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    Preferentialism in Trade Relations: Challenges for the World Trade Organization

    Low, Patrick | May 2014
    Abstract
    This paper argues that preferential trade agreements (PTAs) and the World Trade Organization (WTO) are not substitutes, and while PTAs are without doubt here to stay, dispensing with a multilateral venue for doing business in trade matters is not a serious option. It is therefore necessary to seek out better accommodation between PTAs and the WTO than has been apparent to date. The law of the General Agreement on Tariffs and Trade (GATT)/WTO has systematically fallen short in imposing discipline on discriminatory reciprocal trade agreements, while procedural requirements, such as notifications, have been partially observed at best, and dispute settlement findings have tended to reinforce existing weaknesses in the disciplines. One approach to remedying this situation is to explore a different kind of cooperation—that of soft law. A soft law approach to improving coherence and compatibility between the WTO and PTAs may hold some promise, but the option also has its pitfalls.
    Citation
    Low, Patrick. 2014. Preferentialism in Trade Relations: Challenges for the World Trade Organization. © Asian Development Bank. http://hdl.handle.net/11540/4009. License: CC BY 3.0 IGO.
    Keywords
    Trade Finance
    Rural Finance
    Regional Development Finance
    Public Financial Management
    Public Finance
    International Finance
    Intergovernmental Finance
    Financial System
    Financial Flows
    Financial Assets
    Finance And Trade
    Trade Finance
    Local Finance
    International Monetary Relations
    Local Finance
    Banks
    Capital Market
    financial statistics
    Foreign trade
    Municipal government
    Metropolitan government
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Stock exchanges
    Market
    Exchange
    Balance of trade
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    Citable URI
    http://hdl.handle.net/11540/4009
    Metadata
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    PDF (240.0Kb)
    Author
    Low, Patrick
    Theme
    Finance
    Trade

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise