Beijing has claimed that the OBOR would provide stimulus for trade with lower trade barriers and regulatory harmonization. It is an open secret that issues of interest to the global trade hegemons are quietly rammed through at the WTO even if a majority of countries remain opposed. That the TPP-11 “are committed to finding a way forward to deliver” could prove to be a game changer in the global trade. Out of the four developments, the last one—i.e., a desperate attempt to salvage the TPP—could create a new trade dynamic in the Pacific region, says a former western trade envoy and an international authority on global trade issues. Therefore, a prolonged phase of uncertainty is here to stay, particularly in the multilateral trade relations, despite China’s grand pronouncements.

Source: Mint May 23, 2017 18:45 UTC