Global order has witnessed radical transformation from the Post-World-War bipolarity, which formally ended with the fall of Berlin Wall and the end of Cold War in 1989. The subsequent unipolar order led by the United States was intellectually celebrated as the “End of History” (Fukuyama 1992). Yet it lasted for only two decades, when the 2008 global financial crisis led to the emergence of the current and “complex multipolarity” (Borell 2021). Some of these new shifts and trends have consolidated in the form of newer regional blocs and antagonisms, like the Sino-US tensions, the BRICS, the rise of the Global South, and the upsurge of African agency. Similarly, Regional Comprehensive Economic Partnership (RECP) was signed by 15 Asia- Pacific countries in Novembern2020. This RCEP agreement reaches beyond WTO agreements, thereby including digital trade, Micro, Small and Medium enterprises etc. These developments arensymptomatic of the structuralnfailures within the WTO Dispute Settlement Body in regulating global trade. The defects of WTO have aggravated due to several factors, for instance, the widening North-South divide, the US withdrawal from TPP (Transpacific Partnership) negotiations etc. In such a context, the RCEP agreement has perhaps emerged as a new center for world trade for the future. These geo-political transformations also contribute towards mitigating the structural and financial dominance of the US on global trade. The restructuring has reset power dynamics and geo political relations among regional power blocs. However, a fractured and segmented world is also not a stable, peaceful and prosperous world. In this context, the article examines the effects of multipolarity on global trade and economic interdependence. This examination is primarily conceived through the concept of multiplexity to identity and its impact on global economic relations.