Almost everyone seems to be excited about the prospect of a free-trade agreement between the US and the EU. But not so fast. The pursuit of such deals is eroding multilateralism, the foundation of post-cold war international relations.

In principle, the emergence of a multipolar world, where the US is no longer the only very powerful country, should boost “multilateralism” – institutionalised co-operation among states in pursuit of shared objectives. It should boost efforts to achieve free trade via the World Trade Organisation, poverty reduction through the World Bank and international security through the UN.

Yet, today, the reality is different. Countries are seeking to extricate themselves from global agreements in order to extract concessions from partners on a bilateral basis or to protect national sovereignty.