Trade disputes involving the European Union in the WTO as a catalyst for global economic instability

Abstract

The study purpose is to update the issues of global governance by the example of the World Trade Organization (WTO) functioning. The global economic crisis contributes to the growth of global instability and, as a result, the growth of protectionist measures. That, in turn, causes an increase in the number of trade disputes between the largest entities of the world economy an example of what are the trade disputes between the United States and the European Union. They adversely affect the system of international economic relations, including the activities of the WTO. Methodologically the research is based on the theory of the world economy, the theory of international economic relations, the theory of systems management, and the theory of organizations. As the main result obtained it was concluded that in the context of growing global instability, the EU’s foreign economic policy will be aimed at gaining unilateral advantages when interacting with the major trading partners. Those advantages will be achieved not only through the significant economic potential, but also through the availability of more professional lawyers working in the field of international law. The study has a prospective of establishing the causes and features of the today trade disputes within the WTO in relation to the dynamics of the global economic crisis.