International trade

[field_auth], 23 August 2016

In international trade theory, countries are often treated as homogenous regions, with no account taken of their internal geography. This column uses evidence from China’s Treaty Port Era to show how domestic trade frictions shape welfare gains from trade. Gains from new technologies that lower trade costs are shared, but the gains are not evenly distributed. Lower trade costs can also mean lower welfare for productivity leaders, who may be replaced by low-cost suppliers from less productive regions as the costs of transport decline.

[field_auth], 09 August 2016

For over four decades, the EU has managed most international trade policy on behalf of the UK. After Brexit, the UK government will have to reconstitute trade links with EU, with third nations while disentangling the UK from the commitments that the EU made on its behalf in the WTO. This chapter suggests some strategies for the UK government to follow in reconstituting its trade policy. The watch words should be simplicity and cooperation. Maintaining the goodwill of trading partners will be a very high diplomatic priority. 

[field_auth], 08 August 2016

The UK must now formulate and execute an independent trade policy for the first time in over 40 years. This column summarises the catalogue of failure that has been the governance of the world trading system in the 21st century, and proposes Ten Commandments to guide UK trade ministers in the forthcoming negotiations.

[field_auth], 03 August 2016

There are three trade policy challenges facing the UK outside the EU: it must negotiate a new relationship with the EU, disentangle itself from WTO Agreements it entered into as an EU member, and restore preferential trade with the many dozens of trade partners that are now covered by EU trade agreements. As difficult trade-offs are inevitable in all of these, politicians should decide how the preferences of UK citizens might best map onto these alternative arrangements. This column argues that the optimal solution is to combine future trade arrangements with domestic policies that compensate UK citizens who face the costs of trade agreements.

[field_auth], 26 July 2016

Trade ministries, just as other parts of government, need to respond to calls from the public and from global leaders for action on major issues. This column argues that armed with potential policy options identified through the E15Initiative, the WTO is equipped to contribute to solutions in many areas. Purposeful efforts over the coming months and years could help to boost the WTO’s essential and valuable place in ensuring a responsive and inclusive furtherance of globalisation and trade and investment integration that delivers sustainable development outcomes for all.    

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