The Marrakesh Agreement establishing the WTO recognizes the need for positive efforts designed to ensure that developing countries and especially the least developed among them secure a share in the growth in international trade commensurate with the needs of their economic development.This...

The EU is considering offering Pakistan a Generalised Scheme of Preferences (GSP ) in trade which could have huge implications for the economic well-being of Pakistan. However this deal is tied to a package of human rights, labour rights, good governance and environment commitments. In the past...

In 2010, Russia, Belarus and Kazakhstan formed the Eurasian Customs Union and imposed the Russian tariff as the common external tariff of the Customs Union. In 2015 they formed the Eurasian Economic Union (EAEU) designed to promote the free flow of goods, services, labor and capital, as Armenia...

The digital transformation occurring worldwide poses significant challenges for a governance framework that evolved gradually and incrementally over centuries, shaped by lessons learned during the long era of industrialization and globalization in which much of today’s technology was still...

The digital transformation has deep implications for trade policy. The shift of economic, social and political interaction into online modes has meant a steep increase in the share of international trade conducted through e-commerce or facilitated by digital technologies, made the associated...

Special and Differential Treatment for Developing Countries (SDT) constitutes a central feature of the GATT/WTO system. Its formal goal is to foster export-led growth in developing countries. Its theoretical foundations and empirical support are, however, weak at best. In particular, SDT...

Trade regulation may never have been in more flux than it is nowadays. Apart from the emergence of ‘megaregionals’ (more recently, the Regional Comprehensive Economic Partnership – RCEP, or the Comprehensive and Progressive Trans-pacific Partnership–CPTPP) and the difficulties in...

An economic interpretation of history suggests that war is a continuation of economic rivalry in pursuit of the object of desire in economics – economic rent. For the Middle East, competition for control of its vast oil reserves subjected it to the “natural resource curse” of...

According to the theory of comparative advantage, each country would recognize these facts and stop attempting to make more luxurious locally for engaging in trade. David Ricardo developed the classical theory of comparative advantage in 1817 to clarify why countries engage in international...

The main economic governance and day-to-day Economic Diplomacy (ED) are important to any country's international policy. In today's globalized world, ED is an important tool for countries to develop, stay engaged, and even survive economically. This paper has pointed out the study of ED as a...