The new terms of trade
Mark Thirlwell
Summary
The landscape of the international trading environment is changing. Progress in the Doha Round remains painfully difficult, a powerful symbol of the mounting stresses and strains on the multilateral trading system. Meanwhile, policymakers, frustrated with multilateralism's shortcomings, continue to turn to bilateral and regional trade deals, producing an ever-expanding web of preferential trade arrangements. This is all against a backdrop of major shifts in the structure and composition of trade flows, as the manufacturing might of China and India's services-based export model are together contributing to a fundamental reshaping of the worldwide pattern of trade.
A new Lowy Institute Paper by Mark Thirlwell looks at this transformation in the international context for trade and trade policy.
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