Conclusion

There are no clear cut answers to the debate on regionalism and multilateralism. Both are continuing to exercise a strong and powerful influence on world trade. Multilateralism in the form of the WTO has gained popularity in the recent years. The number of countries waiting to seek accession and become members of the WTO corroborates this. At the same time, regional economic groupings have proliferated at a rate and speed never seen before. However, for developing countries, the key to their success lies in reforming their domestic economies: good trade policy begins at home. Whether one follows the regional or the multilateral track, reforming the domestic economy is imperative in order to maximize the gains from trade liberalization. WTO meetings in Seattle, Cancun, and Hong Kong have all affirmed the same bottom line: countries should follow unilateral trade policies suited to their own domestic needs but within the framework of the changing international trade environment comprising both regionalism and multilateralism.

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Comment(s)

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1. Dr. Jayanta K. Nanda
   (posted 04 July 2007 / 08:44:57 AM)
   
   Not only for India, but for global trade in the near future.
   
   -www.jknanda.com