The New Liberalism - Trade Policy Developments in Emerging Markets

The policy changes that have been taking place in the emerging economies since the late 1980s are identified. These changes are called the new liberalism. The relationship between the emerging countries and the World Trade Organization is discussed. The implications of the Uruguay Round for the emerging markets are examined, and the issues discussed by trade ministers at their first Ministerial Meeting in Singapore in December 1996 are reviewed. The impact of trade liberalization on trade of emerging economies is analyzed. Challenges arising from the applications of many emerging economies for accession to the WTO are discussed.