Open Lecture by Harvard University Professor Robert Lawrence

At the invitation of the HSE-Skolkovo Institute for Law and Development on the 24th of May an open lecture was given by world-renowned Professor of international trade at Harvard University Robert Lawrence. The listeners were 80 undergraduate and graduate students of leading Moscow universities.

The lecture was held the day after the Institute discussion at the Valdai Club on the topic: "Blocs, Sanctions and International trade in the 21st Century: Unified Rules or a Continuation of Fragmentation?" where Robert Lawrence also participated. In the lecture, the Professor presented his vision for the future development of trade relations, paying special attention to the place and prospects of developing countries in the global picture of the world. Our guest noted the strengthening of integration processes in many areas. Trading system of national economies are closely intertwined and interdependent. These processes determine the trend of lowering tariffs, strengthening international cooperation, and liberalization investment.

 

The elimination of trade barriers, including via the reduction of customs duties and specialization of international treaties, promotes the development of free trade. However, the updated terms of cooperation on a technical level between states means new frontiers of freedom in terms of logistics and communication. Globalization does not mean uniformity, and diversifying agents in the market manifest in close cooperation towards achieving common economic goals. Trade barriers are becoming more connected, leading to their ultimate reduction, and this has a say in reducing systemic risk.

 

Lawrence shared critical observations about the role of international financial institutions in the development of emerging nations, and in the welfare of the free trade system. For example, the WTO, the world Bank and the Eurasian Economic Union outline possible directions for development of the economy, regardless of political undercurrents. The correct way of dealing with the brewing opposition to free trade and the protectionist policy, according to the professor, still must not be in words but in deeds.