|
|
|
Abstract The World Trade Organization (WTO) will face great challenges in governance in the coming years. Policymakers increasingly turn to the plurilateralism with forms of closed Plurilateral Agreements and open Critical Mass Agreements, as a new strategy for global trade governance. WTO may develop into a “club of clubs”. The rise of plurilateralism, meanwhile, creates both opportunities and risks. Plurilateralism may revitalize global trade and modernize the WTO, while it may also fragmentize the global trade regime and disenfranchise countries. The paper argues that policymakers should make use of the efficiency and effectiveness of plurilateral governance while controlling its negative impact on the WTO and global trade system. To make the best of plurilateralism which is effective and sustainable, it must be integrated with multilateral norms and principles. Any plurilateral approach should provide room for flexibility in order to promote the eventual convergence at the multilateral level.
|
|
Received: 21 May 2019
|
|
|
|
|
|
