The WTO: An Analysis of Impact, Change and Prospects

Abstract

The World Trade Organization (WTO) has been one of the most successful international institutions able to manage the major changes that have occurred in international trade by fostering openness and lowering tariff trade barriers, increasing confidence and encouraging fair trade practices in the global economy. With 162 current members that have diverse perspectives, histories, relation, economies and ambitions, there is a need for the WTO to recast its lure of free trade. In light of recent changes in the trade context and decreased multilateralism, the WTO should become more inclusive, introduce smaller and more limited negotiation events based on subject areas, and transition into a more social-network based platform to include civil society and private sector in rule making and agenda setting of future trade agreements.