The WTO has made little progress since Bill Clinton was President. Meanwhile international commerce changed radically, creating a need for new disciplines and lower tariffs on parts and components. Doha delays prevented the WTO from responding, so unilateralism accomplished the tariff-cutting while 21st century regionalism created the new disciplines. The WTO’s central-place in global trade governance was massively eroded.
This talk considers the difficulties of reconciling deep regionalism with WTO-centric trade governance.
Richard Edward Baldwin is Professor of International Economics at the Graduate Institute, Geneva since 1991, Policy Director of CEPR since 2006, Editor-in-Chief of Vox since founding it in June 2007, and an elected Member of the Council of the European Economic Association.