The new trade agenda: universal rules amid cultural diversity

Abstract

In reviewing the new agenda for trade policy to take the world trading system into the twenty-first century, the author identfies both a general trend towards consensus on the benefits of an open, liberal market system and particular areas where conflicts exist and will require to be addressed. He discusses in turn the issues of inclusiveness and discrimination; the growing salience of trade in 'cultural' products within the trading system and of maintaining universal rules in a culturally diverse world. The issue of cultural diversity arises in several contexts: the coexistence of different business cultures within a global 'capitalist' model; the problems surrounding harmonization or mutual toleration of standards, and the cultural implications of action in this area; and the problematic appliciation of ethical preferences in trade policy. He concludes by addressing the element of increasing hostility to international economic integration that is rooted in fearsfor social cohesion and economic well-being among Western publics, and argues that while managing globalization will not be easy, the available evidence suggests that many of these anxieties are unfounded and that to attempt to act on them in the realm of trade policy would cause more harm than good.