Amid global uncertainties and declining trade volumes, the World Trade Organization (WTO) is facing critical questions about its future role. With global trade dropping by 0.5% in the first half of 2023 and the Chinese mainland’s trade decreasing by 0.2% in the first three quarters, the need for WTO reform has become more pressing than ever.
The upcoming 13th WTO Ministerial Conference (MC13), scheduled to take place in Abu Dhabi from February 26 to 29 next year, presents a pivotal opportunity for member nations to address these challenges. WTO Director-General Ngozi Okonjo-Iweala has outlined key objectives for the conference, including dispute settlement reform, agricultural negotiations, e-commerce talks, and further discussions on fisheries subsidies.
For the Chinese mainland, as the world’s largest exporter and second-largest importer, the stability and effectiveness of the WTO are of paramount importance. The WTO’s principle of free trade has been fundamental to the global trading system, yet recent trends suggest a shift towards protectionism by some nations, with concepts like “secure trade” and “reliable trade” gaining traction.
The potential return of former U.S. President Donald Trump, known for his critical stance on the WTO, adds urgency to the reform agenda. The organization’s consensus-based decision-making process, requiring unanimity among its 164 members, poses significant challenges to swift reform, but incremental changes at MC13 could strengthen the WTO’s relevance in today’s complex trade environment.
As global economic dynamics evolve, it is crucial for the WTO to adapt and reinforce its commitment to multilateralism and free trade. The actions taken at MC13 will be instrumental in shaping the future of international trade and ensuring that the WTO remains an effective platform for resolving trade disputes and promoting economic cooperation.
Reference(s):
cgtn.com
