"The big, long-term question: what does the global trading system look like? The thing to watch for is whether the kind of deals Vietnam and others are making with the US end up destroying the most-favoured-nation principle underlying the World Trade Organization by giving the US special treatment. I’m moderately optimistic on this one. Label these deals as preferential trade agreements (which is pretty dodgy under WTO rules, but there are plenty of weak PTAs about already), recognise that many won’t make much difference to US exports anyway and move on. It strikes me that, if anything, attachment to the multilateral system, particularly in open trading economies like the south-east Asian nations, has increased as a result of the US threatening it. If countries are looking for a framework of international trade law, the WTO provides it. Unfortunately, though, I don’t see much sign that India is going to stop playing its spoiler role and paralysing the negotiations part of the WTO (as the US tried with the dispute settlement system)."
https://www.ft.com/content/3a6c0561-0628-43e4-86f0-bd3db881667b