ABSTRACT
This chapter argues that the multilateral system still matters, but that the re-emergence of discrimination poses an underlying threat to its core of ideal nondiscrimination. The multilateral trading system faces two challenges, one of which also threatens to slow, halt, or even reverse the proliferation of regional trade agreements (RTAs). The RTA Exchange is being conceived as an independent platform to systematically explore the possibilities for convergence and coherence between RTAs and the multilateral trading system, thus building synergies between them. The chapter describes the current state of play in the trading system, especially with respect to the increasing emphasis placed on regionalism over multilateralism. It discusses the implications of pattern shift from a global and public goods perspective, considering both those aspects of regionalism. The chapter argues that the net value of RTAs depends on whether countries have the wisdom and the will to incorporate them more fully into the multilateral trading system.
