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?
Main Body
WTO established after GATT with India as founding Member ensures free and fair trade in the global market. Challenges in current WTO Regime: (1) USA dominance - high voting power - vested election of resolution mechanism. (2) Lack of enforcement mechanism. (3) Difficulty in handling Non-Tariff Measures - EU carbon border adjustment mechanism. (4) Similar application through all countries. (5) Granting China as Developing country states challenged. Reforms needed: (1) Address the Non-Tariff Measures - Sanitary & Phytosanitary Measure detailed guidelines. (2) Address post USA - Tariff was challenge. (3) Ensure historical challenges addressed - India's peace clause demand. (4) Extension of Moratorium to be revisited for the Advantage of Developing World. (5) Better Integration of African Union - Impost inclusive growth. (6) Fisheries agreement to be revisited WTO needs to strong Dispute Resolution Mechanism WTO needs to strengthen itself to remain relevant Multilateral Institution & prevent MINILATERAL INSTITUTION from Developing diluting its power.
SURABHI YADAV
International Institutions, Agencies and Fora - Structure and Mandate
WTO Reforms and Global Trade
WTO Relevance in Modern Global Trade
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analytical
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