To promote global trade governance, both central and peripheral reforms occur in multilateral and regional trade agreements. The central reforms are suggested to enhance the WTO’s efficiency in trade negotiations by engaging in ‘mini-multilateral’ negotiations and soft law-making or to expand its current advantage in dispute settlement by extending its dispute jurisdiction to investor-state disputes or trade disputes arising from PTAs. The peripheral reforms develop in two different routes; one is rule-based and is carried out by high-standard PTAs, and the other is relation-based and is exemplified by “the Belt and Road” Initiative proposed by China. While peripheral reform fragments international law, various methods of multilateralizing regionalism are suggested, such as the incorporation of the third-party most-favoured-nation clause, the simplification of the rules of origin, and the construction of multilateral agreements through the ‘building blocs’ of PTAs. Most of these reforms make achievements to some extent, although they also have deficiencies.

I. Introduction
II. De-centralizing WTO in Global Trade Governance
III. Central Reforms of Trade Governance Led by the WTO
    A. ‘Mini-Multilateral’ Negotiations in Enhancing Decision-Making Efficiency
    B. Soft Law-making to Break the Constraints of Formal Legislation
    C. Expansion of the WTO’s Dispute Settlement Mechanism
IV. Peripheral Reform under Rule-based PTAs
V. Peripheral Reform under the Belt and Road Initiative
    A. Background of the Belt and Road Initiative
    B. Achievements of the Belt and Road Cooperation
VI. Multilateralizing Regionalism and Reformation of Global Governance
    A. Third-Party MFN Approach
    B. Simplifying the Rules of Origin
    C. Multilateralizing Regionalism through the Building Blocks of PTAs
VII. Conclusion
References

• Yan Wang(Economic Law at Guangdong University of Foreign Studies, Nanjing Univ., Warwick, Renmin Univ. of China)