We Need A Way Back To Multilateralism In Trade

As trade restrictions mount and as major trading countries remain mired in commercial impasse, an approaching global gathering in Central Asia next summer could prove to be the climax to the current battle between continued multilateral cooperation and increased unilateral confrontation in trade.The World Trade Organization, with its commitment to international cooperation, has been struggling with the headwinds of unilateralism and protectionism. If a way back to multilateralism in trade is not soon found, the entire trading system may unravel, with grievous economic consequences for all the world.So far, the developed countries of the world have been unable to counter the current trend toward the ultimately self-defeating insularities of economic nationalism. Thus, it may be left to the developing countries to play a decisive role in turning the tide. At this point, most developing countries understand – perhaps better than some of the developed countries – the considerable economic and geopolitical stakes they share in supporting the existing global trade regime.While the rest of the world has been struggling to save the multilateral trading system overseen by the WTO, many of the developing countries that comprise most of the 164 members have just now started to benefit fully from their participation in the rules-based WTO system. The lower barriers to trade and the added links to global supply chains provided by membership in the multilateral trading system are helpi...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs