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3) “Multilateral institutions have lived longer than their usefulness, now is the time for bilateral institutions.” Do you agree with the statement? Discuss in the context of the ongoing global trade war. (250 words)

Topic:Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests .Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora

3) “Multilateral institutions have lived longer than their usefulness, now is the time for bilateral institutions.” Do you agree with the statement? Discuss in the context of the ongoing global trade war. (250 words)

Economictimes

 

Why this question: 

The question is in the backdrop of ongoing trade war between US and China.

Demand of the question:

The answer needs to provide for a detailed analysis on how the multilateral institutions are losing relevance in the current context of global trade wars and the bilateral institutions are the need of the hour.

Directive word: 

DiscussThis is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer:

Introduction

Write in a few lines about the ongoing trade war between US and China.

Body

Mention as the US-China trade war rapidly turns into a full-fledged economic war after Washington’s designation of China as a currency manipulator on 5 August, China appears to have an upper hand in holding out longer than the US.

Then move onto discuss how the role of multilateral institutions has been diminishing with escalating tensions between the two countries. Explain this has led to tinker upon the need for bilateral institutions.

Conclusion 

Conclude with way forward.