WTO's Global Trade Summit at Bali: Pre and Post Bali Scenario

Abstract

General Agreement on Tariffs and Trade (GATT) was transformed into World Trade Organization (WTO on January 1, 1995. Since then, WTO has been trying hard to protect the global multilateral Trading System and also to keep away the concept and practice of regionalism out of the globe. In November 2011, WTO initiated the Doha Development Round (DDR) or Doha Development Agenda (DDA) (they are same) to promote and accelerate global trade on the principle of equitable distribution of gains arising out of the world trade. Unfortunately, DDR or DDA remained unresolved. More than 12 years have elapsed since trade negotiations started under WTO regime and are in doldrums. This deadlock has pushed the concept of new regionalism and there are growing numbers of bilateral agreements among countries and regions. Now there is an increasing feeling that the very purpose behind the creation of WTO has been defeated and that the global multilateral trading system is in danger. Indeed, that the future of WTO is uncertain. In 2013, after WTO trade negotiations at Bali, Indonesia, it is believed that global trade is back on track. With this back drop, the present paper deals with some of the issues relating to the role of WTO in the promotion of world trade and the impact of Bali's Declaration on member countries' trade. One thing is clearly evident from Bali's Meeting; the old world order where the developed countries dominate and the poor take whatever tidbits are thrown at them is still very much alive.