Playing the game without a say in the rules: how Britain would trade outside the EU

Pro-Brexit campaigners are keen to cut tariffs. But tariffs only play a small role in international trade, says Steve Woolcock. Much more costly are the non-tariff barriers, such as border controls, customs and food standards and regulations, and these are shaped by preferential agreements such as the EU’s single market or TTIP. Were Britain to leave the EU, it would still have to obey the regulations of its trading partners – which are very unlikely to abandon them as a result of Brexit – and would no longer have a say in drawing them up

The newly industrializing countries, trade, and adjustment in the OECD economies

There has been much discussion of the Newly Industrializing Countries (NICs) in recent years and various studies of their impact have been made. Much of the concern about NICs in the industrialized countries is however based on what they portend for the future rather than their present impact. This article, which draws on the work of a group of researchers coordinated from the Royal Institute of International Affairs, London, discusses the implications of the NICs for trade and adjustment in the 1980s

What a CETA (or CETA+) free trade agreement would mean

The UK seems to be aiming for a CETA or CETA+-type free trade agreement with the EU. Steve Woolcock (LSE) takes a detailed look at the European Commission's negotiating position and explains some of its implications for trade. Significantly, the inclusion of 'most favoured nation' clauses effectively limits the UK's scope to negotiate deals with other countries, and means the EU is unlikely to give the UK better access to the Single Market in future

What Trump’s American First policy means for the international trading system

In recent months, President Trump has imposed tariffs on Chinese imports – a move which has caused concern in many other countries and among international organizations. Stephen Woolcock writes that Trump’s tactics can be interpreted in four different ways; getting a better deal for US exports; revising the rules on trade; precipitating a crisis to push new agreements; and countering China as a growing economic power. Whatever the reasons behind’s Trump’s new approach, we may be entering a period where US leadership on trade policy is a thing of the past

Reforming the WTO, part 1: why world trade rules are looking shaky

'Going WTO' in a no-deal Brexit means that Britain would rely on the rules-based World Trade Organisation system. But the WTO is in poor shape, partly due to tensions between the US and China. In the first of a series of posts, Steve Woolcock (LSE) looks at why the organisation has become weakened.Even before the coronavirus pandemic, the world trading system was not in great shape. Trade protection was averted in the aftermath of the 2008 financial crisis thanks to a shared commitment to resist protectionist responses on the part of the major trading powers. But over time, protectionist measures have grown. After years of trying, the Doha Development Agenda (DDA) in the World Trade Organisation (WTO) negotiations effectively came to an end in around 2014 with no real progress. Then the incoming Trump administration initiated an aggressive, unilateral trade policy in an attempt to force its trading partners to make concessions

A big challenge for ‘Global Britain’ is digital trade

Britain has entered the World Trade Organisation system as an independent player. One of the next big things on the WTO’s agenda is to decide on the rules that will govern digital trade. In the first of a series of posts, Steve Woolcock (LSE) discusses the state of the plurilateral negotiations taking place between 86 WTO Members including the US, the EU, and China on the future of the international trading system