New stage of regionalization: basic content, challenges for multilateral trading system and postsoviet integration

Andrei Spartak

International Trade and Trade Policy, issue 2

Abstract: The article reveals fundamental changes in world trading system due to emerging mega-regional trade agreements. The latter process has obvious interconnections with the new stage of struggle between leading world nations - US and China - for redistribution of areas of influence in the global economy. Increasing influence of MRTAs creates risks for the WTO system, therefore the article dwells upon conditions and ways that may help to embed MRTAs in WTO formats and agenda. The article also summarizes possible reactions of third countries to strengthening of MRTAs and makes some relevant strategic recommendations for trade policy of the Eurasian Economic Union. Among key such recommendations - EAEU participation in own MRTA formation based on enlarged Shanghai Cooperation Organisation; building integration bridges with Regional Comprehensive Economic Partnership in Asia with focus on ASEAN; launching interblock dialogue between EAEU and EU with perspective to return to the idea of creating common economic area from Lisbon to Vladivostok; negotiation and promotion of common EAEU countries’ position towards MRTAs in WTO.

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