Multilateralism may act as a deterrent when a state which has the capacity to embark on the path of development takes the necessary steps towards that goal. This is not an insurmountable obstacle, though. Maintaining a current account surplus –typically driven by a trade surplus– as a permanent objective is an entirely national decision. In the case of Argentina, for example, doing that entails implementing a trade administration policy that works as an essential complement to make the import substitution process conclude in a successful way. Due to general policy matters, states cannot do without the multilateral institutions to which they are members if they are to achieve such a goal. Thus, what states may and, in fact, must do is to recur to those institutions on the basis of what reality –rather than dreams– dictates.
Multilateralism from an Argentine perspective