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10.5593/sgemsocial2018H/11/S12.087

GLOBAL TRADE FLOWS AND TRADE POLICY SINCE 2012

M. Wojtas
Tuesday 10 April 2018 by lib_admin

References: 5th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2018, www.sgemvienna.org, SGEM2018 Vienna ART Conference Proceedings, ISBN 978-619-7408-30-0 / ISSN 2367-5659, 19 - 21 March, 2018, Vol. 5, Issue 1.1; 687-694 pp, DOI: 10.5593/sgemsocial2018H/11/S12.087

ABSTRACT

The breakdown of world trade flows that occurred in 2008-2009 due to the financial and economic crisis was followed by a swift recovery. However, since 2012 global trade growth has been sluggish and the growth rates lower than average growth of global GDP. Various reasons have been named to explain that phenomenon. One of which is the supposed protectionist policies spreading all over the world. The main goal of the paper is to analyze global trade flows since 2012 and pinpoint the main tendencies and factors affecting trade with a particular focus on trade policy. The empirical analysis reveals that trade growth rates have been low, there has even been a decline in trade flows in value terms. Volume terms data seem to be positive, but growth rates have been unimpressive. The main source of the slowdown seems to lie within the cyclical factors - decreasing demand, but there are other reasons as well. There is some evidence of an increased use of protectionist instruments and the progress of worldwide negotiations on trade liberalization, in particular within the World Trade Organization seems to have been stalled. Doha Round talks have not brought about the desired agreement. Various regional trade agreements under negotiation have not been finalized.

Keywords: world exports, trade policy, protectionism


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