International Trade

This book offers an assessment of the benefits and contemporary relevance of free trade. With contributions from senior policy-makers--ranging from former prime ministers of Australia and the United Kingdom to ambassadors and political figures who have worked on trade negotiations--as well as some of the most prestigious academics in the field of trade, from a Nobel Prize winner to esteemed economic historians, it teaches how important free trade is to prosperity in this day and age. This book brings together the key approaches to free trade in the modern world, including the practical realities of negotiating trade agreements, how we can move towards a system of genuine free trade and the moral case for free trade.  Each chapter in Free Trade in the Twenty-First Century has an eminent expert in the field addressing a specific aspect of modern trade. With a single book, one can gain an understanding of the most important themes, from the impact monetary economics has on trade to the intricacies of free trade agreements. By having chapters written by political figures, trade negotiators and think tank analysts, this book takes trade beyond abstruse economic theory and brings it into political reality so that the reader can understand how we can use trade to create global peace and prosperity.

The global economic edifice built after World War II is a source of unprecedented prosperity. It cannot function without open and predictable international trade, and the peaceful international relations that are its foundation. The rules that enable trade are under attack. Social divisions and great power rivalry have eroded the political support for open trade. The consequence is fragmentation of world trade, its separation into blocks that advance domestic producers or favored nations nearby. These blocs are themselves often pulled apart by competing agendas. The prospects are for vastly reduced economic efficiency and - most ominously - heightened geopolitical tensions. The questions about why this is happening, how economic fragmentation will evolve, and how to respond to it, are uppermost in the minds of policymakers and businesses across the world. These are the questions that Uri Dadush seeks to answer. Since the uncertainty cannot be dispelled, it must be better managed.

Principles of World Trade Law presents a comprehensive and balanced picture of the legal framework underpinning the modern world trading system - covering the law of the WTO but also drawing on bilateral and regional instruments. It acknowledges the shifting relevance of the WTO in world trade law in favour of regionalism, particularly in relation to new fields such as digital trade. While drawing heavily on the law of the WTO as a source of legal rules, this concise text also engages with elements found in preferential Free Trade Agreements (FTAs) (such as Rules of Origin) and mutual recognition agreements (such as recognition of professional qualifications in the case of services). Practical in nature, it blends straightforward descriptive explanation of the legal concepts with critical inquiry, directing readers to the key debates in the field as well as the source materials themselves. It also offers guidance with discussion questions for the reader to consider for each chapter. Principles of World Trade Law is an ideal introductory textbook for advanced undergraduate and postgraduate students taking courses in world trade law, international trade law and international economic law, as well as a valuable guide for scholars, legal practitioners and policymakers.

This open access book examines how international trade agreements apply to domestic regulations on cross-border data flows and then proposes a multilayered framework to align international trade law with evolving norms and practices in global data governance. Digital trade and global data governance are at a unique crossroads, raising significant policy challenges. The book focuses on five policy areas at the interface of digital trade and global data governance: privacy, cybersecurity, governmental access to data, data divide, and competition. In five separate chapters, the book analyses how different types of domestic laws in each of these policy areas interface with existing provisions in international trade law. Thereafter, each of these chapters explores the challenges and possibilities for aligning international trade law with evolving norms, standards and best practices in that specific area of data regulation, both at the domestic and transnational level. Drawing upon these findings, the final chapter proposes a multilayered framework for aligning international trade law with evolving norms and practices in global data governance. (...)

The New Economic Diplomacy, 5th edition, explores how states conduct their external economic relations, make domestic decisions, negotiate internationally, and how these processes interact. It provides the reader with an understanding of - and the means with which to analyse - the processes of decision making and negotiation in international economic relations and clarifies our understanding of 'economic diplomacy' and how it can be understood as consisting of 'commercial diplomacy,' 'negotiating international cooperation, 'economic statecraft' and 'economic sanctions.' To capture the emergence of new trends and the intensification of old ones, this new edition focuses on: Responses to geopolitics in economic diplomacy The intensification of domestic pressures on decision making in international economic relations The weakening of multilateralism and emergence of a multi-polar system The continued importance of policy processes in responding to these challenges and Case studies to illustrate how these econo

This book bridges the existing gap between the theory and practices related to international finance. It discusses banking theories and operational procedures relating to the methods of payment with special reference to Letters of credit (LCs), like revolving LCs, back-to-back LCs, transferable LCs, and standby LCs, with specific applications of documentary discrepancies. Moreover, this book discusses merchanting trade, buyers' credit and supplier's credit, and bank guarantees with many practical caselets, linked to the applications of the International Chamber of Commerce (ICC) and other regulatory rules. It also examines the various roles of banks in financing international trade which are extensively discussed through several cases. (...)

How can policies on trade and culture be coordinated in such a way that both are enabled to flourish? This book makes the argument for moving from viewing trade and culture as "in conflict" to assessing the two fields in coordination—at the domestic, regional and international levels. Juneyoung Lee makes the case for a preference for negotiations and monitoring, as opposed to legalized dispute settlement. Informal law-making processes and preferential trade agreements are also addressed.

Trade Protectionism in an Uncertain and Interconnected Global Economy presents the results of almost five years of research on the political economy of trade policy. It argues that in a global context dominated by economic uncertainty and interdependencies, the mechanisms that have fueled the diffusion of trade liberalization under the World Trade Organization (preferential trade agreements. (...)

The surprising story of how Cold War foes found common cause in transforming China's economy into a source of cheap labor, creating the economic interdependence that characterizes our world today. For centuries, the vastness of the Chinese market tempted foreign companies in search of customers. But in the 1970s, when the United States and China ended two decades of Cold War isolation, China's trade relations veered in a very different direction. Elizabeth Ingleson shows how the interests of US business and the Chinese state aligned to reframe the China market: the old dream of plentiful customers gave way to a new vision of low-cost workers by the hundreds of millions. In the process, the world's largest communist state became an indispensable component of global capitalism. Drawing on Chinese- and English-language sources, including previously unexplored corporate papers, Ingleson traces this transformation to the actions of Chinese policymakers, US diplomats, maverick entrepreneurs, Chinese American traders, and executives from major US corporations including Boeing, Westinghouse, J. C. Penney, and Chase Manhattan Bank. Long before Walmart and Apple came to China, businesspeople such as Veronica Yhap, Han Fanyu, Suzanne Reynolds, and David Rockefeller instigated a trade revolution with lasting consequences. And while China's economic reorganization was essential to these connections, Ingleson also highlights an underappreciated but crucial element of the convergence: the US corporate push for deindustrialization and its embrace by politicians. Reexamining two of the most significant transformations of the 1970s--US-China rapprochement and deindustrialization in the United States--Made in China takes bilateral trade back to its faltering, uncertain beginnings, identifying the tectonic shifts in diplomacy, labor, business, and politics in both countries that laid the foundations of today's globalized economy.

The Research Handbook on Trade Warspresents an informative and in-depth account of the origins, dynamics, and implications of trade wars, which are growing both in scale and scope in today's increasingly interdependent global economy. Timely and comprehensive, it provides a holistic understanding of trade wars, including not only the domestic and international factors that influence the pattern of trade war onset and escalation, but also the stakeholders and processes that shape the outcomes of such highly intense trade conflicts. Leading scholars in the field present original and thought-provoking research material, critically engage with academic and policy debates, and make theoretical contributions as well as valuable policy recommendations. In addition to its in-depth analysis of the global, domestic, political, and economic origins of trade wars, this Research Handbook also examines the variation in the scope of trade wars, the forum for dispute settlement, the factors that influence the pattern of dispute escalation, and the linkages between national security considerations and commercial conflicts. Providing the frameworks necessary for understanding the political and economic logics of trade wars, this Handbook will be a valuable source of reference for researchers, government officials, businesses, and post-graduate students interested in international political economy, international economics, economic statecraft, public policy, and international relations.

The European Union ('EU') is promoting a suite of innovations in international economic regulation--among them, reforms for secure and sustainable investment, a comprehensive approach to the mutual recognition of professional qualifications, a viable carbon border adjustment mechanism, heightened intellectual property rights protection, the arm's length principle in taxation, and an increased commitment to non-economic vales. Through a critical analysis of key regulations and policies, this volume explores the evolving architectures of international economic agreements in light of EU practice. A comprehensive analysis indicates that novelties are rooted in geoeconomic considerations, through which a fundamental shift is underway towards the adoption of comprehensive bilateral trade agreements. Whilst innovation has the potential to significantly harmonise cross-border regulatory frameworks, it can also trigger significant fractures, particularly when applied restrictively and asymmetrically. Arguably, the 'Brussels effect' will to a certain extent foster a progressive development of international economic regulation, while in some respects being constrained by the status quo of the international economic regime. This volume is part of the Jean Monnet project Third Country Engagement with EU Trade Policy led by the ANU Centre for European Studies at the Australian National University, and supported by the European Commission under the Erasmus+ actions. The project seeks to explore and improve understanding of the EU's evolving trade policy and its implications for third countries, including Australia and countries in the Asia-Pacific region.

From the pen of highly esteemed trade scholar Alan Sykes, this book presents a rigorous introduction to the law and economics of modern international trade agreements. With a bottom-up approach that requires neither a background in international trade law nor significant economics training, Sykes sets out to map and explain the complex dynamics of international trade agreements and institutions, synthesising legal analysis and cutting-edge economic research in order to present the reader with a sophisticated, holistic view of the field. Against the backdrop of the current impasse in both negotiation and dispute settlement at the World Trade Organisation, the book charts a clear path from the historical origins of trade law and the international system, to the current state of play, including unpacking the major areas of controversy. It exposits the economic theory of trade agreements, discusses the role of international trade law in domestic legal systems and analyzes the role of self-enforcement and formal dispute resolution mechanisms. It provides lucid and detailed analysis of the restrictions, exceptions, obligations and special measures that constitute the core building blocks of international trade rules, including the distinct features of international trade in services. With an international outlook, the book also addresses the role of China in the world trading system, looking at such issues as the credibility of market access commitments, China's industrial policies, "forced technology transfer" and currency manipulation. Providing an eloquent, thorough and technically astute overview of international trade agreements, this title will be invaluable to scholars and teachers of international trade across the disciplines of law, economics and political science.

This book examines the interplay between cooperation on technical barriers to trade (TBT) in free trade agreements and the multilateral framework of the World Trade Organization. In recent years, TBT, especially differences in standards, have attracted increased interest and have been addressed as part of the WTO+ negotiated agenda in trade agreements. Because of a number of political and legal constraints, the process of further cooperation at the WTO have been stalled, which made free trade agreements a central pillar in setting the agenda of international trade governance. This leads us to rethinking the interrelation between the WTO and free trade agreements and to questioning the role of both fora in the future of trade. The book examines some TBT provisions in free trade agreements and highlights their positive and problematic aspects when it comes to the WTO-consistency and the ideas of open and inclusive trade. It also suggests that a more optimal way forward would be toincrease parallel work on TBT cooperation at the WTO, a more inclusive forum that could address issues of global significance, such as environmental protection and regulation of digital goods. The book explores the potential for trade agreements to advance the WTO agenda, but notes that the organization would need to adapt its institutional structure and governance in order to do so. Drawing on the example of the EU and US so-called "new generation" trade agreements, the book provides a detailed analysis of the various methods used to navigate TBT cooperation, and offers insight into how these agreements can serve as inspiration for future multilateral disciplines. This book is a valuable resource for trade law academics, policymakers, and anyone interested in the intersection of technical barriers to trade, regional trade agreements, and the WTO.

Like many concepts in international law, the definition of "necessity" varies widely depending on context. The concepts of necessity in different fields of international law can maintain their unique definitions while learning from each other, and thereby achieve coherence. This book presents the evolution of the concept of necessity, and discusses its definitions in nine different fields of international law. Centering customary international law and the law of the World Trade Organization in his analysis, Dr. Senai W. Andemariam examines the potential for interactions and coherence between concepts of necessity in various fields of international law.

This book discusses the treatment of cultural products within international trade law, focusing on preferential trade agreements. Trade and culture intersect when cultural products are involved. These mainly encompass cinema, broadcasting, music, videos, and publishing, either in traditional or digital formats. As such products reflect the cultural identities of states, they have led to a debate as to whether, or the extent to which, they should be exempted from trade obligations. With multilateral negotiations in gridlock, states have increasingly turned to preferential trade agreements. Concurrently, digital technologies have revolutionized how cultural contents are created and distributed. The book analyzes the provisions relating to cultural products within trade agreements, as well as their relationship with the provisions and guidelines on cultural goods and services under the UNESCO Convention on Cultural Diversity. Drawing comparisons between states as to the treatment of cultural products in preferential trade agreements and considering the norms and provisions relating to cultural products under different regimes, the book offers a truly comprehensive overview of the evolution of the trade and culture debate. The book will be of interest to researchers in the fields of cultural products, trade agreements, digital technology, trade law, and cultural diversity.

This book explores engagement between the trade and investment law regimes and the extent to which this is being driven by Preferential Trade and Investment Agreements (PTIAs). It provides an empirical analysis of engagement between the two regimes using data from 60 PTIAs and 60 Bilateral Investment Treaties concluded between 2005-2019 to see whether PTIAs result in increased engagement and whether they are doing so over time. The book explores eight of the factors identified as evidencing inter-regime engagement. These chapters look at when engagement is appropriate and to what extent it is appropriate in relation to each of these areas. Based on the findings of this book's empirical and comparative law analysis of PTIAs, BITs, and the trade and investment law regimes, the book examines whether the conclusion of PTIAs compared to BITs has resulted in increased levels of engagement between the trade and investment law regimes. This book does not put forth the view that convergence between trade and investment is always appropriate, but provides recommendations as to how treaties may be formulated and interpreted in a manner that takes inter-regime engagement into account with a view to ensuring the harmonious simultaneous development of the two regimes. The question of the future direction for engagement between the trade regime and the investment regime is very topical in light of changes to the architecture of both regimes at present. 

The open access publication of this book has been published with the support of the Swiss National Science Foundation. As tariffs have fallen dramatically over the past decades, behind-the-border measures--such as technical barriers to trade (TBT) and sanitary and phytosanitary (SPS) measures--have become increasingly important for international trade policy. To facilitate trade, governments sign trade agreements in which they agree to base such measures on international standards. But who actually develops these standards? This book takes a close look at the International Organization for Standardization and the Codex Alimentarius - two prominent standard-setting organizations in the area of TBT and SPS - to investigate how international standardization influences the design of international trade agreements, and vice versa.

"This book explores the adaptation process of the General Agreement on Trade in Services (GATS) to a constantly changing trade and policy context. The adoption of the General Agreement on Trade in Services (GATS), a multilateral agreement with stand-alone rules and principles for the governance of trade and investment in services, represented a watershed in the history of global trade governance. Over three decades after the drafting of the Agreement, WTO Members struggle to deliver on the GATS mandate to achieve progressively higher levels of trade liberalisation in a radically different trade and policy landscape. Against this background, this book examines the contribution of the WTO negotiating, adjudicative and deliberative functions to adapting the GATS to changing circumstances. The book uncovers an extremely flexible and adaptable agreement whose full potential has yet to be realized due to a complex set of factors weighing more broadly on the WTOs negotiating, adjudicative and deliberative functions. The book distils the factors at play that constrain WTO Members capacity to adapt the Agreement to changing circumstances, and explores potential pathways to overcome them. The book will be of interest to scholars, policy makers and trade diplomats interested in understanding the factors and processes conditioning the adaptation of a multilateral trade agreement to changing trade and policy circumstances"--

This is an open access book. Sustainable development is so important that humanity must do its utmost to achieve these goals for the well-being of the present and future generations. WTO members have started to reform WTO rules since the WTO's Buenos Aires Ministerial Conference in 2017. The book describes a possible bright future for readers: WTO members can integrate the UN SDGs into WTO law (i.e., create sustainable trade rules) by establishing a sustainable development club and constitutionalising the WTO. 

Based on insiders' accounts, the book provides a comprehensive discussion of the strategies used by some developing countries in countering asymmetric power dynamics at the negotiating table and securing their objectives in a few exceptional episodes in World Trade Organiztion (WTO) negotiations, including food security and agriculture issues.

This book is a machine-generated literature overview that explores the impact of the World Trade Organization (WTO) on international trade and its development. It looks at international trade before and after 1995 when WTO was established. It highlights the journey of the reciprocity-based reforms under WTO that were expected to help the developing and less developed countries (LDCs) more vis-à-vis their developed counterparts, given the existence of systemic and structural bottlenecks in the latter territories. The enabling steps were further expected to promote exports from developing countries and LDCs in line with their comparative advantage patterns, enhance the wage level and in turn, facilitate development of local population. The book showcases how during the first decade after WTO inception, a considerable progress was made for facilitating exports from the lower and lower-middle income countries through crucial provisions like less than full reciprocity (LTFR), Generalized System of Preferences (GSP), support measures under Aid for Trade, zero duty preferences under Special and Differential Treatment (SDT) and so on. However, the pace of WTO reforms has slowed down in the aftermath of the sub-prime crisis in 2008-09 and subsequent focus on formation of regional trade agreements (RTAs). In particular, in the aftermath of Covid-19, a trend towards de-globalization has been noticed, with considerable ramifications for the development of lower-income countries. In this background, there is a need to analyze how the deepening of trade flows and the subsequent de-globalization waves in the global canvas have traversed different paths in different continents and draw the appropriate lessons for the understanding the trade-development interlinkage therein. With insightful observations from the human editors, this machine-generated overview would be of interest to academicians, policy research community, advisory research community, and students ofinternational trade globally. ^

This comprehensive Companion provides an extensive guide to understanding the World Trade Organization (WTO) and its impact on the global economy. Addressing the challenges facing the WTO amidst a rapidly evolving landscape, the book delves into the diverse trade policies of countries and regions, providing rare insights into their impact on the global trade governance frameworks. Featuring insightful contributions from interdisciplinary experts, this essential Companion will aid readers in comprehending the WTO's functions and its significance in international trade and broader economic policies. Chapters explore the influence of regional trade agreements on countries' trade agendas, the WTO's critical role in fostering free and fair trade, and the shifting dynamics of global economic governance. The book further highlights the importance of dispute resolution, regional integration, and coalitions for effective trade policy making. Highlighting the need for increased transparency, flexibility, and adaptability to ensure the WTO's continued relevance in global economic governance, this Companion will be indispensable for scholars and students of institutional economics, international relations, law and politics, and regulation and governance. It will also be beneficial for trade lawyers, experts, and professionals who work in international trade and commerce, as well as NGOs and civil society organizations.

In recent years, the world trading system has been confronted by a range of new and developing challenges: the risk of climate change, the instability of the digital economy, the ongoing impacts of COVID-19 and the threat of future pandemics, to name but a few. In this book, veteran trade negotiator, Ambassador Alan Wm. Wolff, draws from his years of experience at the World Trade Organization to consider the history of trade, the current trading system and how it should be reformed in the future. Offering a rare insight into the inner workings of the WTO, Wolff is uniquely placed to identify deficiencies in the current system and suggest actionable solutions. This essential guidebook to the WTO equips readers with the tools and knowledge required to tackle to emerging and emergent challenges of a global trading system.

This book discusses the most recent developments in the WTO regime. Issues such as E-commerce, security exception clause, China's compliance with the WTO obligations, sustainability development, IP protection in FTZs, trade controls and etc., are at the forefront of WTO studies. These issues strongly influence people's understanding of the current role of WTO and provides possible way to revitalize the function of WTO. Meanwhile,  as the world's second largest economy, the world's largest trading nation and the holder of the world's largest foreign exchange reserves, China is apparently a powerful figure in leading these issues. Therefore, this book explores extensively these issues from a Chinese perspective to see what China could do to reboost the world trade.

This incisive book provides a comprehensive overview of the WTO dispute settlement practice from 1995 up until the present day, illustrating the need for it to be resurrected from its current state of crisis. By inquiring into the current set-up of WTO adjudication system, the book explores to what extent its original intent has been followed in practice. Its empirical analysis of decades of data regarding the number, duration, and subject matter of dispute adjudications, as well as the frequency of implemented or non-implemented settlements, illuminates the effectiveness of the system and highlights the issues that have led to the WTO's present predicament. Petros C. Mavroidis employs these findings to build a case for the urgent reform of the WTO dispute settlement system by virtue of its accomplishments. He then concludes with a proposal for a reinvigorated "Dispute Settlement Understanding 2.0". The WTO Dispute Settlement Systemwill prove an essential read for students and scholars of WTO law, as well as lawyers, political scientists and policy-oriented economists interested in the WTO dispute settlement system. Its accessible evaluation of the rationale and practice of key provisions of the adjudication regime will also be of benefit to practicing attorneys.

Examining the relationship between trade and labour regulation in light of the pressing need to promote sustainable development, Tonia Novitz interrogates how international legal architecture could be reformed so that no one in the world of work gets left behind. She highlights the dangers of pursuing labour and environmental issues on parallel tracks without recognising how they interact, ultimately arguing for the crafting of the content and application of trade rules through participatory processes, which involve the inclusive representation of all sectors of the labour market and all parts of the world. This timely book explores the potential promise of economic, environmental and social dimensions of sustainability, alongside the concrete limitations evident at the International Labour Organization, the International Monetary Fund, the World Bank Group and the World Trade Organization. The author interrogates the capacity for regional trade arrangements to operate in innovative ways, considering the European Union (EU) as a case study. Novitz further considers how corporate governance could be regulated to promote sustainable development in trade supply chains. Expansive in scope, this book will be a vital read for scholars and students in the fields of labour, trade, company and EU law, as well as politics and international relations. It will also assist policy makers and officials connected to international organisations and regional trade institutions.

Is the current structure of international law still adequate to solve global problems such as child labour? This book argues for more coherence between human rights and trade law, analysing the world trade law compatibility of topical trade measures on (forced) child labour such as the US Tariff Act of 1930 or the proposal for an EU Forced Labour Regulation, mainly under the GATT non-discrimination principles and the policy exceptions clause. Discussing theories such as constitutionalism and pluralism, Franziska Humbert develops the idea of a New Legal Humanism as a cognitive frame for the global legal order.

This insightful Handbook provides a comprehensive overview of the most recent developments in the academic debate on the numerous and complex linkages between international trade and climate change.  Adopting a broad interdisciplinary approach, it brings together perspectives from scholars in economics, political science and legal studies to confront the critical environmental challenges posed by globalization. Initial chapters provide an overview of the key debates related to international trade and climate policy, engaging with empirical data from the US and China to assess the impact of new trade initiatives and policy on greenhouse gas emissions, carbon leakage and the increase of trade in carbon-intensive products. Contributors propose policy options that align international trade with climate change mitigation and address crucial legal and practical implications, including the implementation of Border Carbon Adjustments and international trade disputes.  Offering critical and empirically-based perspectives on the future of international trade policy, this timely Handbook is crucial reading for scholars, researchers and graduate students in political science, public policy and climate research. Policymakers will also benefit from its unique and insightful policy recommendations.

This forward-looking book introduces the concept of Ethical Value Networks, building upon a theoretical exploration with primary evidence of their impacts in the Global South. It moves away from focusing on the consumption section of networks, with grounded impact studies that explore ethicality as a concept, how ethical value is created and how this is distributed through the socio-economy. Framed by theoretical exploration and reflection, the book offers a selection of case studies from Africa, Latin America, the Pacific, and Southeast Asia to highlight the implications of Ethical Value Networks for producers and localities in the Global South. Chapters further analyse and critique the rise of the ethical trade and certification schemes, as well as three ethical trade constellations: social justice through fair trade, sustainability through organic agriculture, and authenticity through geographic indications. The in-depth analysis of ethical trading in wine, coffee, fruit and other key sectors combined with theoretical study will make this an important read for ethical trade researchers as well as policy makers and those responsible for the governance and operation of ethical value networks. It will also be an invigorating read for economic geography, development studies, international development and management studies scholars.

Nonreciprocal preferential trade arrangements are a defining feature of the relationship between developed and developing countries dating back to the colonial era. In the late 1950s, these arrangements started to take a multilateral form when members of the European Economic Community established special trade arrangements with their colonies. Since then, several trade arrangements have featured African countries among the preference-receiving countries. Yet it is not always clear how preferential these arrangements are and whether they in fact help African countries or instead lead them to perpetual dependence on specific markets and products. Richard E. Mshomba carefully examines the history of these programs and their salient features. He analyzes negotiations between the EU and African countries to form Economic Partnership Agreements. Nonreciprocal preferential trade arrangements are often unpredictable, since the duration and magnitude of preferences are at the discretion of the preference-giving countries. However, when used in conjunction with other development programs and with laws and regulations that encourage long-term investment and protect employees, they can increase economic opportunities and foster human development. This book recognizes the potential impact of nonreciprocal preferential trade arrangements and provides recommendations to increase their viability.

This research monograph argues that Fair Trade constitutes a new type of market, 'a dispersed hybrid market', that due to its specific features contributes to a more pro-social functioning of the entire market and taking responsibility for sustainable development by different market participants.