Abstract
AbstractTensions are running high in the world trading system. Sufficient conditions now exist for a continuing degeneration of trading relations creating a downward spiral and launching a serious trade war with unknown consequences. History has shown this scenario can be avoided if trading relations are based on agreed rules, enforced by an effective compliance mechanism and fully respected by governments. With the World Trade Organization (WTO) now at its heart, the very existence of the rules‐based trading system is under threat. Challenges facing the WTO and the reforms needed to deal with them are addressed in this article.
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