London summit outcome

Pages: 11 (2661 mots) Publié le: 18 octobre 2010
Trade and the London Summit outcome

|Richard Baldwin |Print   Email |
|4 April 2009 |Comment   Republish |

|G20 leaders made a number of commitments on trade in their London Communiqué.This column argues that the anti-protection pledge is more credible than the one agreed in the Washington |
|Declaration. The commitment on the Doha Round, by contrast, was pitiful. |
|The London Communiqué confirms that issues surrounding international trade have moved up the G20 agenda. The commitments made could have been much stronger, but I believe that what was agreed on|
|protectionism can be graded as “not bad”. On the Doha Round, the Summit’s pledge waspitiful – it should be graded “very sad”. Yet, given the current disarray in the US’s trade policymaking |
|machinery, it was perhaps the best that could have been accomplished. |
|What did they agree in London?|
|The commitments on trade fall into three basic categories: |
|Anti-protectionist pledges,|
|Reinforcing trade credit, and |
|Advancing the Doha talks.    |
|The anti-protectionist pledge    |
|The London Summit Communiqué is no weaker than the Washington Declaration – and in two importantways, it is stronger and more credible. As Table 1 (at the end of the column) shows, the general |
|pledge is equivalent, and the specific “standstill” commitment is identical. |
|Of course, the Washington pledge turned out to be full of holes. A frequently cited World Bank study,first posted on Vox last month, listed 57 protectionist measures undertaken by G20 nations |
|since their pledge. Nevertheless, I would say that the protectionism we’ve seen to date isn’t that bad. I don’t know any trade economist around the world who seriously argues that protectionism |
|has been an important cause of collapsing trade. In this sense, the Washington pledge worked.|
|As former Mexican President Ernesto Zedillo argued on Vox last month, what we really need to do is postpone a protectionist spiral for the next 9 months – enough time for the macro stimulus time|
|to start to work. If the economy recovers, protectionist pressures will fade on their own. If it doesn’t and...
Lire le document complet

Veuillez vous inscrire pour avoir accès au document.

Vous pouvez également trouver ces documents utiles

  • london
  • London
  • Journal london.
  • Jack London
  • London underground
  • London 2nd
  • London Construire
  • Jack london

Devenez membre d'Etudier

c'est gratuit !