The Role of Regional Trade Agreements in the Global Trading System: The Case of the CPTPP
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Recently, there has been a significant increase in the number of regional trade agreement (RTAs). Since the collapse of the Doha Round, the great instability of the multilateral trading system characterized by difficulty and slow progress in further trade liberalization has pushed world trade into an entirely new era with its structure and substance associated with regionalism. The increasing mutual mistrust and ignorance between the World Trade Organization (WTO) members, leading to a gradual erosion of the rules-based system, have put the global trading system in grave danger. Hence, the successful conclusion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a bright spot where there is a need for reinvigorating the post-Doha trade environment. The purpose of this paper is to highlight and analyze the role of the CPTPP in the global trading system. Based on the rules specified in the CPTPP, it delves into the preeminent content of the CPTPP with its high standards toward further trade liberalization. Along with the analysis of the opportunities for the expansion of its membership, the paper explores the challenges that the CPTPP faces surrounding further trade liberalization. Finally, it presents adequate measures in response to the challenges.
Abstract
Recently, there has been a significant increase in the number of regional trade agreement (RTAs). Since the collapse of the Doha Round, the great instability of the multilateral trading system characterized by difficulty and slow progress in further trade liberalization has pushed world trade into an entirely new era with its structure and substance associated with regionalism. The increasing mutual mistrust and ignorance between the World Trade Organization (WTO) members, leading to a gradual erosion of the rules-based system, have put the global trading system in grave danger. Hence, the successful conclusion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a bright spot where there is a need for reinvigorating the post-Doha trade environment. The purpose of this paper is to highlight and analyze the role of the CPTPP in the global trading system. Based on the rules specified in the CPTPP, it delves into the preeminent content of the CPTPP with its high standards toward further trade liberalization. Along with the analysis of the opportunities for the expansion of its membership, the paper explores the challenges that the CPTPP faces surrounding further trade liberalization. Finally, it presents adequate measures in response to the challenges.
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