Keywords
economic crisis
regulatory protectionism
bilateral agreements
How to Cite
Abstract
The main goal of the study is to discuss regulatory protectionism that distorts and restricts contemporary international trade. Therefore, it is important to harmonize
trade standards and recognize them internationally, especially with respect to technical barriers. In the 21st century, bilateral agreements are becoming increasingly important. They already account for over 70% of liberalized trade. The role of the G20 group has clearly increased. Both the WTO and G20 should jointly undertake and coordinate efforts to develop the principles that would promote not only international trade of developed countries but also increase access of developing countries to the global market. The promotion of global trade rules will increase the legitimacy of the G20 group and the reformed global trade system whereas its modified management within the WTO framework, which will take into account the specific interests of individual countries, may contribute to further dynamic development.
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