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The Retreat Of Trade Multilateralism And The Assault Of Protectionism

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  • Agnes Ghibuţiu

Abstract

This article takes stock of the main developments that have marked the global trading system in the more recent period in order to shed light on their relevance and consequences from the perspective of multilateral cooperation in the field of trade. The analyses carried out within the six sections of the paper aim to assess: (i) the significance of the last WTO Ministerial Conference for trade multilateralism; (ii) the rise in the bilateral and regional trade agenda in response to the visible signs of withdrawing trade multilateralism; (iii) the dynamics and patterns of post-crisis protectionism; and (iv) the relevance of the recent escalation of US protectionism for the global trading system and the international order. According to our findings, multilateral trade cooperation is on the path of a marked retreat, while trade protectionism is on an obvious offensive, largely supported by the protectionist policy stance promoted by the US administration.

Suggested Citation

  • Agnes Ghibuţiu, 2018. "The Retreat Of Trade Multilateralism And The Assault Of Protectionism," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 10(2), pages 18-48.
    • Handle: RePEc:iem:journl:v:10:y:2018:i:2:p:18-48
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    File URL: http://www.iem.ro/rem/index.php/REM/article/view/646/726
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    More about this item

    Keywords

    trade policy; multilateralism; protectionism; World Trade Organisation (WTO); USA; EU;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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