The course will review the fundamental principles of the WTO multilateral trading system (MTS), how the system works, how decisions are taken by the WTO membership, what the main provisions of the WTO are, including various agreements. It will analyze the question why the MTS is of critical importance for international trade and why it needs further strengthening, thus providing a solid basis for stability and predictability in international trade as well as for resisting protectionism. It will discuss the results of rounds of multilateral trade negotiations conducted since the creation of the GATT and WTO and how these have enhanced overall levels of welfare. It will address the question how globalization has changed trade and trade patterns and how it has perhaps also contributed to some of the tensions in trade relations between some of the main trading nations, as witnessed today.
Specific reference will be made to China as a member of the WTO and, based on official documents, including the WTO’s Trade Policy Reviews, assess how trade has contributed to the economic growth of China and its significant share in international trade for goods and services.
