Discussion Post
The twin-track approach to the global trade system
In an article published early 2019, the Economist analyses the current US perspective toward trade favoring bilateral relationships as opposed to adopting a multilateral approach: The Economist: The Trump Administration is Weakening the Global Trading System. While multilateralism, symbolized by the WTO framework, has been successful at reducing tariff barriers the second half of the 20th century, it has hit a major roadblock in the 2000s, especially after the collapse of the Doha Round negotiations. Meanwhile, major mega-trade deals are being negotiated and signed (e.g., USMCA, CBTPP, RCEP, CETA, and so on).
Offer your perspective on the two different approaches to trade: multilateralism vs. regionalism. Support your comments with current developments taking place within the pandemic context which sees countries retreating away from trade.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.