Global Trade Regimes

P. K. Rao
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P. K. Rao: Center for Development Research

Chapter 1 in The World Trade Organization and the Environment, 2000, pp 3-30 from Palgrave Macmillan

Abstract: Abstract A functioning international economy is a prerequisite for continued economic and social advancement. Still, such an economy may or may not be at its efficient or ‘optimal’ levels of operation. A mere functioning economy is one of several conditions necessary for a sustainable economy and sustainable development (SD); such a functioning economy cannot lead to a sufficiency requirement for SD. A constellation of economic institutions and operations which are oriented toward these goals at the global, regional, national and local levels are necessary in order to put SD in place. International trade and finance are the two foremost significant aspects of the international economic linkages. Whether or not deeper economic integration is important for the international economy is not the main issue. Rather, it should be seen as a derivative of the objective of global welfare maximization: enhancement of the wealth and welfare of the current and future generations. The role of trade in this context remains important. In order that trade remains sustainable, the imperatives of sustainable development must be incorporated for sustainable trade regimes and policies. This holds well in the context of the popular attempts toward trade liberalization. The congruity as well as conflict in free trade and environmental protection need to be elucidated.

Keywords: Free Trade; World Trade Organization; Trade Policy; Trade Liberalization; Uruguay Round (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-99395-8_1

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DOI: 10.1057/9780333993958_1

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