The WTO's fast track to irrelevance

The Omicron alert provided a face-saving way to cancel the Ministerial Conference of the World Trade Organization, which was due to open ...

The Omicron alert provided a face-saving way to cancel the Ministerial Conference of the World Trade Organization, which was due to open on November 30 in Geneva. The session was heading for minimal results, joining this year’s Group of 20 summit and the Glasgow Climate Change Conference in falling short of their targets. The ineffectiveness of the WTO, the growing influence of China and the lack of consensus on economic policies within and between national democracies are the main causes of its endemic stalemate. The weakness of the WTO illustrates in many ways the end of the liberal post-WWII international order.

The liberal trade order that took shape after the war had three main missions: to help revitalize Europe’s dying economies and to prevent the advancement of the Soviet communist economic model; build an international system to prevent authoritarian revival in Germany, Japan and elsewhere; and reduce North-South tensions by helping to raise living standards in the developing world. With strong American support, in many cases to its own economic disadvantage, the system was successful in achieving the first two goals.

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Newsrust - US Top News: The WTO's fast track to irrelevance
The WTO's fast track to irrelevance
Newsrust - US Top News
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