MULTILATERAL REGULATION OF TRADE RELATIONS: POTENTIAL AND POSSIBILITY OF TRANSFORMATION

The relevance of the topic is determined by the need to define the potential of multilateral regulation of trade relations and the possibilities for transforming multilateral regulation of the trading system in the global economy.
Subject of study – multilateral regulation of trade relations.
The research purpose – the identification of theoretical principles and practical recommendations related to the analysis of multilateral regulation of trade relations in the global economy and the justification for the possibility of their transformation taking into account the interests of world economic entities.
Methodological basis of research – system approach, methods of analysis and synthesis, subject-object, quantitative and qualitative, historical and logical analysis.
Results of research – on the basis of identifying the potential and trends in the development of international trade relations, the possibilities and prospects for transforming multilateral regulation of trade relations are identified, to promote the development of national economies and ensure foreign trade interests within the framework of international trade policies with a view to enhancing its effectiveness.
Scope of results: development of strategic instruments that can be achieved within the framework of the transformation of multilateral systems for regulating trade relations.
Conclusions: 1. Obviously, with the advent of mega-regional trade agreements, the notion of forms of international trade cooperation and a new configuration of collective economic regulation of the international trade system is beginning to change. The above suggests that in the new circumstances, the system of multilateral regulation of trade relations should become multi-vector. Along with the key mechanisms for multilateral regulation of the WTO, preferential and mega-regional agreements (TPP, CETA, RCEP, etc.) play an important role, as well as multilateral investment agreements.
2. To form a multilateral system for regulating trade relations, it is necessary to institutionalize the reform of the existing WTO system. First, the continuing and even increased protectionism (non-tariff character) from the industrialized countries demonstrates to developing countries that achieving greater access to the markets of developed countries can hardly be realized in the WTO framework. Secondly, the diversity of trade interests, the existence of negotiating alliances and the increased influence on the trade policies of countries such as China, India, and Brazil, led to the absence of progress in the Doha Round negotiations (particularly in the period 2002-2012). The above confirms the need for institutional reform of the WTO.
3. There is a need for a consistent harmonization of instruments and regulations between mega-regional agreements and the multilateral regulatory system within the WTO. Mega-regional trade agreements and an updated multilateral system for regulating trade relations may in the future create a new system for global management / regulation of international trade. In case of successful implementation, the well-known mega-regional agreements are likely to bring with them notable changes and intensify international trade. Having solved the problem of harmonization of multilateral and regional (plurilateral) regulatory regimes in the sphere of trade and finding a balance between global and regional institutions, the international trading system will receive effective trade instruments and rules, including within the framework of the multilateral WTO regulation system.