Multilateral Trading System on Crossroads

Abstract

In recent years we have witnessed the crisis in the multilateral trading system, primarily because of the inability of the Doha Development Agenda to produce results after 17 years of negotiations. The reasons are complex large number of participants in these negotiations which complicates reaching the consensus, and the different interests of individual groups of states, among many more. Parallel to this, we are witnessing the proliferation of regional integration agreements. In the last decade, negotiations for two mega regional integration has begun, one between the countries of North and South America, Asia and Australia, the so-called Trans-Pacific Partnership, and the second between the EU and the US, called the Trade and Investment Transatlantic Partnership. For the world economy, it is most advantageous that the regionalism and multilateralism develop in parallel, which is why it is necessary to accelerate and, within a reasonable time, to complete the ninth round of multilateral trade negotiations called the Doha Development Agenda.

Keywords: multilateral trading system, regional integration, WTO, Doha Development Agenda, trade negotiations.

JEL Classification: F13, F42, F50, F51, F53, F55, F59