Economists propose introduction of right to trade.
Columbia University Professor and Nobel Laureate Joseph Stiglitz and London School of Economics Economist Andrew Charlton reiterated their proposal that the World Trade Organization (WTO) integrate a right to trade in its dispute settlement system at a roundtable discussion hosted by the Commonwealth Secretariat in London in August 2012.
The economists contend that a right to trade mechanism could rebalance the global trading system and make trade work for poor people. Using the right to trade concept, developing countries would be able to bring action against an advanced country when a trade or trade-related policy affected poor people or their ability to trade. Remedies would include elimination of or change to an offending policy or bilateral sanctions.
The right to trade would be complemented by a Global Trade Facility funded by advanced countries and administered by the United Nations Conference on Trade and Development. The facility would provide resources to support developing countries' actions under the WTO dispute settlement system and fund Aid for Trade assisting countries to help those countries maximize the benefits of new market access won through the system.
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|Comment:||Economists propose introduction of right to trade.|
|Publication:||International Trade Forum|
|Article Type:||Brief article|
|Date:||Jul 1, 2012|
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