David Collins
The 12th World Trade Organization (WTO) Ministerial Conference took place in Geneva last week with representatives of all 164 member countries in attendance – collectively comprising the WTO’s highest decision-making body. The stakes were high – there have been no major multilateral trade initiatives in decades, leaving the 27-year-old organization struggling to justify its existence in a world increasingly dominated by bilateralism or worse, economic isolationism. In the aftermath of the Covid-19 pandemic and the ongoing war in Ukraine, both of which have dealt significant blows to standards of living worldwide, the WTO was under much pressure to deliver tangible progress in trade liberalization. In the minds of many, failure was simply not an option.
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