Multilateralism and Bilateralism in International Trade

Abstract

The contemporary international system is dominated by international trade. Therefore, it is the
fundamental and critical aspect of international economic relations. The study investigated the
how African states participate in common bilateral and multilateral trade relations. Its core
objective is to study whether trade barriers have been made less cumbersome among the
participating countries in African continental region. Common trade and international trade
justify the essence of globalization. The wave of globalization has necessitated the flux of
multilateralism and bilateralism among the participating nations in the international trade.
Methodologically, the study adopted comparative theory of international trade. Its method of
data collection is documentary method and analyzed through interpretive studies. As the
international trade continues to take the centre stage in the international economic relations;
States continue to engage in multilateral and bilateral trade relations. The operations of
Transnational Corporations (TNCs) and Multi-national Corporations (MNCs) as non-state actors
also engage in multilateral and bilateral agreements with the host states. Several agreements led
to the establishment of General Agreement on Tariff and Trade (GATT) and World Trade
Organization (WTO) remains conspicuous products of multilateralism and bilateralism in the
international trade in the recent time. African Continental Free Trade Area (AFCFTA) is a
multilateral agreement enacted by fifty-four members of the African Union (AU) in 2019 to
boost trade relations among them. Its core benefit is to facilitate free trade and removal of trade
barriers in the region Therefore, this study is set to examine the advantages and impacts of
AFCFTA and other multilateral and bilateral agreements in Africa and the world at large.