What's Left for the WTO?
Copyright policy )What's Left for the WTO?
Suppose that when addressing the question of “what’s left for the WTO?,” negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify tariff negotiating priorities. This paper uses the lens of the terms-of-trade theory to investigate three specific areas in which it is frequently alleged that currently applied tariffs are “too high,” the implication being that there are still tariff reductions out there for an agreement like the WTO to facilitate. These three areas include applied tariffs for countries that are not members of the WTO, applied tariffs for WTO members that are unbound, and applied tariffs for WTO members set in the presence of large amounts of tariff binding overhang. As it turns out, these three areas are almost exclusively found to be the trade policies that developing countries themselves impose. I build upon recent developments in the empirical literature to present tentative evidence - some direct, some indirect - that sheds light on each of these three areas. I then draw insights from these results to highlight open and additional policy questions for additional research.
- Peterson Institute for International Economics United States
- World Bank United States
TRADE LIBERALIZATION, MARKET ACCESS, EXPORT SUBSIDIES, CUSTOMS, CONTRACTING PARTIES, VALUE ADDED, ECONOMIC GROWTH, WORLD TRADE, EXCHANGE RATES, TRADING PARTNER, TRADE POLICY REVIEW MECHANISM, EXTERNALITIES, POOR COUNTRIES, EXPORT MARKETS, RISK AVERSION, DISPUTE SETTLEMENT, UNEMPLOYMENT, INCOME, COUNTERVAILING DUTIES, EXPORT GROWTH, TRADE NEGOTIATIONS, WTO MEMBERS, MARKET ACCESS COMMITMENTS, NATIONAL TREATMENT, TRADE BARRIER, INCENTIVES, IMPORTING COUNTRY, TRADE AGREEMENTS, EXTERNALITY, WORLD TRADING SYSTEM, NEGATIVE RELATIONSHIP, TRADE POLICY, MACROECONOMIC SHOCKS, WORLD TRADE ORGANIZATION, EXPORTING COUNTRY, TRANSPARENCY, 330, MFN, DEVELOPMENT ECONOMICS, FORMAL ANALYSIS, ECONOMIC COSTS, ECONOMICS RESEARCH, DEVELOPMENT, BUSINESS CYCLES, FAILURES, REGRESSION ANALYSIS, GLOBAL ECONOMY, TRADE BARRIERS, F13, IMPORT PROTECTION, NATIONAL INCOME, WELFARE, IMPORT POLICIES, MULTILATERAL SYSTEM, ELASTICITY, WTO ACCESSION NEGOTIATIONS, ECONOMIC COOPERATION, THEORY, DEVELOPMENT POLICY, TRADE, MANAGED TRADE, POLICY IMPLICATIONS, SUPPLY, TRADE POLICIES, terms-of-trade, MULTILATERAL TRADE, ECONOMIC DEVELOPMENT, PREFERENTIAL TRADE AGREEMENTS, AGRICULTURE, tariffs, FREE TRADE, POLITICAL FACTORS, ECONOMIC THEORY, CONSUMERS, SOCIAL PROBLEMS, TRADE SYSTEM, WTO, GDP, VARIABLES, TRADE THEORY, TRADING PARTNERS, TRADING SYSTEM, POLITICAL ECONOMY, LEGAL SYSTEM, IMPORTED PRODUCTS, EUROPEAN UNION, VALUE, EXPORTS, ddc:330, RECENT ACCESSION, CROSS-BORDER OWNERSHIP, BENCHMARK, INTERNATIONAL TRADE, SUNK COSTS, ANTIDUMPING LAWS, EXCHANGE RATE, TRADE DISPUTES, ECONOMETRIC ANALYSIS, TRADE FLOWS, INTERNATIONAL TRADING SYSTEM, BILATERAL TRADE, INTERNATIONAL ORGANIZATIONS, FREE RIDER PROBLEM, DIRECT INVESTMENT, IMPORTING COUNTRIES, MEMBER COUNTRIES, URUGUAY ROUND, LEGAL COMMITMENTS, POLICY RESEARCH, TRADE’ THEORY, INTERNATIONAL BANK, REAL GDP, FREE RIDER, WTO ACCESSION, MULTILATERAL TRADING SYSTEM, PREFERENTIAL TRADE, WORLD ECONOMY, INCOME GROUPS, EXPECTATIONS, TRADE WAR, ACCESSION, AGRICULTURAL PRODUCTS, ACCESSION NEGOTIATIONS, DISPUTE SETTLEMENT PROCEDURES, TRADE NEGOTIATORS, WTO MEMBERSHIP, DEVELOPMENT ROUND
TRADE LIBERALIZATION, MARKET ACCESS, EXPORT SUBSIDIES, CUSTOMS, CONTRACTING PARTIES, VALUE ADDED, ECONOMIC GROWTH, WORLD TRADE, EXCHANGE RATES, TRADING PARTNER, TRADE POLICY REVIEW MECHANISM, EXTERNALITIES, POOR COUNTRIES, EXPORT MARKETS, RISK AVERSION, DISPUTE SETTLEMENT, UNEMPLOYMENT, INCOME, COUNTERVAILING DUTIES, EXPORT GROWTH, TRADE NEGOTIATIONS, WTO MEMBERS, MARKET ACCESS COMMITMENTS, NATIONAL TREATMENT, TRADE BARRIER, INCENTIVES, IMPORTING COUNTRY, TRADE AGREEMENTS, EXTERNALITY, WORLD TRADING SYSTEM, NEGATIVE RELATIONSHIP, TRADE POLICY, MACROECONOMIC SHOCKS, WORLD TRADE ORGANIZATION, EXPORTING COUNTRY, TRANSPARENCY, 330, MFN, DEVELOPMENT ECONOMICS, FORMAL ANALYSIS, ECONOMIC COSTS, ECONOMICS RESEARCH, DEVELOPMENT, BUSINESS CYCLES, FAILURES, REGRESSION ANALYSIS, GLOBAL ECONOMY, TRADE BARRIERS, F13, IMPORT PROTECTION, NATIONAL INCOME, WELFARE, IMPORT POLICIES, MULTILATERAL SYSTEM, ELASTICITY, WTO ACCESSION NEGOTIATIONS, ECONOMIC COOPERATION, THEORY, DEVELOPMENT POLICY, TRADE, MANAGED TRADE, POLICY IMPLICATIONS, SUPPLY, TRADE POLICIES, terms-of-trade, MULTILATERAL TRADE, ECONOMIC DEVELOPMENT, PREFERENTIAL TRADE AGREEMENTS, AGRICULTURE, tariffs, FREE TRADE, POLITICAL FACTORS, ECONOMIC THEORY, CONSUMERS, SOCIAL PROBLEMS, TRADE SYSTEM, WTO, GDP, VARIABLES, TRADE THEORY, TRADING PARTNERS, TRADING SYSTEM, POLITICAL ECONOMY, LEGAL SYSTEM, IMPORTED PRODUCTS, EUROPEAN UNION, VALUE, EXPORTS, ddc:330, RECENT ACCESSION, CROSS-BORDER OWNERSHIP, BENCHMARK, INTERNATIONAL TRADE, SUNK COSTS, ANTIDUMPING LAWS, EXCHANGE RATE, TRADE DISPUTES, ECONOMETRIC ANALYSIS, TRADE FLOWS, INTERNATIONAL TRADING SYSTEM, BILATERAL TRADE, INTERNATIONAL ORGANIZATIONS, FREE RIDER PROBLEM, DIRECT INVESTMENT, IMPORTING COUNTRIES, MEMBER COUNTRIES, URUGUAY ROUND, LEGAL COMMITMENTS, POLICY RESEARCH, TRADE’ THEORY, INTERNATIONAL BANK, REAL GDP, FREE RIDER, WTO ACCESSION, MULTILATERAL TRADING SYSTEM, PREFERENTIAL TRADE, WORLD ECONOMY, INCOME GROUPS, EXPECTATIONS, TRADE WAR, ACCESSION, AGRICULTURAL PRODUCTS, ACCESSION NEGOTIATIONS, DISPUTE SETTLEMENT PROCEDURES, TRADE NEGOTIATORS, WTO MEMBERSHIP, DEVELOPMENT ROUND
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