What do the enforcement provisions of international trade agreements deliver?
What do the enforcement provisions of international trade agreements deliver? Disputesettlement under agreements like the WTO is most frequently triggered when one party tothe agreement is alleged to provide import protection above the limit to which it had agreedin prior negotiations. However, the emergence of evidence that the terms-of-trade theoryhelps to explain policy changes that take place as the outcome of original trade agreementnegotiations - whether through accessions or negotiating rounds - raises the question of what,if anything, shapes the negotiated outcome arising under subsequent use of the agreementsenforcement provisions. Put di¤erently, after a government policy deviation disturbs theoriginally negotiated trade agreement outcome by moving trade volumes away from globallye¢ cient levels and triggering a dispute, does the terms-of-trade theory also help explain thenegotiated dispute settlement outcome that arises?
What was Bagwell and Staiger's contribution to the trade agreement literature?
One of Bagwell and Staigers (1999) critical theoretical contributions to the trade agree-ments literature was to establish the terms-of-trade externality as a central problem thatsuch agreements are seen to solve. In order to establish this result, they provide a formaltheoretical interpretation of the GATT/WTO principle of reciprocity.
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