Jagdish Bhagwati is University Professor of Law and Economics at Columbia University and Senior Fellow at the Council on Foreign Relations. A renowned expert on international trade, he has served in top-level advisory positions for the World Trade Organization and the United Nations, including Economic Policy Adviser to the Director-General, GATT (1991-93), and Special Adviser to the UN on globalization. He is the author of many books, including In Defense of Globalization.
NEW YORK – Meetings of G-20 leaders regularly affirm the importance of maintaining and strengthening openness in trade. June’s G-20 summit in Toronto, although not very effusive on trade, did not back away from it. Yet talk is cheap, and the open-mouth policy of (generally pro-trade) pronouncements has not been matched by action.
The paradox is that this has been good for holding the line on protectionism. After all, actions are also necessary to “roll back” open trade. So we have largely stood still, in trade jargon.
But lack of trade activism has also meant that we are not moving forward with trade liberalization. The long-standing Doha Round of multilateral trade negotiations seems to have been put on indefinite hold.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
As a registered user, you can enjoy more PS content every month – for free.
Already have an account? Log in