Economics, Econometrics and Finance
3 years ago

Global trade system evolves as regional agreements deepen integration

World Economy
‘Regionalism’ and the global trade system
Richard Pomfret

Paper Summary

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The global trade system has evolved since 1945, with regional trade agreements becoming more important. These agreements now focus on deeper integration issues beyond just tariffs. Major agreements like CPTPP and RCEP are shaping the modern trading system. The WTO has struggled to adapt its rules to these changes due to the need for consensus. The EU has shifted its policy to support imports from the best global suppliers. Overall, regionalism is not a major threat to the multilateral trading system, but rather a key player in shaping the future of global trade.