Do We Still Need the World Trade Organization?

Abstract

The recent explosion of bilateral and regional deals, President Trump’s policy against multilateralism, and, lastly, the restrictions to international trade because of the COVID-19 pandemic have highlighted the issue of the need for a multilateral trading system, currently embodied by the World Trade Organization (WTO). Although the WTO has achieved most of its goals over the last two decades, it is undeniable that it is facing major challenges that question its relevance, effectiveness, fitness and responsiveness to contemporary issues. Is the lack of multilateralism worrisome? What will be the future of the WTO? By summarizing the past and current debate and proposing a critical reading of the WTO, this paper aims to answer these crucial questions.