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Differentiate multilateralism and regionalism in trade, multilateralism being based on the system defined by the WTO. Explain the purpose of the WTO, its main principles,

Differentiate multilateralism and regionalism in trade, multilateralism being based on the system defined by the WTO. Explain the purpose of the WTO, its main principles, and functioning of the dispute settlement mechanism. Provide some insights on the WTO shortcomings.Regionalism: explain why countries enter into preferential trade agreements

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