By Klaus Gunter Deutsch, Bernhard Speyer
This ebook attracts jointly key concerns as a result of the realm exchange Organisation's deliberate 'Millennium around' and the desire that it'll result in freer alternate as we start this new century.
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Extra resources for The World Trade Organization Millennium Round: Freer Trade in the Twenty First Century
From the point of view of its regained competitiveness, the USA is in an enviable position to take advantage of market-opening initiatives in a new WTO round. Instead, however, trade policy making in Washington has been characterised by stalemate and indecision since the conclusion of the Uruguay Round (Destler 1999). Regional initiatives have been stalled, and at Seattle, the USA, together with its trading partners, failed to launch a new round. What are the reasons? The reasons evidently have little to do with basic economic factors, the established trade policy mechanisms or the positions of the traditional players in trade policy such as producer interests.
In addition, after the Asian financial crisis, the appreciation of the dollar was helped by the flight to quality, when investors bought government securities and other US dollar-denominated assets. Ensuing lower interest rates fuelled economic activities and with the appreciation of the dollar led to a boost in imports. There is concern that the persistent decline in the trade balance and its link to an equally persistent decline in personal savings cannot continue for ever, but the general pattern of spending was certainly better balanced between consumption and investment than in the 1980s (Mann 1999).
Trade instruments were increasingly seen as leverage to force developing countries to comply with US domestic conceptions of what international social and environmental regulations should be. Soon, however, the new groupings began to oppose any type of trade liberalisation, claiming that it would undermine American social or environmental standards or, in the more rightwing terms of the Pat Buchanan-Ross Perot school, US sovereignty. In the process, these groups could appeal to a diffuse feeling that was the legacy of the recession of the early 1990s and the ongoing trend of corporate restructuring.
The World Trade Organization Millennium Round: Freer Trade in the Twenty First Century by Klaus Gunter Deutsch, Bernhard Speyer