THE RETREAT OF TRADE MULTILATERALISM AND THE ASSAULT OF PROTECTIONISM

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.

Keywords

• trade policy
• multilateralism
• protectionism
• World Trade Organisation (WTO)
• USA
• EU