This post engages with the Global Value Chain Development (GVCD) reports co-published by the World Trade Organization and the World Bank. It focuses on one central claim these reports have made about the development-related benefits of firms’ participation in GVCs, and on the policy recommendations that follow. The claim is that by inserting themselves into global value chains (GVCs) and technologically upgrading, firms can move up the value-added ladder and capture a greater share of the economic rewards, thereby also benefiting workers and their states in terms of employment, income and taxation.
WTO’s Dispute Settlement System
In my view, one simple and safe guiding principle for Caribbean states could be whether the proposals on the table advance or diminish the protections guaranteed by the rule of law. These protections include: supremacy of law, equality, accountability, fairness, separation of powers, participation in decision-making, certainty, avoidance of arbitrariness and procedural and legal transparency. Using this as the guiding principle, small states can meaningfully contribute to the debate.