Publisher's Synopsis
There are growing pressures to reform the international trading system beyond whatever is accomplished in the Uruguay Round. This study assesses the present GATT system and concludes that the need for further reform is far-reaching. Whalley finds that the principles underlying the current system - nondiscrimination and multilateralism - will not adequately serve in the future to reduce trade barriers and promote the benefits of trade. The study outlines new approaches to reduce the level of protection and harness new regional trading arrangements to improve global economic performance.;Whalley examines the fundamental change in the trade system of the 1990s: the emergence of three economic superpowers (the European Community, Japan, and the United States) that have both common and conflicting interests in global trade reform. He argues that a crucial challenge in the years ahead will be to prevent the serious conflicts that are now emerging from devolving into full-blown hostilities; and recommends measures to do so.;Whalley also discusses the growing pressures to link trade policy and non-trade issues, particularly environmental objectives, and to broaden the participation of the developing countries in the trading system. He stresses that these and other pressures will inevitably force substantial change in the system, and he sets out practical suggestions for reform.
