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A World Trade Organization for the 21st Century

The Asian Perspective Edited by Richard Baldwin, Professor of International Economics, Graduate Institute of International and Development Studies, Geneva, Switzerland, Masahiro Kawai, Project Professor, Graduate School of Public Policy, University of Tokyo, Japan and Ganeshan Wignaraja, Advisor, Economic Research and Regional Cooperation Department, Asian Development Bank, Manila, Philippines and formerly Director of Research, Asian Development Bank Institute, Tokyo, Japan
The global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.
In Association with the Asian Development Bank
Extent: 448 pp
Hardback Price: $160.00 Web: $144.00
Publication Date: 2015
ISBN: 978 1 78347 927 6
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  • Asian Studies
  • Asian Development
  • Asian Economics
  • Economics and Finance
  • Asian Economics
  • International Economics
The global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.

The world trading system, led by the World Trade Organization (WTO), is under pressure to evolve and address 21st-century trade issues. Meanwhile, economically salient Asia has built deep supply chains over decades, whilst experimenting with mega-regional trade agreements and economic policies to sustain growth amid a fragile economy. The Asian-led Regional Comprehensive Economic Partnership (RCEP) and the United States-led Trans-Pacific Strategic Economic Partnership (TPP) are competing to set standards for Asia’s trade and supply chains. Lessons from the Asian experience offer new approaches and economic policies to sustain growth, presenting the WTO as a forum for action to improve global and regional trade governance in the 21st century.

Policy makers will benefit from the expert knowledge and policy lessons presented in this book, and development economists and researchers will profit from its critical examination of the world trading system. Undergraduate and postgraduate students interested in development, development economics, international development, and related fields will find this essential supplementary reading.
‘This unique compilation of essays addresses a core political economy question: how do market forces and trade regulation interact? Its fresh Asian perspective offers a much-needed contribution to our understanding of how treaty-based regional and bilateral economic integration is driven by the Factory Asia phenomenon. The authors also compellingly show where the World Trade Organization could fit in. An informative read for scholars and experts alike.’
– Manfred Elsig, University of Bern, Switzerland
Contributors: R. Baldwin, S.Y. Chia, B. Dhar, S.J. Evenett, S. Inomata, M. Kawai, P. Low, M. Nakatomi, R. Pomfret, V. Pontines, J. Tijaja, S. Urata, R. Wang, G. Wignaraja, Y. Zhang















Contents:

Preface

Foreword
Pascal Lamy

1. Introduction and Overview
Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja

2. WTO 2.0: Governance of Global Supply-Chain Trade
Richard Baldwin

3. Trade in Value-added Cocept, Development, and an East Asian Perspective
Satoshi Inomata

4. Joining the Supply Chain: A Firm-level Perspective
Ganeshan Wignaraja

5. Effective Industrial Policies and Global Value Chains
Patrick Low and Julia Tijaja

6. Mapping Crisis-era Protectionism in the Asia-Pacific Region
Simon J. Evenett

7. Exchange Rate Policy and Regional Trade Agreements: A Case of Conflicted Interests?
Victor Pontines and Richard Pomfret

8 Policy Challenges Posed by Asian Free Trade Agreements: A Review of the Evidence
Masahiro Kawai and Ganeshan Wignaraja

9. Constructing and Multilateralizing the Regional Comprehensive Economic Partnership: an Asian Perspective
Shujiro Urata

10. The ASEAN Economic Community: Progress, Challenges and Prospects
Siow Yue Chia

11. The Future of the World Trade Organization
Biswajit Dhar

12. Plurilateral Agreements: A Viable Alternative to the World Trade Organization?
Michitaka Nakatomi

13. Role of Foreign Direct Investment Flows and a Possible Multilateral Agreement
Yunling Zhang and Rongyan Wang

Index