Author(s)

Zhaoan Han, Haizhen Wu

Corresponding Author

Haizhen Wu

Abstract

At present, the changeable trade system, regional trade agreement, non-institutional arrangement and unilateralism jointly constitute the general pattern of international trade governance. Different governance mechanisms show their own characteristics, but they have certain similar functions due to their own attributes that jointly play a role in the development of international trade. Firstly, this paper analyzes the dilemma of the current international trade governance, and concretely summarizes the five practical dilemmas. This paper analyzes the future development trend of international trade governance from six aspects: development achievements of international trade, diversification of international trade, high efficiency of decision-making mechanism, diversification of settlement system, international export of infrastructure products and inclusive development of international trade. After the Second World War, western developed countries led by the United States led the construction of the general agreement on tariffs and trade (GATT), which later evolved into the present world trade organization (WTO). The improvement of the multilateral trading system greatly promoted the development of global trade liberalization and promoted the rapid growth of international trade scale. With the deepening of economic globalization, the rise of emerging economies strength, economic strength of the United States and other developed countries relative decline, the developed countries of the wave of globalization and nationalism, the multilateral trade body constitution in such aspects as impartiality, negotiation mechanism, decision-making mechanism becomes increasingly defects, multilateral trade constitution in modern trade show in the treatment of the low efficiency or even no efficiency, restricted the further development of international trade. The multilateral trading system cannot solve all the problems in the global economy, the regional economic cooperation can make up for the multilateral trading system to some extent in many difficult to obtain the coordination between member states, regional trade agreements have interest convergence between member countries, the advantages of the decision-making mechanism in colleges and universities, from a certain extent, maintaining the steady rise in international trade. In 2016, the UK’s vote to leave the EU, trump’s victory in the US election and other black swan events have led to a trend of bilateral and unilateralism in international trade. The development of international trade will face greater uncertainty and the effectiveness of the international trade governance mechanism will face greater challenges.

Keywords

International trade governance; The mire; The development trend