Abstract
The paper focuses on the future of global economic governance in the light of the current state of multilateral trade negotiations. The aim is to analyse identified key historical issues at the heart of the decision-making system of the World Trade Organization (WTO). The current and ongoing Doha Round of trade negotiations and the multilateral system reflect inequalities that still prevail in the global trade architecture. Is there a need for a paradigm shift? The paper will provide recommendations on how reform of the multilateral decision-making structures should focus on promoting the interests of developing countries that have historically been marginalised. Developing countries, like those making up BRICS, stand ready to contribute to the construction of a new international architecture, to bring the voices of the south together on global issues and to deepen their ties in various areas.
Highlights
The multilateral trade system especially that of the World Trade Organisation (WTO), is in a state of flux.[1]
These countries form the familiar BRICS front and are considered future economic powerhouses that can contribute to the construction of a new international architecture
Consensus is very important in the multilateral trading system and is the key to WTO decisionmaking
Summary
The multilateral trade system especially that of the World Trade Organisation (WTO), is in a state of flux.[1]. Instead there is a steady rise to power by emerging economies, especially those of Brazil, Russia, India, China and South Africa These countries form the familiar BRICS front and are considered future economic powerhouses that can contribute to the construction of a new international architecture. Multilateral trade-related decisions continue to be made in smaller forums and not in the Doha Round, which includes all the members of the WTO. The WTO as "hard law", subject to compulsory dispute settlement An analysis of these areas is necessary to ascertain their current value in the decision-making processes of the WTO. Linked to this, is the question how these areas of decision-making can be reformed for the benefit of new-generation trade architecture, especially processes dictated by the current influence of the developing countries. A successful, comprehensive and balanced conclusion of the Doha Development Agenda (the DDA) would be in the best interests of BRICS and other like-minded organisations
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