Reforming the World Trade Organization: Practitioner Perspectives from China, the EU, and the US

Hoekman, Bernard M.; Wolfe, Robert

doi:10.1111/cwe.12378

“…They have a big stake in a multilateral and bilateral system of rules (Hoekman and Wolfe, 2021). The relationship between the US and China is strained at the moment.…”

Section: Discussionmentioning

confidence: 99%

The Impacts of Trade Restrictions on World Agricultural Price Volatility during the COVID‐19 Pandemic

Yan

¹

,

Cai

²

,

Lin

³

et al. 2021

China and World Economy

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During the COVID‐19 pandemic, countries applied trade restrictions to insulate their domestic markets from the world market. However, these trade policies could have amplified international market price fluctuations. This paper explores the effects of trade restrictions on international agricultural price volatility. A theoretical model is developed to quantify how trade policies amplify the initial shock. Using panel data covering 71 countries from January 2020 to July 2021, we examine empirically the effects of trade policies on world agricultural price volatility. The results show that trade distortions further induced volatility of world agricultural prices by around 22 percent during the COVID‐19 pandemic. The multiplier effects are much more substantial in agricultural exporting countries than in importing countries. Large countries like China and the US could make significant contributions to stabilizing world prices by limiting the extent of unilateral trade policy interventions.

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“…It is also argued that SOEs can be used to indirectly subsidize downstream industries in both domestic and export markets through below-market pricing for their goods and services (Hoekman and Sapir, 2021). In this regard the lack of specific SOE-related disciplines under the SCM Agreement, including the absence of an agreed definition, is triggering discussions not only on the alleged distortions caused by SOEs but also about the lack of transparency of their operations and their trade impacts (Hoekman and Wolfe 2021).…”

Section: Some Economies Consider Soes As An Essential Element Of Thei...mentioning

confidence: 99%

Subsidies, Trade, and International Cooperation

2023

0

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Prepared by the staffs of the IMF, OECD, The World Bank, and WTO. For the IMF, the views expressed here are those of the authors and should not be construed as the views of the IMF, its Executive Board, member governments, or any other entity mentioned herein. For the OECD, the report is prepared under the responsibility of the Secretary-General of the OECD, and the opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. For The World Bank, the findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. For the WTO, this work is published under the responsibility of the WTO Secretariat. The opinions expressed and arguments employed herein do not necessarily reflect the opinions or views of WTO members. This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The names of countries and territories used in this joint publication follow the practice of the IMF.

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“…It is also argued that SOEs can be used to indirectly subsidize downstream industries in both domestic and export markets through below-market pricing for their goods and services (Hoekman and Sapir, 2021). In this regard the lack of specific SOE-related disciplines under the SCM Agreement, including the absence of an agreed definition, is triggering discussions not only on the alleged distortions caused by SOEs but also about the lack of transparency of their operations and their trade impacts (Hoekman and Wolfe 2021).…”

Section: Some Economies Consider Soes As An Essential Element Of Thei...mentioning

confidence: 99%

Subsidies, Trade, and International Cooperation

2022

Analytical Notes

0

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Prepared by the staffs of the IMF, OECD, The World Bank, and WTO. For the IMF, the views expressed here are those of the authors and should not be construed as the views of the IMF, its Executive Board, member governments, or any other entity mentioned herein. For the OECD, the report is prepared under the responsibility of the Secretary-General of the OECD, and the opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. For The World Bank, the findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. For the WTO, this work is published under the responsibility of the WTO Secretariat. The opinions expressed and arguments employed herein do not necessarily reflect the opinions or views of WTO members. This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The names of countries and territories used in this joint publication follow the practice of the IMF.

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Reforming the World Trade Organization: Practitioner Perspectives from China, the EU, and the US

Cited by 14 publications

References 31 publications

The Impacts of Trade Restrictions on World Agricultural Price Volatility during the COVID‐19 Pandemic

The Impacts of Trade Restrictions on World Agricultural Price Volatility during the COVID‐19 Pandemic

Subsidies, Trade, and International Cooperation

Subsidies, Trade, and International Cooperation

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