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72. International Cooperation: Is the Multilateral System Helping?
- Author:
- David M Malone and Rohinton P. Medhora
- Publication Date:
- 06-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper includes essential history of how the multilateral world has evolved over the last 150 years, followed by an examination of several types of multilateral systems: the United Nations and related organizations (including the World Bank group and the International Monetary Fund), and the World Trade Organization; regional organizations; and cross-cutting multilateral or plurilateral groupings with more limited, generally consultative purposes, such as the Group of Seven and BRICS (Brazil, Russia, India and China). It concludes with some reflections on the implications for multilateralism of a defection from its attractions and principles by key actors.
- Topic:
- International Cooperation, World Trade Organization, World Bank, Multilateral Relatons, IMF, and BRIC
- Political Geography:
- Russia, China, Europe, India, Asia, Brazil, South America, and North America
73. Trump Trade Policy, Exchange Rate Surveillance and the IMF: Back to the Future?
- Author:
- James A. Haley
- Publication Date:
- 07-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- This paper discusses the nexus between the Donald Trump administration’s trade policy and International Monetary Fund (IMF) exchange rate surveillance. It reviews the evolution of IMF surveillance and the possible implications of incorporating currency manipulation clauses into bilateral trade agreements. Such clauses constitute a key US trade negotiation objective. While they may reflect genuine concern over practices to thwart international adjustment, they could erode the effectiveness of the IMF at a time of transition and resulting tension in the global economy. Managing this tension calls for a cooperative approach to the issue of adjustment, one consistent with the fundamental mandate of the IMF. An approach based on indicators of reserve adequacy is proposed. Such a framework was briefly considered and dismissed almost 50 years ago, which was likewise a period of tension in trade and global monetary affairs. Prospects for success today are equally dim because cooperative measures to assuage adjustment challenges would require repudiation of the view that exchange rate surveillance is about bilateral trade balances and abandonment of the zero-sum game approach to international arrangements on which Trump administration trade actions are based.
- Topic:
- International Cooperation, International Trade and Finance, Exchange Rate Policy, and IMF
- Political Geography:
- United States and North America
74. CIGI Expert Consultation on WTO Reform
- Author:
- Centre for International Governance Innovation
- Publication Date:
- 09-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The Centre for International Governance Innovation conducted consultations in the spring of 2019 with trade experts and stakeholders about options for modernizing the trade rules and strengthening the World Trade Organization (WTO). The consultations focused on the three themes of improving the WTO through monitoring of existing rules, strengthening and safeguarding the dispute settlement function, and modernizing the trade rules for the twenty-first century. This report synthesizes the results of the consultations.
- Topic:
- International Cooperation, International Trade and Finance, World Trade Organization, and Modernization
- Political Geography:
- Global Focus
75. Digital Trade at the WTO: The CPTPP and CUSMA Pose Challenges to Canadian Data Regulation
- Author:
- Patrick Leblond
- Publication Date:
- 10-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- On the margins of the Group of Twenty leaders’ meeting in Osaka, Japan on June 28-29, 2019, Canada and 23 others signed the Osaka Declaration on the Digital Economy. This declaration launched the “Osaka Track,” which reinforces the signatories’ commitment to the World Trade Organization (WTO) negotiations on “trade-related aspects of electronic commerce.” In this context, unlike its main economic partners (China, the European Union and the United States), Canada has yet to decide its position. The purpose of this paper is thus to help Canada define its position in those negotiations. To do so, it offers a detailed analysis of the e-commerce/digital trade chapters found in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Canada-United States-Mexico Agreement (CUSMA), the North American Free Trade Agreement’s replacement, in order to identify the potential constraints that these agreements could impose on the federal government’s ability to regulate data nationally as it seeks to establish a trusting digital environment for consumers and businesses. The analysis leads to the conclusion that Canada’s CPTPP and CUSMA commitments could ultimately negate the effectiveness of future data protection policies that the federal government might want to adopt to create trust in the data-driven economy. As a result, Canada should not follow the United States’ position in the WTO negotiations. Instead, the best thing that Canada could do is to push for a distinct international regime (i.e., separate from the WTO) to govern data and its cross-border flows.
- Topic:
- International Cooperation, International Trade and Finance, World Trade Organization, European Union, and Digital Economy
- Political Geography:
- United States, China, Europe, Canada, Asia, and North America
76. Canada-India Business Council Partnership Summit
- Author:
- Centre for International Governance Innovation
- Publication Date:
- 10-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The 2019 Canada-India Partnership Summit, held in Toronto on June 26, focused on the role of corporate exemplars in accessing business opportunities in the binational space and on building sectoral linkages, especially in the infrastructure, services, manufacturing and innovation sectors. The summit also included discussions related to overcoming challenges in the two-way business-to-business relations, and the role of Canada and India in the global economy, particularly in light of recent pressures and opportunities. This report summarizes eight key issues and recommendations raised during the summit’s interactive panel sessions.
- Topic:
- International Cooperation, Infrastructure, Partnerships, and Innovation
- Political Geography:
- Canada, India, Asia, and North America
77. The Global Interplay between Trade, Geopolitical and Commodity Shocks
- Author:
- Idris Ademuyiwa and Pierre Siklos
- Publication Date:
- 10-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Recent events have the potential to reverse the positive macroeconomic performance of the global economy and trigger a slowdown in both global growth and international trade. In particular, the implications of ongoing trade disputes that have undermined trust in the existing multilateral cooperation system and the incentive for countries to align with ongoing global policy coordination efforts. A compelling case for a mutually beneficial resolution of these tensions can be made by emphasizing the interdependence of the Group of Twenty (G20) economies — the G20 being the premier repository of international cooperation in economic and political matters. This study also considers the state of trade globalization, with an emphasis on the performance of the G20. The emergence of geopolitical risks (GPRs), that is, events that heighten tensions between countries and therefore threaten global economic performance, is an attempt to quantify the potential economic impact of the nexus between politics and economics. In the presence of heightened political risks, negative economic effects become more likely. Nevertheless, there is no empirical evidence investigating the links between the real economy, trade, the state of the financial sector, commodity prices and GPRs. Moreover, there is no evidence on these links that has a sample of countries that make up the G20. This paper begins to fill this gap. Relying on descriptive and statistical evidence, the conclusion is drawn that GPRs represent a significant factor that threatens global economic growth and economic performance, in the G20 countries in particular. Ultimately, however, GPRs reflect other factors, including threats stemming from trade tensions and large swings in commodity prices.
- Topic:
- International Cooperation, International Trade and Finance, Economic growth, and Multilateralism
- Political Geography:
- Europe, Asia, South America, North America, and Global Focus
78. International Coordination of Economic Policies in the Global Financial Crisis: Successes, Failures, and Consequences
- Author:
- Edwin M. Truman
- Publication Date:
- 07-2019
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper evaluates international efforts to diagnose the global financial crisis and decide on appropriate responses, the treatments that were agreed and adopted, and the successes and failures as the crisis unfolded. International coordination of economic policies eventually contributed importantly to containing the crisis, but the authorities failed to agree on a diagnosis and the consequent need for joint action until the case was obvious. The policy actions that were adopted were powerful and effective, but they may have undermined prospects for coordinated responses to future crises.
- Topic:
- Government, International Cooperation, Financial Crisis, and Economy
- Political Geography:
- Global Focus
79. Germany and the Three Seas Initiative
- Author:
- Tomasz Żornaczuk
- Publication Date:
- 08-2019
- Content Type:
- Special Report
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- This year, Germany participated for the second time in a Three Seas Initiative (TSI) summit as an observer. Its participation is motivated by the desire to strengthen cooperation with Central European countries and reduce divisions in the EU. It also aims to limit U.S. economic ambitions in the region, with TSI a potential key vehicle for them. Germany’s efforts to gain membership should be seen as a foreign policy goal. Its success could contribute to influencing infrastructure priorities in Central Europe, if implemented under the TSI.
- Topic:
- Foreign Policy, Diplomacy, International Cooperation, and Regional Cooperation
- Political Geography:
- Europe, Germany, North America, Central Europe, and United States of America
80. Prospects for a closer relationship with Indonesia after Brexit
- Author:
- Jacqueline Hicks
- Publication Date:
- 06-2019
- Content Type:
- Policy Brief
- Institution:
- Asia Research Institute, University of Nottingham
- Abstract:
- As the United Kingdom considers post-Brexit trade opportunities outside the European Union, this briefing looks at the potential for greater cooperation with Indonesia. It finds that there are some sectoral and trade and investment opportunities between the two countries. Developing a long-term strategy that signals commitment is key to participation in Indonesia’s promising growth trajectory. The UK can mitigate its reduced bargaining power outside the EU by providing targeted, practical trade facilitation measures in exchange for increased investment opportunities. Becoming an agile and dynamic economic partner in comparison with the EU’s bureaucratic approach chimes well with the small business background of Indonesia’s President Widodo.
- Topic:
- International Cooperation, European Union, Economic growth, Trade, and Trade Policy
- Political Geography:
- Britain, United Kingdom, Indonesia, and Asia