The New Multilateralism: The Shift to Private Global Regulation

Lawrence L. Herman
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Lawrence L. Herman: Cassels Brock & Blackwell LLP

C.D. Howe Institute Commentary, 2012, issue 360

Abstract: Non-state actors are increasingly engaged in authoritative decision-making over standards. As a result, frameworks for governing international economic transactions are increasingly being maintained by the private sector, both with and without government cooperation. Typically, these privately set standards help underpin cross-border exchanges, and increasingly help facilitate global trade beyond what World Trade Organization (WTO) rules or other government-to-government agreements have been able to do. This model of non-intrusive government vigilance could constitute a sort of “trusteeship,” promoting private regulation where it legitimately serves the public interest, while having governments act as guardians against abuse. Canada should give this phenomenon a more explicit place in its global commerce and competitiveness strategies.

Keywords: Trade and International Policy; global trade; standards; World Trade Organization (WTO); WTO Technical Barriers to Trade agreement (search for similar items in EconPapers)
JEL-codes: F13 F55 K29 K33 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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