Chapter 8: Conclusion
In September 2012 the World Trade Organization (WTO) held their annual public forum. It raised the topic of multilateralism. It was suggested that the current arrangements for addressing global issues were in a state of crisis, due in part to a failure of global organisations to respond to current large-scale challenges. Those attending the forum were asked to respond to the following statement: The political, economic, and social aspects of the world we live in today are very different to those that existed a decade ago. While the nature of trade has changed radically over the past two decades, economists’ and governments’ thinking about trade governance has not. As a result, there is a widening gap between existing trade rules and the current realities of the new century. The topic of this book was conceived well before the 2012 WTO Public Forum. However, the objective of this book represents one essential step required to respond to the above statement. That is, to consider how the law of the WTO applies to a new legal framework designed to address a contemporary environmental issue. This is a vital process to understand how WTO law must adapt to the new global challenges, such as climate change. Indeed, how the WTO law impacts on these new legal frameworks must be understood before recommendations can be made for change. The objective of this book has been to identify the global trade issues that arise when emissions trading schemes are introduced.
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