T he role of the World Trade Organization (WTO) in international trade has recently come under increased scrutiny. In a provocative study, Rose (2002) concluded-on the basis of a gravity model-that the effect of the WTO on trade was insignificant. This result was disputed by several authors. 1 In particular, Subramanian and Wei (2003) employed an augmented specification of the gravity model to estimate the relationship between trade and WTO membership. These

The article aims to highlight Russian approaches to Chinese One Belt-One Road initiative. It examines possible opportunities and challenges for co-development of the Eurasian Economic Union and the Belt project. Both projects and their co-development may reduce the uncertainty in Eurasia, caused by significant structural changes in international relations and the world economy, the emergence of new trade regimes and the erosion of leadership in international affairs. Russian interests in this regard are determined by the need for modernization and long-term development, which could also help to address acute security issues. These particular factors encouraged Russia to come up with an ambitious plan of the Extensive Eurasian Partnership, although the prospects of its implementation currently are uncertain. The present article argues that the success of Russia-China collaboration in Eurasia will depend crucially on the future dynamics of the Eurasian integration, as well as on the agreement to co-develop the Eurasian Economic Union and the Belt Initiative with concrete and mutually beneficial projects.

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Nobody has any doubts that what is happening now in Ukraine is not simply a regional conflict but a test for the current international hierarchy. Predictions of the outcome would be woefully premature in any case, but one can try to imagine which principles may form the foundation of a future system of global co-existence and which will be relegated to the past. The following is an edited excerpt from the Valdai Club report "A World Without Superpowers" prepared by a team of authors, including