Economic Cooperation in the Asia-Pacific and the Global Trading System

Asia and the Pacific Policy Studies (APPS), vol. 1, no. 3, pp. 513–521

9 Pages Posted: 2 Oct 2014

See all articles by Shiro Patrick Armstrong

Shiro Patrick Armstrong

Australian National University (ANU) - Crawford School of Public Policy

Date Written: September 17, 2014

Abstract

The global trading system has underpinned huge growth in trade and the integration of economies that have signed on to it, whether they are political allies or not — none more so than in the Asia-Pacific region. It has prevented political disputes between Japan and China adversely affecting trade and investment flows between the two countries. The World Trade Organisation continues to play an important role. This is evidenced by the number of countries still willing to join the organisation, its record in keeping markets open during crises and the effectiveness of the dispute settlement mechanism. Yet the global trading system faces challenges. The rules and agenda, as well as the single undertaking mode of negotiations, are not effective or relevant to commerce in the twenty-first century. The shift to mega-regional agreements further undermines its primacy. A weakened global trading system could also have negative spillovers for political relations between countries.

Keywords: international trade; economic cooperation; WTO; international governance; multilateralism

Suggested Citation

Armstrong, Shiro Patrick, Economic Cooperation in the Asia-Pacific and the Global Trading System (September 17, 2014). Asia and the Pacific Policy Studies (APPS), vol. 1, no. 3, pp. 513–521, Available at SSRN: https://ssrn.com/abstract=2504373

Shiro Patrick Armstrong (Contact Author)

Australian National University (ANU) - Crawford School of Public Policy ( email )

ANU College of Asia and the Pacific
J.G. Crawford Building, #132, Lennox Crossing
Canberra, Australian Capital Territory 0200
Australia

HOME PAGE: http://www.crawford.anu.edu.au/staff/sarmstrong.php

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