Development Of International Trade

Following the Second World War the economic policies and objectives adopted by many countries centred heavily on the promotion of economic development via a reduction in trade restrictions and the maximisation of international trade.1 This was initially facilitated by the General Agreement on Trade and Tariffs (GATT)2 (signed by 23 countries and established in 1947) in the hope of reducing barriers to trade, raising standards of living, and fostering non-discrimination and, in so doing, preventing competitive trade policies from negatively affecting the world economy. In 1995, at the conclusion of the Uruguay Round of Trade Talks, The World Trade Organization was established to administer this mantle of trade agreements, to act as a forum for trade negotiations, and to settle trade disputes.

Concomitant with this regime of free trade, infrastructural development in developing countries was and has been supported by the Bretton Woods institutions, namely the IMF and the World Bank established in 1945. These institutions, together with guidance from the United Nations have sought to foster and develop a deeper cohesion of the world economy by trade, direct investment, technology and finance thereby creating a culture of international economic interdependence.

With over 90% of world trade accounted for by the WTO (which now has 146 member nations)3 the incorporation and development of the GATT system of 'multilateral trading' around the world has become so extensive that it would be fair to say that the GATT forms the backbone of international trade at present. Thus a system of international trade has arisen whereby international commerce would seem to be dictated by common consensus. It is within this context of international trade that the effects of the current consensus that economic growth must be environmentally sustainable and the extent to which this principle is reflected within the WTO/GATT system must be evaluated. In addition we must also assess what potential developments and advances in respect of sustainable development could be achieved within this ideal trade framework medium.

  1. This was founded on the dominant view that the protectionist policies ("tariff wars") put in effect by nations following the Wall Street Crash of 1929 had the cumulative effect of dramatically reducing world trade.[^ Return]
  2. First adopted in 1947 and now known as 'GATT 1994'.[^ Return]
  3. As of 4th April, 2003, with over 30 other countries negotiating for membership. (See http://www.wto.org).[^ Return]

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