Jonathan D. Aronson

The post-1945 free-trade regime is giving way to an emerging "market access" regime that is more flexible about border barriers, but more demanding about "fair competition" policies and about access for investment. In this new commercial environment, free trade and protectionism are proving to be a false dichotomy. As corporations globalize and create elaborate commercial partnerships, governments have to create a new global framework and tools for managing world commerce. In the market access regime, there will be roles for expanded industry codes, bilateral, minilateral and regional bargaining – all coordinated by a reformed General Agreement on Tariffs and Trade. The order of the day will be multilateralism from the bottom up.