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May 23rd, 2007

Commentary: Changing the Global Architecture

The EU and the U.S. should also rally like-minded countries to eliminate barriers to trade in products and services over the next 10 years. As reductions are agreed, the benefits would be extended to all WTO members using the existing "most favored nation" principle. If countries stay on the sidelines as free riders, products crucial to their economies should be excluded from the benefits of liberalization. Moreover, the EU and the U.S. should recruit other WTO members to liberalize market access in specific sectors, especially those dominated by new technologies such as nanotechnology. These sectoral accords should be premised on strict adherence to WTO rules.


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