WTO: Accumulated Problems and Prospects after MC-13
Abstract
Taking the occasion of the regular WTO Ministerial Conference (MC-13) held in early 2024, the author reviews the initial success of this institution and then analyzes the accumulated problems of the organization and its weakening in recent years. An effective solution to these problems involves reforming the WTO. However, this is hampered by numerous disagreements among the organization's members and, above all, by the significant difference in approaches to reform between the two main actors in the global economy and trade, the United States and China. So far, the reform has progressed in small steps, which are more of a technical nature. Despite the apparent weakening of the WTO in recent years and the accumulated problems, none of its members has ever spoken in favor of terminating or limiting its activities. In a worst-case scenario in the global economy, significant damage to the WTO cannot be ruled out. Subsequently, it would be much more difficult to revive the organization than to maintain an existing one.
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References
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