This comprehensive and accessible book examines the evolution of the multilateral trade regime in the ever-changing global economic environment, particularly during the WTO era and the ongoing Doha Round. Professor Das explores how the creation of the multilateral trade regime, or the GATT/WTO system, has been fraught with difficulties. He describes the ways, by means of various rounds of negotiations, the multilateral trade regime has constantly adjusted itself to the new realities of the global economy.
One glance at the recent history indicates that the evolution of the multilateral trade regime was far from even-handed and steady. The GATT/WTO system was repeatedly pushed to the brink of utter and ignominious disaster. Yet, as the author illustrates, the participating economies persevered. Consequently, the fabric of multilateral trade regime is stronger, its foundation deeper and its framework wider now than it was a generation ago. Unlike the GATT era, membership of the present trade regime is close to universal. The author concludes that of the two phases, the latter has turned out to be the more arduous, intricate and complex phase of evolution.
Students and scholars of economics, international trade, international political economy and international relations will find this study of great interest. The definitions and explanations of terminology and advanced concepts make the book accessible to those without an extensive economic background.