What are the key areas of reform if the World Trade Organization (WTO) has to remain relevant in the present context of rising protectionism and trade wars?
Introduction
The recent unilateral tariffs by USA with Most Favored Nations violates WTO agreement. States need for strengthening WTO.
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Main Body
US led: No independent appellate tribunal (states as funding source - depends on dysfunctional as WTO). US not appointing members. Agreements board in favour of developed nations. Agreement on agriculture Most favored nation. Thus, following reforms are needed: Diversify sources of funding - to avoid reliance on few nations. UNFCC diversified & new definitions on US for only. Thus, calling reforms are needed. Bringing modular tribunal - with provision presenting more info - ence of few nations. Currently Performa dysfunctional. Providing equal voting rights to members on key issues. Transparency in operation to regain trust of developing world. Posmanent solution to government stock holding rather peace clause. Merger of developing departments. Binding agreements with security deposits in case of violators to be frozen. TRIPS Agreement on agriculture. Most favoured nations will make WTO enabled of trade led development.
Sakshee Mishra
International Institutions
WTO Reforms
WTO Relevance and Reform Measures
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Paragraphs
analytical
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