Preferential Trade Agreements, Geopolitics, and the Fragmentation of World Trade
نویسندگان
چکیده
Abstract Failure to reestablish an effective World Trade Organization (WTO) dispute settlement procedure, stop the erosion of multilateral rules and end China–US trade war causes capitals rethink policy. One response is redouble efforts strike agreements with major trading partners. Already countries accounting for about 78% world Gross Domestic Product (GDP) are members mega-regional agreements, based on our computations, preferential (PTAs) will soon cover two-thirds trade. Can PTAs replace a fading WTO or mitigate its effects? Amid deepening geopolitical rifts, how relations among China, EU, US, each hegemon in their respective regions, evolve, what be impact smaller economies? In short, system increasingly weak look, nations adapt? Absent reforms, likely fragment progressively into regional blocks organized around hegemons. within blocks, mainly conducted under agreement, remain quite open predictable, but without strict where absent (as they hegemons), interregional become uncertain unstable.
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ژورنال
عنوان ژورنال: World Trade Review
سال: 2023
ISSN: ['1475-3138', '1474-7456']
DOI: https://doi.org/10.1017/s1474745623000022