WTO warns members to reform trade rules
The World Trade Organization said in its annual report that existing trade rules are struggling to keep pace with shifts in economic power, industrial policy, digital trade and rising political tensions. After 166 members failed to agree a reform package in Yaounde in March, talks were relaunched in Geneva on decision-making, dispute settlement and subsidies. WTO modelling showed fragmentation into blocs could cut global GDP by 5.1–6.9 percent and exports by about 18.6–27 percent by 2050, while stronger multilateral cooperation could raise global GDP by 2.9 percent and boost exports nearly 18 percent.
Global GDP could fall up to 6.9 percent by 2050.
Context
WTO members failed to agree on reform at a ministerial meeting in Yaounde in March. The organization then relaunched talks in Geneva on rules and dispute settlement. The report models outcomes and shows possible gains or losses depending…
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