World Economy Against New Challenges in the Time of COVID-19

World economy in the XXI century there is before various new challenges and especially in the time of COVID-19. Important are the new tendencies in the economic development of the European Union in the XXI century. In the new circumstances for the development of the global economy, the eyes of the world, have been turned to China. The access of China to WTO was a historical decision, the evidence of evolution which was taking place within that organisation, giving it a more universal, global form. This means also that it expands on a huge market which can open itself up for foreign competition. The economic crisis of the world economy breakthrough first and second decade of the 21st century and COVID-19 contributed to the stimulus plans economies. Author focus on the analysis of the new protectionist tendencies and inclination to bilateralism and regionalism in the contemporary foreign trade policy. Realistic point is important trends in the trade regime. The main aim of the second chapter is indication of the increasing importance of bilateral agreements in the foreign trade policy. The main aim of the third chapter is the presentation the World Trade Organisation (WTO) challenges. The main aim of the four chapter is the presentation of liberal and anti-liberal tendencies in the economic policy of East-Central European Countries. The five chapter present the East Central Europe, Baltics and Russia competitiveness in the conditions of the regionalisation and globalisation process. The main aim of the six chapter is the presentation of the liberalization effect of P.R.China foreign trade policy for emerging industry and economic growth. The main aim of the seven chapter is analysis of the innovation and knowledge in creation of European Union global competitiveness especially against USA and Japan and also BRICSAM countries and social security from regional perspective. The main aim of the eight chapter is presentation of the challenges for TTIP negotiations. The main aim of nine chapter is presentation the potential implications of a trade war between the United States and China for world economy. The main aim of the ten chapter is the presentation the new Chinese ‘Belt and Road Initiative’ (BRI) as a project launched by China to develop countries and improve global connectivity. The main aim of the last chapter is the presentation the need to establish a new format for trade political relations between European Union and China in the time of COVID-19. The main method applied in this research was a method of scientific study. It was used the institutional method, comparative method, the documentation method and statistical methods. Additionally, it used also, the methods of deductive forecasting