Under US President Joe Biden America continues to threaten the rules-based world economic order and is pushing the trend towards de-globalization. Although the new Biden administration rhetorically seeks more „values“ and the „community of democracies,“ the United States is still at its core seeking to protect its national interests with all its economic and military power.
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The world is grappling with a deadly pandemic unleashed on the planet by the Corona Virus (SARS-CoV-2/ HCoV-19). In its wake, the votaries of globalisation who have been espousing the cause of a borderless world of business with seamless flow of international trade, capital and even human resources across the world seem to be stung by a creepy realization whether the paeans sung by them were all worth the effort. More than the social and cultural aspects of globalisation, its economic manifestation in the form of product market integration with concomitant cross-border value chains has been credited with having contributed richly to the growth of the global and national economies. Today, more than half the world has locked down their economic, social, political and cultural activities to arrest the spread of the corona virus that has already infected nearly eight million patients world-wide and claimed over four hundred thousand lives as on the 15 June, 2020.…
Emerging countries such as Brazil, Mexico, India, China, Korea, Thailand, Indonesia and to a lesser degree, Vietnam and Turkey have actively and successfully invoked the World Trade Organization (WTO) dispute settlement system (DSS) to defend their commercial interests. With increased participation in world trade, their stake in an effective compulsory and binding mechanism for resolving…
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Currently, the US and China are fiercely discussing about the role of developing countries in the World Trade Organization (WTO). At the heart of the discussion is the question whether rising powers like China should benefit from special rights in the WTO. …
The leaders of the G20 will meet on 30 November and 1 December in Buenos Aires for their annual summit. They need to acknowledge that the last two years have been characterized by strong headwinds for the world economy. This time, however, it is not a mixture of poor macroeconomic policies and bad business decisions – as in 2008 when they met in Washington for their first summit – that endangers the well-being of billions of citizens around the globe. This time the threat stems from deliberate political decisions, in particular on trade.
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