International Trade And Globalisation Debates - 2405 Words

Introduction This paper will examine some of many intricacies raised in current international trade and globalisation debates which truly highlight some of societies toughest challenges posed today and for the coming future. In Part 1, the impact of fragmentation of power into regional blocs will be discussed followed by an evaluation of the recent wave in trade negotiations like the TPP in Part II. Finally, the criticism toward the TTIP will be considered and reflected upon in Part III. (Gray, 2009) argues that the world is developing into an increasingly unstable environment - where the notion of a global system for everyone’s benefit is replaced with a strong concern that regions will be â€Å"split-up† into smaller units of power with†¦show more content†¦Pomfret raises questions whether RTAs really are as important as the headline numbers suggest. Further, the argument is that despite the increased attention being paid to regional arrangements, the hold of multilateralism is stronger than ever as practically every trading country have now agreed to the WTO, with lower trade barriers etc. than ever before. Therefore, it is argued; regionalism has not posed a serious challenge to the world economy as the multilateral trading system has over the last sixty years gone from strength to strength which should continue (Pomfret R, 2006). The above points are made in 2006, which is before the recent stalemate of the DOHA Development Round. However, in the light of how these multilateral trade deals have proceeded since that time, the arguments made can essentially be seen as a self-defeating prophecy. This paper argues that it is - the explosion of RTA’s that may impact on any development of multilateral trade agreements, and this is driven by a number of different factors. Not least because developed countries are disappointed with an underachieving multilateral process as suggested in (Muzaka V and Bishop M, 2014). As (Edward D et al, 1999) pointed out, regional arrangements supply countries with preferential access to members’ markets (like the EFTA etc.) and as a consequence spur trade