Multilateral and Bilateral Trade Agreements at the Service of ‘Common Interest’

The chapter 'Multilateral and Bilateral Trade Agreements at the Service of ‘Common Interest’' delves into the intricate dynamics of international trade agreements, particularly focusing on how they serve the collective interests of both developed and developing countries. It begins by defining the elusive term 'common interest' and its various interpretations, drawing on the insights of scholars like Bruno Simma and Peter-Tobias Stoll. The chapter then examines the role of the World Trade Organization (WTO) in promoting trade liberalization and cooperation, highlighting the tension between reciprocity and the pursuit of broader common interests. Special and differential treatment (SDT) is a key focus, with the author arguing that it represents a form of common interest, albeit one that needs strengthening to effectively benefit developing countries. The chapter also provides practical illustrations from agreements like the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme and the Africa Growth and Opportunity Act (AGOA) to demonstrate the application of these principles. Throughout, the text emphasizes the need for a more equitable global trading system that genuinely addresses the development needs of less developed countries. By exploring the complexities and potential of trade agreements to serve common interests, this chapter offers valuable insights for policymakers, economists, and international relations specialists.