Acta Oeconomica Pragensia 2008, 16(2):23-36 | DOI: 10.18267/j.aop.54

Could Regional Trade Integration be a Building Block for Global Governance of Trade?

Ludmila Štěrbová
Ing. Ludmila Štěrbová, CSc. - lecturer; Department of International Trade, Fakulty of International Relations, University of Economics, Prague, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic, sterbovl@vse.cz

Some theories consider the possibility to multilateralize regional approaches and to establish global system of rules based on regionalism. These tendencies are also tailored on international trade. Nevertheless, the fundamental problem of the multilateral trading system in the framework of the World Trade Organization is the extent of policy space, which states' governments do not want to give in favor of global trade governance. Although the multilateral trading system and further multilateral trade liberalization face many challenges, regionalism is not an alternative that could help government to pursue their trade interests. On the contrary, bilateral Preferential Trade Agreements harm competition, distort business environment and undermine the multilateral trading system.

Keywords: multilateral trading system, Preferential Trade Agreements, policy space
JEL classification: G30

Published: April 1, 2008  Show citation

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Štěrbová, L. (2008). Could Regional Trade Integration be a Building Block for Global Governance of Trade? Acta Oeconomica Pragensia, 16(2), 23-36. doi: 10.18267/j.aop.54
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