The new terms of trade
In this 2005 Lowy Institute Paper, Mark Thirlwell surveys the changing international trade landscape. The inability of policymakers to deliver the Doha Round has become a powerful symbol of the growing strains on the multilateral trading system.
Meanwhile, frustrated by Doha’s stagnation, policymakers have turned to bilateral and regional trade deals, creating an ever-expanding web of preferential trade agreements. These policy shifts are occurring at a time when China’s manufacturing might and India’s services-based export model have contributed to a fundamental reshaping of the international patterns of trade flows.
The Paper can be downloaded here.