Business Standard

Until US, China enact reforms, WTO will continue to fade into irrelevance

China has benefited far more from the WTO than any other trading nation; it should step up and take responsibility for keeping the organization afloat by redefining its role

World Trade Organisation, WTO
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Mihir Sharma | Bloomberg
That the World Trade Organization was able to come to any kind of deal at its 12th ministerial meeting last week was something of a miracle. The organization has been dead for years as a location for trade governance — and even longer as a place for successful negotiations.

In fact, reports of the WTO’s continued existence are greatly exaggerated. Until the two most influential trading powers in the world — the United States and China — commit to reform, the organization will continue to decline into irrelevance.

It is true that the deals struck last week mark two major

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First Published: Jun 21 2022 | 7:29 AM IST

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