The world trade system: challenges of the XXIth century: monograph

The monograph focuses on the present and future of the multilateral trading system (MTS) and the Global Trading System as a whole. During the post-war period, MTS achieved great success, the peak of which was the creation of the WTO in 1994. However, in the XXI century the WTO was in a state of deep crisis, the causes of which were not only accumulated over the years such problems as regionalism, protectionism, failure of the consensus mechanism in decision-making etc., but also new challenges: the US–China trade war, the Covid-19 pandemic, the global technological fracture. Despite all the negative consequences for the global economy and trade of these new challenges, the World remains firmly convinced that the WTO should maintain its central position in the regulation of World trade in the future. However, this requires serious measures to reform the WTO, to maintain the MTS, as well as urgent actions to avoid a scenario in which the system will be fragmented. Worst-case scenarios could lead to disruption of global trade and a world that splits into major trading blocs and where trade relations are largely based on relative strength rather than rules. In a time of global crisis, it is more important than ever to preserve the aspiration and ability for international cooperation, for multilateral negotiations, and for preserving trade rules.

The history of the XXth century provides clear examples of how, in times of crisis, States have shown the determination and ability to strengthen institutions and rules. This allows us to hope to overcome the consequences of the Covid-19 pandemic, as well as to cope with other new challenges to the global economy, which gives us a chance to maintain the existing rules-based system.