Is the WTO Passé?

Robert Staiger, Kyle Bagwell and Chad Bown

No 10672, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The WTO has delivered policy outcomes that are very different from those likely to emerge out of the recent wave of preferential trade agreements (PTAs). Should economists see this as an efficient institutional hand-off, where the WTO has carried trade liberalization as far as it can manage, and is now passing the baton to PTAs to finish the job? We survey a growing economics literature on international trade agreements and argue on this basis that the WTO is not passé. Rather, and subject to some caveats, our survey of research to date suggests that the WTO warrants strong support while a more cautious view of PTAs seems appropriate.

Keywords: Dispute settlement; Preferential trade agreements; Terms of trade; Trade agreements; Wto (search for similar items in EconPapers)
JEL-codes: F13 F14 (search for similar items in EconPapers)
Date: 2015-06
New Economics Papers: this item is included in nep-int
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Citations: View citations in EconPapers (3)

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