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For fifty years, the General Agreement on Tariffs and Trade (GATT) system has fostered the development of liberal multilateralism. Originally a short, fifty-page set of rules that governed trade between just twenty-three Contracting Parties, and applying only provisionally because of the failure of several countries to ratify it, the GATT system has evolved into one of the world's most well-developed international organizations. The GATT’s organizational successor, the World Trade Organization (WTO), boasts over 130 members that have ratified its founding charter and thousands of pages of substantive rules. Perhaps most significantly, the Uruguay Round negotiations bestowed upon the GATT/WTO system revised rules of government, which some have predicted will vastly improve the regime's institutional strength. With new dispute settlement rules, clarified rules of procedure for decision-making by the Members, and the formal establishment of a genuine secretariat, many claim that the world's preeminent trade institution is stronger than ever. Their hope is that this revitalized institution can govern itself effectively, advancing international political order and rules-based liberal multilateralism.This paper considers the possible effects of China’s accession to the WTO on the WTO’s institutional strength—how China’s accession could affect WTO governmental processes and the extent of political support for the organization from leading Western trading countries. During the past ten years, in which China has (of course) not been a GATT Contracting Party or a WTO Member, there has been substantial “systems friction” between China and some Western trading countries. The term “systems friction,” coined by Sylvia Ostry , is usually thought of as political tension between countries attributable to their economic interaction in the context of fundamental differences in the organization and operating principles of their respective political-economic structures. There may be different forms of systems friction, depending on whether the interacting political-economic structures can change, how willing countries are to change political-economic structures in order to accommodate other players, and whether the structures simply have not yet been subject to negotia-tion. The systems friction now associated with China-trade embodies elements of all three forms. This raises the question of whether WTO accession for China is likely to reduce and contain the systems friction, or weaken the WTO as an institution, or both.

Knowledge is an essential ingredient for economic development, growth and gaining a competitive advantage. In order to produce novel and valuable knowledge, it is advantageous, perhaps vital, to rely on insights gained from prior research efforts. Those knowledge spillovers (KS) provide the rationale for sustained economic growth and produce unique place-based knowledge spaces. Due to the spatial embeddedness and stickiness of knowledge, most investigations mainly pay attention to the localized nature of KS, but what about those spillovers from other jurisdictions, or perhaps even from across the globe? To analyse the role played by international KS, the present study investigates to what extent international KS shape the evolution of the UK science and technology space. The first step involves creating knowledge spaces following the methodology outlined by Kogler et al. (2013; 2017) for the period 2006-15. Subsequently, we are following the paper trail of publications and patents developed by UK authors and inventors to depict to what degree international KS in specific science and technology domains have contributed to the production of novel knowledge in the UK. The results indicate that four out of five citations made in publications and patents in the UK are the works of authors and inventors residing elsewhere. This has important policy implications considering recent tendencies to curtail trade and the free movement of labour, all of which contribute to the diffusion of knowledge. [ABSTRACT FROM AUTHOR]

Introduction: With the accelerating process of globalization, trade activities have had profound impacts on both the environment and economic development. Methods: This paper comprehensively evaluates the synergistic effect of bilateral trade on "pollution reduction" and "carbon mitigation," as well as "economic growth," utilizing panel data from China and RCEP countries spanning the period from 1997 to 2020. Results: The empirical results reveal that bilateral trade significantly propels economic growth in RCEP countries and exhibits a positive "pollution reduction" effect, whereas its "carbon reduction" effect remains uncertain. To delve into the underlying reasons for bilateral trade's failure to effectively mitigate carbon emissions, this paper undertakes a mechanism test along two opposing paths. Notably, the influence of bilateral trade on economic growth and "pollution reduction" in RCEP countries varies regionally. Specifically, bilateral trade is more efficacious in fostering economic growth in ASEAN countries. Additionally, bilateral trade enhances environmental quality in ASEAN countries, yet it deteriorates in non-ASEAN countries. Furthermore, this paper examines the intricate relationship between bilateral trade, economic growth, and "pollution reduction" through the application of the PVAR model. It concludes that optimizing environmental quality in RCEP countries is conducive to both local economic growth and bilateral trade. Conclusion: This study not only bears significant implications for understanding the complex interplay between economic growth, environmental quality, trade liberalization, and environmental policies, but also provides invaluable guidance for policy formulation and implementation aimed at achieving green transformation and fostering sustainable economic development. [ABSTRACT FROM AUTHOR]

This Note explores the debate about public access to information—specifically, documents—related to the ongoing negotiation of international trade agreements. As regional and multilateral trade agreements such as NAFTA and the WTO proliferate, various interests that are not party to the negotiations but are concerned about the orientation and breadth of these agreements have looked for ways to open up and influence the negotiating process. Essential to this campaign are the efforts of public advocacy groups in the United States to gain access to documents exchanged among government negotiators while trade negotiations are ongoing. In 2002, several such groups filed suit in federal court under the Freedom of Information Act, requesting that the United States Trade Representative be directed to hand over documents related to ongoing trade negotiations with Chile. This Note takes account of the legal issues discussed in that case and of the policy issues more generally at stake in this debate, and offers a legal solution that departs from current case law and executive branch practice in an effort to better balance competing concerns. [ABSTRACT FROM AUTHOR]

Bilateral relations between states have always been dynamic and can go in either direction. For much of history, Pakistan and Russia have remained in a contained relationship, particularly during the Cold War. However, post 9/11, due to changes in Pakistan's pro-Taliban policy, gradual ground for re-engagement has risen into prominence between Russia and Pakistan. But, because of the troubling history, both sides remained distant. However, for the past ten years, due to the change in the international order, both countries found each other in the convergence of bilateral relations. The research paper intended to employ the commercial liberalism branch of neoliberal institutionalism to evaluate emerging bilateral ties between Russia and Pakistan. Based on Immanuel Kant’s principle of universal hospitality, commercial liberalism sheds light on the importance of economic interdependence and free trade in sustaining peace. The impending challenges and compelling opportunities were discussed in this paper. The nature of bilateral relations sprouted from opportunities and challenges and was categorised into complementary and non-complementary bifurcation. Based on this division, the research has argued that the trajectory of emergent bilateral relations has ample space to grow and head upward. The study suggests that institutional mechanisms such as JMCC, JMC, and JWGs, with their potential to navigate challenges, offer reassurance in the face of potential obstacles in bilateral relations. [ABSTRACT FROM AUTHOR]

This paper augments a model developed for the government spending for a closed economy by introducing foreign loans, foreign reserves and exchange rates, which are of vital importance for budgeting in an open economy. It suggests that government expenditures are a function of taxes, domestic debt, foreign debt in domestic currency, foreign reserve in domestic currency, high-powered money, and real interest paid on domestic and foreign debt. All factors are found to have a positive impact on government expenditures in mathematical modelling, except for foreign reserves interest payments on domestic and foreign debt, which have a negative impact on the expenditures. The model is estimated by employing yearly data from 1976 to 2020 for Pakistan's economy and incorporating the impact of change in the exchange rate regime on government expenditures. The model, estimated with the Auto Regressive Distributed Lag (ARDL) model, suggests that current government expenditures depend on the current and previous period taxes, current domestic loans, current and earlier periods of foreign debt, current high-powered money, and foreign reserves. In addition, the empirical findings indicate that around 55 per cent of government expenditures have been financed through tax revenues, 21 per cent through high-powered money and 17 per cent through government bonds. The paper applies a dummy variable to measure the impact of the change in the exchange rate regime in 1999; it suggests that the change has positively impacted government expenditures. This paper concludes that the government has been preferring printing money and foreign loans, after taxes, for financing expenditures in Pakistan. At the policy level, the paper recommends that the government needs to rationalise the financing of its expenditures by focusing more on taxes. Further, it needs to avoid tapping foreign reserves held by the private sector. [ABSTRACT FROM AUTHOR]

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The potency of economic sanctions imposed on nations depends on demand and supply adjustment possibilities. Adverse GDP impacts will be maximal when import, export, production, distribution and finance are inflexible (universal non-substitution). This paper elaborates on these conditions and quantifies the maximum GDP loss that Western sanctions could have inflicted on Russia in 2022–2023. It reports the World Bank's predictions, contrasts them with the results and draws inferences about the efficiency of Russia's workably competitive markets. This paper shows that Russia's economic system exhibits moderate universal substitutability and is less vulnerable to punitive discipline than Western policymakers suppose. The likelihood that economic sanctions will compel the Kremlin to restore Ukraine's territorial integrity ceteris paribus is correspondingly low, even though war reduces Russia's quality of existence. Western economic sanctions serve narrow geostrategic ends that are reconcilable with Pareto-efficient free trade and globalization, if precision-targeted, but as the Russo-Ukrainian war intensifies, an expanded array of novel and dubiously legal sanctions is degrading free trade, and spurring de-globalization and anti-Western coalitions. If this armed combat is prolonged, the goals of free trade and globalization could be set back for decades. [ABSTRACT FROM AUTHOR]

This paper introduces a set of papers analysing the likely economic impact of Brexit across key aspects of the UK economy as the country comes to the end of its first full year outside the European Union. The Brexit vote in 2016 was not just a vote on the UK's relations with the institutions of the European Union but was also a referendum on the fractured state of the UK as a nation. The resulting conflation of Brexit with domestic economic policy debates is reflected in this issue. A first cluster of papers focuses on the consequences of choosing to abandon the 'four freedoms' enshrined in the Treaty of Europe, the free movement of goods, services, capital, and labour across the EU, and a second is concerned with the indirect effects of Brexit in those areas of domestic policy that have been opened up by the Brexit decision. The economic consequences of Brexit are only just emerging, but these papers provide an informed perspective on the state of debate, and the likely implications of Brexit across a range of policy areas, both international and domestic. [ABSTRACT FROM AUTHOR]

This paper underlines the significance of free trade agreements in attracting foreign direct investment and their impact on the operational capacities of local firms in host countries. It argues that free trade agreements do not only eliminate barriers to trade, but they also increase the size of the regional market and improve the business environment, making it more attractive to foreign direct investment, along with all the attributes and spillover effects associated with it. While determining the type of spillover effects of foreign direct investment associated with Oman's trade agreements, this paper uses the Kruskal–Wallis H-test and 438 samples from companies surveyed between 1 August and 31 October 2023 to assess the impact of spillovers on the performance of the surveyed companies. The results reveal that technology transfer, knowledge transfer, labour productivity, product efficiency, capital investments, and job creation have positive effects on the firms' operational capacities, with technology transfer having the highest impact (27%), followed by labour productivity and job creation (18%). The spillover effects are almost the same for company size and percentage of ownership. They also identified manufacturing and tourism as priority sectors and the availability of a skilled workforce as a major challenge. These findings make original contribution to the field as this is probably the first study to produce a firm-level analysis of spillover effects of foreign direct investment and trade agreements in the context of Oman and the wider Gulf region. The paper concludes with practical implications for policy makers when negotiating trade agreements and designing investment policies to optimize spillover effects on the performance of their domestic firms. [ABSTRACT FROM AUTHOR]

Purpose - The paper aims to provide an insight into the psychic of working people in the immediate aftermath of the 1989 changes, especially with regards to their perception of the new free trade unions, how this perception changed and the role that education and training has played in helping them develop free and effective trade unions capable of operating in Market Societies. Design/methodology/approach - The paper has used extensively the archives of the GPMU and UEG to piece together 15 years experience of a international trade union federation's efforts to assist its new affiliates in Central and Eastern Europe adapt to operating in a market economy. Findings - The paper suggests that attitudes, perceptions and aspirations have changed, both amongst the newly democratised trade unions of the CEEC countries, and the trade unions in the West. Trade union education and training over the past 15 years has created confident and capable trade union organisations who now stand on equal terms with their Western European counterparts. Originality/value - The authors access to the primary materials in the archives of the British Print Union and the European Federation for graphical workers provides a unique insight which demonstrates that the help and assistance given after 1989 was systematic, well planned, adequately funded and has provided tangible outcomes. [ABSTRACT FROM AUTHOR]

This paper shows that non-tariff measures may fully respect the non-discrimination principle of the World Trade Organisation and still act as a protectionist device. Non-tariff measures that raise costs of all firms induce some exit, reallocating market shares towards the most efficient firms. The paper analyses when this mechanism generates protectionism. With political economy motives, trade liberalisation increases the use of non-tariff measures in the non-cooperative equilibrium and a trade agreement may be welfare reducing if governments care about the most efficient firms only. Moreover, a Pareto improving agreement may require an income redistribution between countries if firm average productivity differs across countries. [ABSTRACT FROM AUTHOR]