Regulation of International Trade: Global and Regional Aspects

Abstract

The article considers the interactions that take place at the regional and global levels of economic internationalization, as well as the issues of the transition of regionalization and globalization to the integration stage. It is concluded that major integration eff orts in the foreseeable future will be undertaken rather at the regional than at the global level. The development of international trade is facilitated by a multi-level system of regulation. Regional trade agreements do not undermine the multilateral trading system, but aim at coherence of the rules and regulations established at two levels - regional and global. Preserving the unifying role of the WTO implies formalizing at the multilateral level the fundamental provisions reached by the participants of the most successful regional agreements.