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3 - Core Elements of the World Trading System

from Part II - The Multilateral Trading System

Published online by Cambridge University Press:  22 June 2023

Alan Wm. Wolff
Alan Wm. Wolff
Affiliation:
Peterson Institute for International Economics (PIIE)
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Summary

At the heart of the multilateral trading system is the commitment to nondiscrimination, the most-favored-nation (MFN) principle, mandating that all nations participate on equal terms. Added to this are a series of obligations to limit government interventions in trade. To give assurance that the system will deliver what it promises, transparency is required, making clear to all the measures that affect trade. Reality diverges from the ideal.

Keywords

most favored nation (MFN)General Agreement on Tariffs and Tradefree trade agreementnondiscriminationtariffsmarket accesstrade negotiationsplurilateral agreementtransparency and notificationstrade policy review
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Information
Revitalizing the World Trading System , pp. 35 - 51
Publisher: Cambridge University Press
Print publication year: 2023

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