I need two copies. One for me and one for my friend. 200 words each. No Plagiarism. Due in 10 hours.
The twin-track approach to the global trade system
In an article published early 2019, the Economist analyses the current US perspective toward trade favoring bilateral relationships as opposed to adopting a multilateral approach: The Economist: The Trump Administration is Weakening the Global Trading System. While multilateralism, symbolized by the WTO framework, has been successful at reducing tariff barriers the second half of the 20th century, it has hit a major roadblock in the 2000s, especially after the collapse of the Doha Round negotiations. Meanwhile, major mega-trade deals are being negotiated and signed (e.g., USMCA, CBTPP, RCEP, CETA, and so on).
Please offer your perspective on the two different approaches to trade: multilateralism vs. regionalism. Support your comments with current developments taking place within the pandemic context which sees countries retreating away from trade.
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