONAL BANK EXPORT SUBSIDIES TRADE AGREEMENTS TRADE BARRIER EXPORTING COUNTRY DEVELOPMENT PREFERENTIAL TRADE AGREEMENTS TRADE SYSTEM WTO ACCESSION MARKET ACCESS COMMITMENTS GLOBAL ECONOMY MULTILATERAL SYSTEM DEVELOPMENT ECONOMICS EXPORT GROWTH ECONOMIC COOPERATION EXCHANGE RATES CUSTOMS CONTRACTING PARTIES EXTERNALITIES FAILURES IMPORT PROTECTION FREE RIDER PROBLEM WTO DEVELOPMENT ROUND TRADE THEORY TRADE’ THEORY TRADE DISPUTES FREE RIDER TRADE POLICY DIRECT INVESTMENT POLITICAL FACTORS WTO MEMBERSHIP ACCESSION TRADE POLICIES ANTIDUMPING LAWS UNEMPLOYMENT EXTERNALITY VALUE ADDED ECONOMIC COSTS INTERNATIONAL TRADE TRANSPARENCY ECONOMETRIC ANALYSIS VALUE TRADE WAR FORMAL ANALYSIS EUROPEAN UNION WORLD ECONOMY POOR COUNTRIES NATIONAL INCOME CONSUMERS AGRICULTURE MEMBER COUNTRIES MANAGED TRADE BENCHMARK ECONOMIC THEORY TRADE LIBERALIZATION WORLD TRADING SYSTEM CROSS-BORDER OWNERSHIP REGRESSION ANALYSIS WTO ACCESSION NEGOTIATIONS BUSINESS CYCLES IMPORTING COUNTRY ECONOMIC DEVELOPMENT MACROECONOMIC SHOCKS AGRICULTURAL PRODUCTS TRADE GDP THEORY TRADING SYSTEM LEGAL SYSTEM LEGAL COMMITMENTS BILATERAL TRADE PREFERENTIAL TRADE SUPPLY MULTILATERAL TRADING SYSTEM POLICY IMPLICATIONS IMPORT POLICIES WORLD TRADE POLICY RESEARCH SOCIAL PROBLEMS EXCHANGE RATE RISK AVERSION ECONOMICS RESEARCH TRADING PARTNERS TRADING PARTNER WTO MEMBERS MFN DEVELOPMENT POLICY INCOME GROUPS Bown, Chad P. What’s Left for the WTO?
relation	Policy Research Working Paper;No. 7502
description	Suppose that when addressing the question of “what’s left for the WTO?,” tariff negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify negotiating priorities. This paper uses the lens of the terms-of-trade theory to investigate three areas in which it is frequently alleged that currently applied tariffs remain “too high”; the implication being that the WTO’s job performance to date is incomplete. This includes applied tariffs for countries that are not members of the WTO, applied MFN tariffs for WTO members that are unbound, and applied MFN tariffs for WTO members set in the presence of large amounts of tariff binding overhang. These are almost exclusively the domain of developing countries’ own trade policies and they are collectively important; 3.5 billion people currently live in countries in which the WTO has had minimal effect for one of these three reasons. This paper builds upon recent developments in the empirical literature to present evidence—some direct, some indirect—that sheds light on each area. It then identifies specific needs for additional research to clarify policy implications for the future role of the WTO in the ever-changing international trading system.
format	Working Paper
author	Bown, Chad P.
author_facet	Bown, Chad P.
author_sort	Bown, Chad P.
title	What’s Left for the WTO?
title_short	What’s Left for the WTO?
title_full	What’s Left for the WTO?
title_fullStr	What’s Left for the WTO?
title_full_unstemmed	What’s Left for the WTO?
title_sort	what’s left for the wto?
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/12/25512759/what’s-left-wto http://hdl.handle.net/10986/23468
_version_	1764453927095369728

What’s Left for the WTO?

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