A Renegotiation Perspective on Transatlantic Trade Disputes

Heinz Hauser () and Alexander Roitinger ()

University of St. Gallen Department of Economics working paper series 2002 from Department of Economics, University of St. Gallen

Abstract: Transatlantic trade disputes seem to be a rising concern. According to the most critical voices, they provoke notable "trade wars" and crucially impair the credibility of the WTO dispute settlement mechanism. In this paper, we suggest that such conclusions are unwarranted. Violation of WTO agreements and non-compliance with Dispute Settlement Body rulings should be considered as an instrument for renegotiation with unique features, providing indispensable flexibility to the world trading system. Such flexibility is necessary because of incomplete contracting and "local" lack of commitment at the time of concluding agreements.

Keywords: Dispute settlement; WTO; non-compliance; trade wars; renegotiation; flexibility; incomplete contracting (search for similar items in EconPapers)
JEL-codes: F02 F13 K33 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2002-04
New Economics Papers: this item is included in nep-law
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