Stewart M. Patrick

The Internationalist

Patrick assesses the future of world order, state sovereignty, and multilateral cooperation.

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Showing posts for "World Trade Organization"

A New Year’s Agenda for Russia’s G20 Chairmanship

by Stewart M. Patrick
St Petersburg, Russia will be the site of the next G20 meeting Fireworks light up the sky over the Neva River and Peter and Pawel Fortress in St. Petersburg, the site of the next G20 meeting. (Alexander Demianchuk/ Courtesy Reuters)

The new year is a time of hope. As 2013 dawns, optimists yearn for a period of sustained global economic growth after five years of recession, turbulence, and sluggish recovery. Achieving this scenario will require close policy coordination among governments of the world’s major economies. This places a heavy burden on the Russian Federation, which on December 1 assumed the rotating chairmanship of the Group of Twenty (G20). Read more »

A Contrarian’s Take on the Global Financial Crisis: The System Worked

by Stewart M. Patrick
U.S. President Barack Obama (top, R) speaks as (L-R, from bottom L) Japan's Prime Minister Yoshihiko Noda, European Commission President Jose Manuel Barroso, Italy's Prime Minister Mario Monti, Canada's Prime Minister Stephen Harper, French President Francois Hollande, Britain's Prime Minister David Cameron, Russia's Prime Minister Dmitri Medvedev as well as European Council President Herman Van Rompuy (L, Foreground) and Germany's Chancellor Angela Merkel (R, foreground) listen at the start of the first working session of the G8 Summit at Camp David, Maryland, May 19, 2012 (Courtesy Reuters/ Andrew Winning). U.S. President Barack Obama (top, R) speaks as (L-R, from bottom L) Japan's Prime Minister Yoshihiko Noda, European Commission President Jose Manuel Barroso, Italy's Prime Minister Mario Monti, Canada's Prime Minister Stephen Harper, French President Francois Hollande, Britain's Prime Minister David Cameron, Russia's Prime Minister Dmitri Medvedev as well as European Council President Herman Van Rompuy (L, Foreground) and Germany's Chancellor Angela Merkel (R, foreground) listen at the start of the first working session of the G8 Summit at Camp David, Maryland, May 19, 2012 (Courtesy Reuters/ Andrew Winning).

If there’s one lesson observers have drawn from the “greatest economic crisis since the Great Depression,” it’s that our outdated system of global economic governance failed to respond and needs a major overhaul. A closer look at the performance of international institutions since 2008, however, paints a rosier picture. Contrary to conventional wisdom, Tufts professor Dan Drezner argues in a provocative new CFR working paper that “the system worked.” Despite dire predictions, major economic powers cooperated within multilateral institutions, both old and new, to prevent a global financial collapse, forestall a descent into tit-for-tat protectionism, adopt new rules of financial regulation, and adjust the governance structures of global bodies to reflect power shifts. Read more »

A Rocky Start to Russian WTO Membership

by Stewart M. Patrick
Russia's (then) Prime Minister and (now president) Vladimir Putin (L) chairs a meeting on automobile assembly agreements, regarding the country's entry to the WTO, in Moscow June 9, 2011 (Alexsey Druginyn/RIA Novosti/Pool/Courtesy Reuters). Russia's (then) Prime Minister and (now president) Vladimir Putin (L) chairs a meeting on automobile assembly agreements, regarding the country's entry to the WTO, in Moscow June 9, 2011 (Alexsey Druginyn/RIA Novosti/Pool/Courtesy Reuters).

After the longest accession negotiations in the history of the WTO, Russia today has finally joined the World Trade Organization. This is an important milestone for the WTO—and for Russia, which according to the CIA possesses the world’s seventh largest economy, with a GDP of $1.9 trillion. For Moscow, it’s certainly been a long road. The Russians first submitted an application for WTO membership back in June 1993, under the newly democratic government of Boris Yeltsin. Read more »

Trade Policy in the ICU

by Stewart M. Patrick

A container ship operated by the China Ocean Shipping Company docked in the Port of Oakland in California. (Beck Diefenbach/ Courtesy Reuters)

After World War II, the United States spearheaded a historic era of global trade liberalization. Successive U.S. administrations, Republican and Democratic alike, rejected protectionism to forge multilateral agreement to improve market access for trade and investment. The results were impressive. By the end of the twentieth century, the world enjoyed unprecedented prosperity, poverty had declined dramatically, and international trade had dampened political tensions across the globe. Thanks to rising living standards, the U.S. public and Congress strongly supported globalization.

Those days, alas, are over. Read more »