Questions leaders need to ask amid the roiling global economy
With the WTO dealing with trade wars and forces of nationalism, there is an urgent need for talks on the perils and possibilities of trade policy to save the trading system.
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TRADE wars have become a reality. The threat of Brexit is having a chilling effect in Europe. The Regional Comprehensive Economic Partnership (RCEP) negotiations are unlikely to be concluded this year. And the World Trade Organisation (WTO) system moves closer to paralysis with the looming collapse of its appeals function and the continuing inability of its members to make progress in multilateral negotiations.
There is little to offset this gloomy panorama. The EU-Mercosur Free Trade Agreement (FTA) is significant, but its implementation is threatened by political strife over the Amazon. The US-Japan deal is less substantial than the Trans-Pacific Partnership (TPP), now transformed into the Comprehensive and Progressive Agreement on TPP (CPTPP), following the withdrawal of the United States.
And other initiatives in Asia and Africa are a long way from fruition.
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