WTO in a Post Covid World
The Crisis of the Rule-based Trading System and WTO Reform
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With an outdated set of rules and dysfunctional working practices, the World Trade Organization (WTO) finds itself in a "whatever it takes" moment. Geopolitical tensions and the COVID-19 crisis have exacerbated its problems. WTO rules were designed to regulate trade between private firms that only pursue profits. The WTO has a fortuitous opportunity to initiate discussions to update rules on state intervention in the economy. The most severe impact is seen at the global level where we are witnessing the trends in global trade which are way worse than the Great Depression of the 1930s and the E...
With an outdated set of rules and dysfunctional working practices, the World Trade Organization (WTO) finds itself in a "whatever it takes" moment. Geopolitical tensions and the COVID-19 crisis have exacerbated its problems. WTO rules were designed to regulate trade between private firms that only pursue profits. The WTO has a fortuitous opportunity to initiate discussions to update rules on state intervention in the economy. The most severe impact is seen at the global level where we are witnessing the trends in global trade which are way worse than the Great Depression of the 1930s and the Economic Crisis of 2008. At the macroeconomic level, the production and consumption patterns are on a downward spiral. A new paradigm shift is under process and there is a need to look at the defining aspects of globalisation. This book discusses the challenges facing the WTO in a post-Covid era wherein its influence as the only global multilateral trade body is dwindling and offers suggestions/ solutions for WTO Reform to stay relevant in the post-Covid world which will require a multi-faceted approach.
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