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[Abstract]
The crisis of the multilateral system has been raised for a long time. In particular, uncertaintiessurrounding the global trade environment are increasing such as the US-China dispute andreorganization of supply chains.
Unfortunately, the restoration of the 1995 WTO system based on multilateralism is not likely tohappen in a foreseeable future. Economic powerhouses such as the U.S. and China are not hesitantto use trade policies as a tool to maximize their national interests. Against the backdrop of increasinguncertainty, non-market values such as climate change and human rights have begun to be mergedwith international trade. A new type of trade regime centered on countries or regions is being formed.
Two concrete measures embodied with the value-oriented trade policies are the EU's Carbon BorderAdjustment System(CBAM) and the U.S. Inflation Reduction Act(IRA). Although it is a bit far-fetchedto compare both on the equal footing due to their structural difference, both ultimately have a commonpoint in establishing the foundation of value-oriented trade regime. The advocates of both CBAM andIRA put forth the protection of universal values such as the environment, human rights, and democracyas a means to justify their deviation from multilateral protocols. Nevertheless, both run the risk of beingexploited as a tool for their national interest. Since both can be abused as a disguised restriction oninternational trade prohibited under the multilateralism, it is very important to accurately diagnose theirpotential ramifications.
This paper will review the policy and legal issues of both measures and examine their compatibilitywith the WTO rules from a multilateral perspective. Based on the analysis, policy proposal for bothgovernment and private sector will also be reviewed.
Keywords : Value-oriented trade regime, Multilateralism, GATT/WTO, CBAM, IRA, Protectionism,Distortion of competiton
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