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The Reasons behind the Revival of Trade Regionalism

Author

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  • Agnes Ghibutiu

Abstract

Over the last decade, members of the World Trade Organization (WTO) have increasingly resorted to preferential trade agreements (PTAs) as a means to further the market-opening and rule-making agenda. Particularly visible is this trend since 2013, with numerous new PTA negotiations being launched, including by WTO members accounting for substantial shares of world GDP and trade. The paper discusses the recent surge in trade regionalism through the lens of the multilateral trading system governed by the WTO. It aims to highlight the systemic as well as economic and geopolitical factors that are driving the new PTAs, and also distil their potential effects upon the world trading system. According to its findings, the fresh impetus to regionalism should be seen as a shift in focus rather than a fundamental course change in the evolution of the regional agenda, and the factors underlying this shift should be sought in the structural transformations that have marked the WTO in the context of the changing global political and economic environment.

Suggested Citation

  • Agnes Ghibutiu, 2015. "The Reasons behind the Revival of Trade Regionalism," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 7(2).
    • Handle: RePEc:iem:journl:v:7:i:2:y:2015:id:2822000009356003
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    File URL: http://www.iem.ro/rem/index.php/REM/article/view/200/237
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    More about this item

    Keywords

    preferential trade agreements (PTAs); trade policy; trade negotiations; world trading system; World Trade Organization (WTO); Doha Round;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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