Trade Regionalism and its Relevance to the Multilateral System Within the WTO in Need of Reform – The Case of EVFTA
Trade Regionalism and its Relevance to the Multilateral System Within the WTO in Need of Reform – The Case of EVFTA

Summary/Abstract: The ever-expanding and progressive crisis in fulfilling its key roles by the WTO, leading this organization towards sweeping reforms, is the primary reason behind the proliferation of Regional Trade Agreements (RTAs) all over the world. The growing trend in this regard could also be observed in actions taken by the European Union. RTAs constitute an increasingly more significant element of the EU’s trade policy, with the region of Asia-Pacific being of particular interest in this context. The aim of the paper is to analyze and present the essence of EU-Vietnam Free Trade Agreement (EVFTA) as a regional trade agreement in the context of relations with the multilateral system under the WTO. The free trade agreement concluded with Vietnam may contribute to strengthening the EU’s position in the Asia-Pacific region, as well as lay the foundations for the future interregional agreement between the EU and ASEAN. By including issues not yet suitable for discussion at the multilateral level, RTAs, such as EVFTA, will serve as a stepping stone for the future liberalization by building grounds for the next stage of multilateral liberalization. Building upon the work of the organization, reaffirms that the rules of the system created under the WTO, admittedly, not quite perfect, often become the foundation for cooperation, also in the regional dimension.

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