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[Foreign Affairs · Politics] [윤영관 회원/Yoon Young-kwan] Diplomacy is going to have to use trade (Korea Joongang Daily 2022.03.20)

Date: 2022-03-20

Korea Joongang Daily | Yoon Young-kwan   Professor Emeritus, Seoul National University; former Minister of Foreign Affairs and Trade

 

The world could be heading into chaos with Russia’s invasion of Ukraine. If the West fails to stop it, it will signal that it’s okay for big countries to trample on small countries’ sovereignty. In ideological terms, an international order based on democracy, liberalism and universal values will be seriously undermined by authoritarian states like China and Russia.

Such destructive features of the existing order manifest themselves on economic and trade fronts as well. Gone are the days of a multilateral economic order based on free trade, as clearly seen in the lethargic state of the Doha Round of multipartite trade negotiations in the World Trade Organization (WTO) since 2001. More evidence is provided by the dysfunction of the WTO’s top court, the Appellate Body. In the meantime, managed trade — another word for protectionism — is prevailing. Such dramatic shifts have started accelerating since the early period of the Trump administration, as America’s control of the global order weakened considerably.

 

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Source: https://koreajoongangdaily.joins.com/2022/03/20/opinion/columns/use-trade/20220320195811232.html

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