As global trade navigates through a period of uncertainty, the World Trade Organization (WTO) stands at a pivotal juncture. Recent data reveals a 0.5% dip in global trade during the first half of 2023, while the Chinese mainland experienced a 0.2% decline in trade over the initial three quarters.
Despite these challenges, the WTO has shown signs of stabilization following the departure of former U.S. President Donald Trump. However, the path forward remains uncertain, especially with the possibility of Trump's return to the White House, where his stance on dismantling the WTO could pose significant hurdles.
The Chinese mainland, as the world's largest exporter and second-largest importer, has a vested interest in the WTO's reform. The organization's foundation is built on the principle of free trade, a tenet now being tested as the United States and the European Union introduce concepts like secure and reliable trade.
For the WTO to remain relevant within the international rules-based order, advancing its reform agenda is crucial. The organization's requirement for unanimity among its 164 members complicates the implementation of significant changes. Nevertheless, the upcoming 13th WTO Ministerial Conference (MC13) in Abu Dhabi from February 26 to 29 next year presents a crucial opportunity to adopt meaningful reforms.
In August, WTO Director-General Ngozi Okonjo-Iweala outlined the goals for MC13, focusing on dispute settlement reform, agricultural discussions, e-commerce negotiations, and a second round of fisheries subsidies talks. These initiatives aim to address contemporary trade challenges and strengthen the WTO's role in global commerce.
Reference(s):
cgtn.com
