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[IWS] ADB: From Spaghetti Bowl to Jigsaw Puzzle? Addressing the Disarray in the World Trade System [5 November 2014]
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Asian Development Bank (ADB)
ADB Working Paper Series on Regional Economic Integration No. 140
From Spaghetti Bowl to Jigsaw Puzzle? Addressing the Disarray in the World Trade System [5 November 2014]
by Jayant Menon
[full-text, 36 pages]
The rise of mega-regionals suggests that the world trade system is fragmenting. Returning to unilateral actions but involving the multilateralization of preferences is proposed.
The rise of mega-regionals suggests that the world trade system is fragmenting to the point it appears more like a jigsaw puzzle than a spaghetti bowl. There are both regional and global jigsaw puzzles to be solved—in that order—to rectify the situation but this appears impractical.
Therefore, a way forward is to return to the most widely used modality of trade liberalization—unilateral actions—but this time involving the multilateralization of preferences.
The Regional Jigsaw Puzzle
The Global Jigsaw Puzzle
The Way Forward
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