Transforming the WTO for Inclusive and Resilient Globalisation

The global trading system centred around the World Trade Organization (WTO) is critical for fostering international cooperation. However, currently, the WTO is facing several challenges, including its eff ectiveness as a negotiating body, struggles in reaching a consensus, capacity to resolve trade disputes, and limited ability to address new trade barriers. As a result, many WTO members have turned to negotiating multiple Regional Trade Agreements that may or may not align with the multilateral trading system. This policy brief proposes fi ve ideas for the G20’s consideration: (a) take a leadership role in catalysing a WTO reform framework and developing a multi-year guideline document; (b) take bold steps to reinvigorate the WTO’s dispute settlement system; (c) promote focused reforms at the WTO, particularly in areas related to the decision-making process, encouraging greater transparency; (d) encourage WTO members to expedite discussion of new and emerging issues to maintain its relevance; and (e) ensure that RTAs become more consistent with WTO rules.