Recently, the WTO celebrated the 20th anniversary of China’s entry into the global trading system. To overcome the threat of unilateralism, the WTO can no longer be an arm of the G7. It must become more inclusive and multilateral.
In the postwar era, the World Trade Organization (WTO) achieved significant reduction of trade barriers promoting trade expansion and facilitating trade frictions.
Yet, it has failed to negotiate a successful round of major trade liberalization since 1994. And it remains constrained by increasing polarization between developed and developing countries.
Until recently, rich economies fueled global economic prospects, which are today increasingly driven by large developing economies. A multipolar world economy needs a more inclusive, multilateral WTO.
From trade talks to WTO friction
Established in 1995, the 164-member international organization replaced the General Agreement on Tariffs and Trade (GATT), created in…