Is the World Trade Organization Still Relevant?
There was a profound shift in U.S. foreign economic policy when it abandoned the promotion of a rules-based open international trading system and no longer supported the World Trade Organization (WTO). The United States and its allies created the current world trading system as an essential part of the liberal world order. Today, rising populism, heightened geopolitical tensions, and persistent inequality are threatening the global order. In his policy brief, Alan Wolff of the
Peterson Institute for International Economics cautions that the WTO needs major reforms if it is to survive as an effective force governing world trade. WTO members must engage in serious negotiations to find acceptable solutions to shared problems. The resulting agreements can be political commitments or adoption of binding rules. Regressing to a lack of accountability for one’s trade policy measures, however, will be unacceptably damaging.
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