ABSTRACT
This chapter provides an attempt in this direction that begins with exploring the roots of the concept of multilateralism in international relations. It also provides an entropy measure earlier suggested in literature for measuring symmetry in international trade can fill this gap. Multilateralism refers to a system of multiple countries working in tandem on a given economic, political or social issue. In the context of multilateral orientation, a major challenge of the GATT–WTO regime is proliferation of regional trading arrangements (RTAs) that have become a dominant feature of the world trading system in contemporary times. The positive contributions of RTAs, similar to those of multinational corporations, are seen in furthering the process of globalisation through expanding the scope of trade cooperation among countries as well as facilitating economic integration in areas of production, consumption, distribution, technology transfer, and capital markets.
