Business Standard

A requiem for the WTO

Despite its benefits to global prosperity, the WTO may be on its last legs, unless something changes dramatically

WTO, trade, world trade
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Illustration: Binay Sinha

Ajay Chhibber
The creation of the World Trade Organization (WTO) on January 1, 1995, marked the biggest international trade reform since the end of World War-II, as it extended the General Agreement on Tariffs and Trade (GATT) remit on goods to also cover trade in services and intellectual property. The birth of the WTO also created new procedures for the settlement of disputes. Three issues have arisen. First, the continuing designation of China as a “developing economy”. Second, China’s use of state-owned enterprises with special subsidies giving it an unfair advantage has slowed its progress to be a “market” economy. Third, the
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First Published: Apr 03 2024 | 11:35 PM IST

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