Paper: GS – II, Subject: International Relations, Topic: International Institutions, Issue: WTO’s Role in Global Trade.
Context:
The 14th Ministerial Conference (MC14) of the World Trade Organization is scheduled in Yaoundé, Cameroon (March 2026).
Key Takeaways:
Background:
WTO was established in 1995 to promote: Rule-based global trade, Non-discrimination and Dispute resolution through legal mechanisms.
- WTO’s Current Crisis: Since its establishment in 1995, the WTO has faced significant challenges, including a paralyzed dispute settlement system due to stalled Appellate Body appointments. This has eroded trust in the organization and its ability to enforce rules.
- Global Trade Dynamics: The rapid growth of digital commerce and the increasing complexity of global production have outpaced the WTO’s existing rules, which were designed for a late 20th-century trading system.
- Geopolitical Tensions: The rise of unilateral tariffs and economic coercion has distorted markets and created an environment where rule-based trade is at risk of being replaced by ad hoc arrangements.
- Hence the 14th Ministerial Conference presents an opportunity to rebalance and reform global trade governance.
Source: (The Indian Express, The Hindu, Live Mint)
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