Abstract
This chapter overviews the relationship between international trade and the WTO law, international trade strategy, as well as labour standards, human rights, and the public health in the context of the COVID-19 pandemic crisis. It is stated that the most effective way to overcome the crisis is timely and effective information-sharing since informed community can make better decisions on trade issues. The urgency of effective measures and implementation of new WTO regulations are believed to be vital for providing fair trade in the present circumstances. The right trade policies would not only revive the trade and recover the time lost to the crisis but would also shift toward a more sustainable and inclusive future. The author claims that, in view of the pandemic, the efforts of policymakers and business leaders to find ways to achieve trade balance should imply greater coherency between trade, labour standards, public health, and human rights objectives.
TopInternational Rules For International Trade
Globalization and international trade need to be properly managed if they are to be of benefit to all humankind. Former GATT and WTO director-general, Peter Sutherland, wrote in 1997: ‘The greatest challenge facing the world is the need to create an international system that not only maximizes global growth but also achieves a greater measure of equity, a system that both integrates emerging powers and assists currently marginalized countries in their efforts to participate in worldwide economic expansion. The most important means available to secure peace and prosperity into the futures is to develop effective multilateral approaches and institutions’ (Sutherland, 1997). One of the most effective means of addressing this crisis is through timely, accurate information as the informed public is better positioned to make sound decisions including on questions related to trade.
Key Terms in this Chapter
World Health Organization: The directing and coordinating authority for health within the United Nations system, responsible for providing leadership on global health matters.
European Union: An international organization comprising 27 European countries and governing common economic, social, and security policies. Originally confined to western Europe, the EU undertook a robust expansion into central and eastern Europe in the early 21st century.
General Agreement on Tariffs and Trade: The first multilateral free trade agreement that first took effect in 1948 as an agreement between 23 countries, and it remained in effect until 1995. It was replaced by the World Trade Organization.
International Labor Organization: The U.N. agency that brings together governments, employers and workers of 187 member States to set labour standards, develop policies and devise programmes promoting decent work for all women and men.
Doha Development Agenda: Multilateral trade negotiations round among the WTO members. Its aim was to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules.
United Nations: An international organization founded in 1945 after the Second World War by 51 countries committed to maintaining international peace and security, developing friendly relations among nations and promoting social progress, better living standards and human rights.
Core Labour Standards: Framework of internationally agreed conventions which determine minimum expectations of rights at work. Although core labour standards represent fundamental human rights they are not applied in many circumstances and for many reasons. Successful implementation of core labour standards can directly contribute to poverty elimination.
G20: An international forum, made up of 19 countries and the European Union, representing the world's major developed economies. Together, the G20 members represent 85% of global GDP, 75% of international trade and two-thirds of the world's population.