The US-China economic interactions will have profound ramifications for the world. The article explores the following questions: what is the path forward for US-China economic interactions? What are its implications? It argues that selective engagement is the possible future path for US-China economic interactions. Selective engagement involves selective focuses, which currently are an unprecedented emphasis on market access, and delegalized implementation. Selective engagement contrasts sharply with deep free trade agreements that focus on regulatory disciplines and legalized dispute settlement. Selective engagement carries profound implications, ranging from rule vacuum and inconsistency, increased protection and economic disintegration, to the marginalization of multilateralism. Essentially, selective engagement is a “different animal” from previous trade practices, and could be a game changer in international economic order. The US-China interaction is highly mutable, and selective engagement may change over time.
Friday, June 12, 2020
Wang: Selective Engagement? Future Path for US-China Economic Relations and Its Implications
Heng Wang (Univ. of New South Wales - Law) has posted Selective Engagement? Future Path for US-China Economic Relations and Its Implications (Journal of World Trade, forthcoming). Here's the abstract: