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Partial Free Trade Agreements and Economic Welfare: Reconsidering GATT Article 24

In: Macroeconomics, Trade, and Social Welfare

Author

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  • Michihiro Ohyama

    (Keio University)

Abstract

Free trade agreements (FTA) have surged after the advent of the EU and the NAFTA in the 1990s. On the other hand, the World Trade Organization (WTO) was started in the mid-1990s to succeed and strengthen the General Agreement on Tariffs and Trade (GATT) as the organization to promote global free trade. For the time being, the FTA and the WTO, the seemingly inconsistent organizations, are serving as the twin engines of international trade. The important question is how they can be made compatible to each other and under what conditions. Bagwell and Staiger (2002) argued convincingly that the view of the WTO as a forum for expanding and securing market property rights serves to deal with global labor and environmental issues it faces. In this chapter, we shall also argue that the FTAs conformable with the same view of WTO are potentially beneficial to the welfare of the world.

Suggested Citation

  • Michihiro Ohyama, 2016. "Partial Free Trade Agreements and Economic Welfare: Reconsidering GATT Article 24," Advances in Japanese Business and Economics, in: Macroeconomics, Trade, and Social Welfare, chapter 0, pages 159-167, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55807-1_9
    DOI: 10.1007/978-4-431-55807-1_9
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