WTO’s existential crisis
WTO’s existential crisis
Current Affairs Daily Editorials
La Excellence IAS Academy | March 26, 2024 | International Relations
| Syllabus: GS-II, Subject: International Relations, Topic: International institutions, agencies and fora, Issue: World Trade Organization(WTO) |
Context: 13th biennial ministerial meeting of WTO ended without significant accomplishment.
Issues in WTO:
- WTO rules challenge countries’ right to implement Public Stockholding (PSH) programs for food distribution.
- Outdated criteria for price support assessment hinder effective PSH programs.
- Industrialised nations’ subsidies to overcapacity and over-fishing (OCOF) in shipping fleets remain unregulated.
- The WTO’s Dispute Settlement Mechanism (DSM) crisis persists, with the US blocking Appellate Body member appointments since 2019.
Conclusion:
- US strategy involves de-judicialising trade multilateralism to weaken bodies like the WTO’s dispute settlement.
- De-judicialisation aims to reclaim decision-making power from international courts.
Source: Indian Express
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