CIBEL Co-Director, Associate Professor Weihuan Zhou, delivered a keynote address at an event organised by the Australian Institute of International Affairs (NSW Division) on Tuesday 1 August 2023 at Glover Cottages in Millers Point, Sydney, titled ‘A Global Trading System Fit for Purpose: Can Law and Diplomacy Work Together?’
Associate Professor Zhou emphasised the importance of the original purpose and function of the global trading system, what it has achieved so far, and how it may look in future. At a fundamental level, at least three questions are critical for rethinking and reconstructing the world trading system to ensure it is equipped to address new policy priorities in the post-pandemic era and adapt to the evolving challenges. According to Associate Professor Zhou, these are:
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Do we want a mechanism to strictly enforce the rules?
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What policy space do governments need?
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Where are the boundaries of the global trading system?
He concluded that the process of reconstructing the global trading system must be driven by governments collectively, with a genuine and sustained political will for cooperation. The continued effectiveness and legitimacy of the system will require a delicate balance between law and diplomacy working together in response to changing circumstances and new challenges.
Read AIIA's (NSW Division) recap of the event here.
Associate Professor Weihuan Zhou’s research may be found at SSRN, LinkedIn and Twitter.
Credit: Australian Institute of International Affairs (NSW Division). (2023, August 11). A global trading system fit for purpose: can law and diplomacy work together? [Video]. YouTube. https://www.youtube.com/watch?v=xpo_pp6CoY0