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Reinvigorating Trade and Inclusive Growth (English)

Trade integration can play a much larger role in boosting shared prosperity. The current focus on trade tensions threatens to obscure the great untapped benefits possible from further trade reform. The opportunities provided by information technology and other fundamental changes in the global economy are yet to be reflected in modern areas of trade policy, such as services and electronic commerce. Greater openness in these areas would promote competition, lift productivity, and raise living standards. In many other areas, such as the rural economy, smaller enterprises, and women's economic empowerment, trade-related reforms are important particularly to foster more inclusive growth. Harnessing flexible approaches to WTO negotiations may be the key to reinvigorating global trade reform. Despite the benefits at stake — and with important exceptions such as the WTO Trade Facilitation Agreement — trade reform has lagged since the early 2000s. For much of this period, governments focused their efforts in the WTO on a single negotiating approach. Now, as groups of WTO members pursue joint initiatives in several areas, attention is turning to how other negotiating approaches — including some used effectively in the past — can be leveraged so that trade once again plays its full role in driving increased global economic prosperity. Building greater, more durable openness — this paper's focus — should be part of a broader effort to strengthen and reinvest in the global trading system. The system of global trade rules that has nurtured unprecedented economic growth across multiple generations faces tensions. Though only recently brought to the fore, those tensions are rooted in issues that have been left unresolved for too long. Governments need to promptly address outstanding questions involving, for example, the WTO dispute system and the reach of subsidy disciplines. Cooperative action to secure greater openness — an imperative in its own right — could also help to resolve these issues.

Details

  • Document Date

    2018/09/01

  • Document Type

    Working Paper

  • Report Number

    130272

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2018/09/30

  • Disclosure Status

    Disclosed

  • Doc Name

    Reinvigorating Trade and Inclusive Growth

  • Keywords

    free movement of goods and service; regional and global value chains; multilateral agreement on investment; modes of service delivery; small and medium size enterprise; Technical Barriers to Trade; collection of customs duty; long run growth performance; presence of natural persons; free movement of data; supply chain and logistics; trade in goods; areas of trade; regulatory cooperation; foreign direct investment; trade and investment; international investment agreement; modes of supply; conformity assessment procedure; protection of privacy; trade policy reform; bilateral investment treaty; global financial crisis; regional trade agreement; transfer of data; trade in services; public policy objective; good regulatory practice; barrier to competition; movement of people; foreign equity limitation; barriers to service; global trading system; global trade rule; segments of society; flow of data; market access issues; provision of service; multilateral trading system; trade policy agenda; exchange of good; food price volatility; Market Access Barriers; emerging market economy; delivery of service; global economic recovery; secure property right; ad valorem equivalent; international supply chain; sustainable development policy; enabling policy environment; trade liberalization process; benefits of trade; regulatory impact assessment; level of liberalization; applied tariff rates; management of regulation; consumer protection rule; preferential trade agreement; transmission of data; mutual recognition agreement; fishery subsidy negotiation; formulation of regulation; online dispute resolution; software source code; sale of equipment; labor productivity growth; electronic data interchange; free trade agreement; domestic regulatory framework; cost of service; Type of Investment; law and regulation; benefit of service; means of production; Trade Policies; domestic regulation; foreign affiliate; trade tensions; modern economy; advanced economy; electronic commerce; professional service; inclusive growth; product regulation; trade negotiation; financial service; domestic policies; personal data; commercial presence; global economy; merchandise trade; fundamental changes; regulatory objective; goods trade; privacy protection; cross-border trade; data storage; trade growth; trade restriction; international cooperation; traded goods; trade costs; foreign supplier; investment policy; digital economy; trading services; investment measure; digital technology; digital product; imported inputs; foreign entry; regulatory transparency; international standard; economic empowerment; living standard; export performance; specific commitment; national treatment; complementary policies; trade distortion; rural economy; multilateral framework; legal framework; medium-sized enterprise; free flow; Dispute Settlement; discriminatory treatment; monopolistic practice; internal market; foreign enterprise; enforceable agreement; foreign company; irregular immigration; shipping cost; financial regulation; international market; telecommunications policy; regulatory principle; privacy legislation; international flow; production process; legal regime; cross-border delivery; trading opportunities; technical innovation; data transfer; international response; trade aspect; production relationship; privacy standard; heavy burden; efficient transport; smaller enterprise; prudential regulation; measuring services; small consignments; unilateral liberalization; discriminatory measures; clearance time; economic prosperity; customs information; emerging economy; logistics service; cross-country variation; monitoring effort; global rule; binding rule; regional cooperation; international business; regulatory problem; domestic investor; area trade; regulatory preference; external assistance; adequate regulation; multilateral level; retail service; policy reversal; minimis level; transport service; information flow; regulatory priority; regulatory approach; draft regulation

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Citation

Reinvigorating Trade and Inclusive Growth (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/874541538071614937/Reinvigorating-Trade-and-Inclusive-Growth