The changing global dynamics require prompt effective and meaningful reforms within the World Trade Organization (WTO), to ensure its relevance and capacity to address modern trade complexities. Discuss. (Answer in 150 words) 10 marks
Introduction
World Trade Organization WTO has been recently in the middle of many controversies owing to its role as a partial body.
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Main Body
Changing global dynamics (1) Rise of New power centres like India and Brazil. (2) Old supporters are declining like France and Britain. (3) Lack of democratic global institutions often lead to alternative justice firms coming up. Ex- Contingency Reserve Arrangement
New reforms required: (1) Structuralise WTO's appellate mechanism (Currently USA not allowing it). (2) Enhance participation of different nations. (3) Collaborate with diverse interest groups. (4) Base year of Annex subsidies must be changed. (5) Agreement in Agriculture must be formalised. (6) Green subsidy should understand developmental stage of a nation. (7) Ball and Doha deals should see due right of the day. (8) Need to understand new complexities thus, to ensure effective and stable global trade, it is imperative to reform global body like WTO.
Conclusion
Thus, to ensure effective and stable global trade, it is imperative to reform global body like WTO.
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Medha Anand
International Institutions, Agencies and Fora - Structure and Mandate
Important International Institutions
WTO Reforms
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analytical
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