Abstract
Although the WTO has fulfilled several key tasks it was set up to do – providing periodic reviews of members’ trade policies, resolving disputes, supporting negotiations – with the notable exceptions of the Trade Facilitation and Information Technology agreements, WTO members have not been able to negotiate new rules on “bread and butter” trade policies. The importance of doing so was illustrated by the COVID-19 pandemic which saw widespread uncoordinated recourse to trade policy instruments. This paper highlights four reforms that would bolster the effectiveness of the WTO as a forum for trade cooperation: (1) improving collection and reporting of information on trade-related policies; (2) supporting analysis-informed deliberation to establish a common understanding of the need and scope for cooperation in specific policy areas; (3) putting in place a stronger multilateral governance framework for plurilateral cooperation between groups of WTO members; and (4) re-establishing an effective dispute settlement system.
Highlights
The global trading system is under serious stress
Data reported by the Global Trade Alert initiative document a steady rise in discriminatory trade and competitiondistorting export-promoting measures, with over half of the measures put in place since 2009 comprising subsidies of some sort (Evenett, 2019)
During the COVID-19 pandemic, the WTO was largely ‘missing in action’ – many members resorted to unilateral imposition of export restrictions for medical supplies and personal protective equipment
Summary
The global trading system is under serious stress. Data reported by the Global Trade Alert initiative document a steady rise in discriminatory trade and competitiondistorting export-promoting measures, with over half of the measures put in place since 2009 comprising subsidies of some sort (Evenett, 2019). The WTO has fulfilled several key tasks it was set up to do – providing periodic reviews of members’ trade policies, resolving disputes, supporting negotiations – with the notable exceptions of the Trade Facilitation and Information Technology agreements, WTO members have not been able to negotiate new rules on “bread and butter” issues: discriminatory trade policies. During the COVID-19 pandemic, the WTO was largely ‘missing in action’ – many members resorted to unilateral imposition of export restrictions for medical supplies and personal protective equipment Such actions can – and did – create negative international spillovers and may impede supply responses to sharp increases in global demand by disrupting global production networks. Large trade powers did not play a leadership role in using the WTO as a platform to cooperate in boosting global production and distribution of medical products
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