THE ROLE OF THE WORLD TRADE ORGANIZATION IN COUNTERING THE GROWTH OF PROTECTIONISM DURING THE COVID-19 PANDEMIC

Abstract

Introduction. The global economy has been shaken by a wave of protectionism, which has led to trade restrictions and a deterioration in world trade and GDP. The spread of coronavirus infection COVID-19 has put the international community in a state of uncertainty and unpredictability, and world trade in a state of crisis due to a record rate of decline. Sharp confrontations in trade relations between world leaders have called into question the ability of international arbitrators, such as the WTO, to resolve trade disputes on the basis of existing rules and agreements reached. Today, WTO members recognize the need to reform the organization. The purpose of the article is to research the role of the World Trade Organization in countering the spread of protectionist policies and the COVID-19 pandemic. Results. Modern tendencies of world trade and pragmatism of introduction of trade restrictions are considered. The key problems of the WTO institutional crisis are revealed and the need for its reform is determined. Conclusions. The WTO needs to be reformed in order to a more flexible structure that will better meet the demands of the times and perform its core functions more effectively, in particular, providing mechanisms for settling international trade disputes and developing and adopting world trade standards. Effective WTO reforms, the resumption of dialogue between members and the choice of achievable goals are the basis of a multilateral trading system that meets the needs of today’s digital economy and promotes economic growth. The result of WTO reforms should not be a new paradigm that is not based on trade liberalization, but the development of corrective tools that will support the benefits of this institution, meet current and future needs.