World Economy Against New Challenges in the Time..

In the 21st century, the world economy faces a multitude of challenges, particularly highlighted during the COVID-19 pandemic. Key developments have emerged, notably within the European Union, which continues to adapt to the shifting global economic landscape. Amid these changes, significant attention has been directed towards China, especially following its historic accession to the World Trade Organization (WTO), a move that marked a pivotal evolution of the WTO into a more global entity. This decision allowed China to open its vast market to international competition, setting the stage for transformative economic engagements.

The economic crises encountered at the turn of the 21st century, coupled with the impacts of the pandemic, have necessitated comprehensive stimulus plans across various economies. The book's author meticulously examines the resurgence of protectionist tendencies, alongside a growing preference for bilateral and regional trade agreements in modern foreign trade policies. A significant component of this analysis is the evolving trade regime, emphasizing the critical role bilateral agreements play in shaping contemporary trade dynamics.

Throughout the book, the author delves into various themes over several chapters. There's a focus on the World Trade Organization's challenges, as well as the contrasting liberal and anti-liberal economic policies prevalent in East-Central European nations. Furthermore, the competitive landscape of Eastern Central Europe, the Baltic states, and Russia within the realms of regionalization and globalization is dissected.

Special attention is given to China's impact, where the liberalization of its foreign trade policy has spurred significant industrial growth and economic expansion. Innovation and knowledge serve as pillars for enhancing the European Union's global competitiveness, particularly when comparing it against the USA, Japan, and emerging BRICSAM nations.

The text also evaluates the obstacles faced in negotiating the Transatlantic Trade and Investment Partnership (TTIP) and explores the possible ramifications of a trade conflict between the United States and China. Finally, the ambitious Belt and Road Initiative (BRI) spearheaded by China is presented as a strategic effort to boost global connectivity and development. In conclusion, the book underscores the urgent need to redefine trade relations between the European Union and China amidst the ongoing challenges posed by the COVID-19 pandemic.