The lame WTO

The recent meeting of the World Trade Organisation was barely noticed. Ministers from more than 150 countries came to Geneva to talk about the international trading system. We have a depression, and the world does not care what the WTO does!

The WTO is working on trade wars, protectionism, export-tax rebates, direct subsidies, unfair trade practices, dealing with complaints, trade disputes and all sorts of trade-laws for the international community. This seems to have worked well.

We had the Doha development rounds to try to reduce tariffs and end discrimination against foreign goods, but with no mentionable results. New deals are being made directly between between countries, fragmenting the world and breaking down the WTO stature and its rules.

Political agendas and priorities change, and a number of big bites are already upon politicians plates: climate, financial crises, re-election (always that), emerging heavy entrants on the world stage.

The big question now is how to increase world trade – trade presumably fosters prosperity. Can the WTO come back in that area? Are the participants willing to let it be a force? Are world leaders willing to let trading start?

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