Global economic governance is in flux. The centralised global economic architecture established at Bretton Woods is decentralising for various reasons. An increase in the number of international economic institutions per se is neither good nor bad for the provision of global public goods. It depends on how and whether these institutions are working together or competing with each other. This study has two objectives: (i) identify the benefits and costs of the decentralising international trade architecture; and (ii) recommend policies to manage the process. Have the benefits of the decentralising trade architecture outweighed the costs and global economic governance actually improved with decentralisation? Or is it, otherwise? The study will also recommend policy actions to “multilateralise regionalism”.