Given different legal regimes which govern the global and regional trading systems, the WTO as such cannot stop the proliferation of RTAs. Nevertheless, the WTO can oversee them through its political and judicial review procedures. Notably, Article XXIV of the GATT, Article V of the GATS and the...

The nature of international trade has changed dramatically. Today, intermediate goods account for nearly 60% of the world merchandise trade, with the import content of the average export amounting to 40%. Global value chains increase the importance of duty drawback — a common practice of...