Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
ISPI Re-Launching International Trade June 6, 2019
Is a new Global Crisis possible?
A New Global Crisis and
the WTO 2.0Yuka Fukunaga
Waseda University
I. Introduction
•Bretton Woods SystemGreat Depression
1929-1939
•Free trade agreementsFinancial Crisis in Asia 1997-1998
•Trade monitoring reportsGlobal Financial Crisis 2007-2008
• World trading order: WTO 2.0?
A new financial crisis 20??-20??
II. Rule-Making in the WTO
a. Reality check
Limited success
Expansion of the Information Technology Agreement (ITA)
Trade Facilitation Agreement (TFA)
Failed or stalled attempts
Doha Development Agenda (DDA)
Trade in services (TiSA) negotiations
Environmental Goods Agreement (EGA) negotiations
Ongoing attempt
Fisheries subsidies
b. Recent developments
Electronic Commerce
Joint Declaration on Electronic Commerce, 13 December 2017
“We … will initiate exploratory work together toward future WTO
negotiations on trade related aspects of electronic commerce.”
Joint Declaration on Electronic Commerce, 25 January 2019
“We confirm our intention to commence WTO negotiations on
trade-related aspects of electronic commerce.”
Speech by Prime Minister Abe, 23 January 2019
“Let Osaka G20 set in train a new track for looking at data
governance – call it the Osaka Track – under the roof of the WTO.”
“The regime we must build is one for D.F.F.T., Data Free Flow with
Trust.”
c. Hope
Adoption of a new agreement on the trade related
aspects of electronic commerce
Multilateral
Plurilateral
Amendments to the existing WTO Agreement
GATS
Telecommunications Reference Paper
Moratorium on Customs Duties on Trade in Goods
TRIPS Agreement
d. Caution: Electronic commerce is very different from conventional trade.
Conventional trade negotiations
Karate practitioner breaking walls
Electronic commerce negotiations
whack-a-mole game
III. Dispute Settlement in the WTO
a. Reality check
Appellate Body in crisis
Only three Appellate Body members remain.
Two of them will be leaving at the end of 2019.
Crisis breeds crisis.
Rise in public distrust in the aftermath of the Appellate
Body’s findings in the dispute involving Korea’s import
bans and testing requirements on certain food products
from Japan
b. Recent developments
Proposals to improve the Appellate Body
Procedural issues
Rule 15
90 days
Overreach issues
Municipal law
Advisory opinion
Precedent
c. Hope
Adoption of a decision by the General Council or the
Dispute Settlement Body
…to confirm the limited mandate of the Appellate Body
under the WTO Dispute Settlement Understanding (DSU).
…to provide guidelines for the Appellate Body
Amendments to the DSU
…to facilitate dialogue between Members and the
Appellate Body
d. Caution: Now is the time to choose.
A functioning one-tiered dispute settlement is
better than an incapacitated two-tiered dispute
settlement.
IV.
How should
the WTO 2.0
look like?
• Guidelines
• Model law
• Nationally Determined Commitments
Rule-making: Soft law
• Monitoring
• Consultations on specific trade concerns
• Mediation
Rule-enforcement: Soft-enforcement
• Cooperation between regulators
• Involvement of stakeholders
• Participation of citizens
Regulatory process