Prospects and Risks of Regulating World Trade in the Framework of Mega-Regional Trade Agreements

The processes of formation of international trade and economic relations directly affect the level of economic development of many states. Along with the constant growth of market competition in the field of innovations and production technologies, and, consequently, an increase in supply and demand for the latest goods, resources and factors of production, the dynamic development of international trade undeniably remains the most important condition for economic growth, bringing its individual elements to a qualitatively new level. its development. The intensification of international trade processes is one of the most important directions of the foreign economic policy of most states, which is confirmed by the constant increase in the scale of cross-border trade and the deepening of economic ties between them. However, the approaches of different countries to interaction in the international trade and economic arena are very diverse and have their own characteristics, so their economic interests do not always coincide. In addition, even the availability of resource advantages does not predetermine the possibility of intensifying foreign trade in a number of developing countries. Thus, in the 21st century, the international community faced serious threats and challenges, which demonstrated the need to transform the existing system of multilateral trade regulation and develop new universal provisions that should take into account the interests of all parties and ensure the maximum effectiveness of economic cooperation. There is an increased risk that the observed inequality in economic development among countries, including the digital divide, could be greatly exacerbated if multilateral institutions do not take adequate measures that establish effective ways to remove trade barriers that impede international trade liberalization and overall economic development. The emergence of mega-regional trade partnerships is an alternative format for regulating international trade and interaction between states in the era of modern regionalism.