Multipolarity and Connectedness as a New Paradigm of International Trade
The direct involvement of extra-regional states in the acute crisis in Europe is the most obvious manifestation of the globalization crisis. However, its causes are much broader and encompass the escalating geopolitical rivalry among major powers, the vulnerability of transportation and financial logistics in dire circumstances, and the inability of international institutions, particularly the WTO, to effectively respond to the crisis. It is evident that when global institutions fail to deliver, regional structures assume prominence. This process is objective as it reflects the transition to a multipolar world order. Nevertheless, economic growth cannot be achieved if regional blocs are isolated themselves. Consequently, connectivity is emerging as an integral component of economic multipolarity. The Eurasian Economic Union is one of the most open regional economic unions for international trade. Russia managed to successfully overcome the transportation and logistics challenges brought about by the 2020-2021 epidemic only through mutual assistance and cooperation with international partners. Hence, it is especially important for Russia to transition to new formats of trade and political interaction involving the EAEU, China, India, Iran, African and Gulf states, while leveraging the capabilities of organizations such as the SCO, BRICS and ASEAN. Technological sovereignty should not lead to technological isolation. How can this be achieved? What should the role of industry initiatives be? Who can assume the position of technology leader? What has been accomplished thus far, and what further actions are required to transition trade to national currencies? What potential role can digital currencies play? Which alternative settlement systems could serve as viable solutions for international settlements? Which transport routes should be prioritized for expansion? How will digitalization facilitate this process? The prevalence of unilateral discriminatory measures that exceed the boundaries set by WTO rules is becoming more and more common in trade policy practice. Should the regulations outlined in trade agreements be revised?
