Plurilateralism: A New Form of International Economic Ordering?

Plurilateralism is gaining recognition as an overarching strategy for international economic governance beyond its traditional role in trade negotiations. This approach involves multi-party, sector-specific agreements within international organizations or broader multilateral frameworks. It distinguishes itself from Preferential Trade Agreements and informal coalitions. Plurilateralism focuses on targeted cooperation among a smaller set of members, and has the capacity to foster focused (plurilateral) agreements among a smaller cohort of countries. This mode of governance may bolster the efficacy of existing institutions such as the WTO, although it may also occur in new institutions. However, the potential for increased fragmentation and the risk of sidelining developing nations remain significant concerns. This article examines the influence of plurilateralism and plurilateral agreements on contemporary international economic governance. This article, as well as the broader Special Issue, provides a fresh outlook on the strategic use of plurilateralism, underlining its significance and limitations as a parallel approach to multilateral negotiations in navigating the complex issues of international economic relations.