Some Deficiencies Within the WTO System

Abstract

The World Trade Organization (WTO), an international organization established in 1995, plays a special role of the global rules-based anchor that makes trade relations fairer and predictable. One of the challenges confronting WTO is to enhance liberal trade policies. Governments recognised the importance of trade liberalisation as a means to economic growth and progress. Open markets, non-discrimination, and transparency in international trade are essential to foster world economy through trade on the basis of global competitiveness. Thus, respecting various aspects of the multilateral trade disciplines is indispensable to boost trade and to support development strategy of the world economy. Global economic crisis revealed however, a number of major deficiencies within the WTO system. Among some significant weaknesses drawing an attention are: difficulties to resist protectionist pressures, the issue of efficiency of the WTO system for the actual "traders", and the issue of universal membership. The purpose of the paper is to discuss these potential dangers as there is a need for increased vigilance to support the WTO system fulfilling its objectives. In general, deficiencies of the WTO system require members to work together to ensure its strength and vibrancy to adapt and adjust to existing and emerging trade priorities, especially in the context of the paralysis in the negotiating functions of the WTO (fears about unsuccessful conclusion of the Doha Round).