Schott: US, EU Must Lead Global Trade Talks

    The United States and the European Union may remain leaders of the world trading system, but they will need to work closely with the emerging economies of Brazil, Russia, India, China and South Korea if they want to produce significant results during the upcoming World Trade Organization round in Doha, a report by Jeffrey Schott of the Peterson Institute for International Economics states.

    The five emerging countries would want to be more substantial players in the WTO, according to the report, but they would not want to take the responsibility of leadership. The U.S. and European Union must lead the trade talks and global trade relations in general to take into consideration the key problems of international commerce as well as the domestic economic concerns of these five countries. The U.S. and EU, Schott suggests, can use as a bridges issues such as climate change adaptation, food security and food safety.

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      Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.