A Handbook of World Trade: A Strategic Guide to Trading by Jonathan Reuvid
By Jonathan Reuvid
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Extra info for A Handbook of World Trade: A Strategic Guide to Trading Internationally
A violent street demonstration took place during the Geneva Ministerial – however this paled in comparison to what awaited the 4,500 ministers and delegates in Seattle. Calls for a new round became insistent soon after President Clinton announced that the USA wished to host the next Ministerial Conference in Seattle. The digital revolution, the Internet and e-commerce held out new promises and growth prospects. The Seattle Ministerial was billed as one that would launch the Millennium Round. In the event, the Seattle Ministerial will go down in history as one of the most spectacular failures at both the political and the diplomatic level.
In particular, the Agreement on Agriculture (AoA), which inter alia provides for the submission of this renegade sector to multilateral disciplines through the elimination of quota systems and variable import levies through a process called tariffication, is far from compliant with basic WTO rules. Export subsidies, which are prohibited under the Agreement on Subsidies and 3 More than 60 per cent of world trade is regional and almost all major countries belong to at least one regional trade agreement.
Deliberations on bringing order into international financial, monetary, and exchange rate relations at first over4 The Development of Multilateral Trade Agreements shadowed trade concerns. Strong disagreement also prevailed on the principle of non-discrimination, which was dear to the USA, while the UK insisted on continuing preferential treatment for the Commonwealth countries, placing the latter and social policies before trade. But the more fundamental problem was a philosophical one: post-war plans and policy makers were strongly influenced by Keynesian economics, whereas for US proponents of freer trade the idea of government intervention in support of full employment policies was anathema.