REGIONALISM AND MULTILATERALISM IN TRADE POLICY OF THE EUROPEAN UNION

Aleksandra Nacewska-Twardowska
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Aleksandra Nacewska-Twardowska: University of lodz

Equilibrium. Quarterly Journal of Economics and Economic Policy, 2010, vol. 4, issue 1, 153-162

Abstract: Foreign trade is one of the main expressions of international cooperation in the world, which indicates the specific location of trade policy in the policy of the countries or organizations. The history of trade shows the existence of two opposite trade coordinating practices: regional and multilateral. In the post-war history, there can be seen the coexistence of both trends. An excellent example of this is the European Union, where both practice of coordination the trade policy unite. On the one hand, the Community is in itself an exception to the principle of trade liberalization on a multilateral basis, on the other hand for many years it has actively participated in the creation of a common commercial policy for all at the forum of GATT and the WTO . Common commercial policy of the Union is one of the pillars of its existence, affecting significantly the region's economic development. Therefore, in a time of crisis it is important to question how the common commercial policy is being shaped today and whether changes in the global economy affect the change in its formation? Last years point out the increasing trend of regionalism in Community. The difficulties increasing in the formation the trade policy in the WTO effects in many changes. Even enthusiastic proponents of the idea of multilateralism in trade seek for new solutions. In this situation the European Union looks of possibilities to form of the widest possible bilateral relations with other countries or organizations.

Keywords: regionalism; multilateralism; trade liberalization; the European Union (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pes:ierequ:v:4:y:2010:i:1:p:153-162

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