Reviving the World Trade Organization: Why the Biden Administration Must Act Now

Wednesday, 1 May 2024, 17:00

The recent disappointment at the World Trade Organization conference sparked talks of its demise, but the institution still holds promise. Despite setbacks, there have been noteworthy achievements, including agreements on services trade and investment facilitation. American leadership is the key to revitalizing the WTO and advancing international trade for global economic gains.

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Reviving the World Trade Organization: Reasons for Hope

The recent World Trade Organization (WTO) conference in Abu Dhabi sparked concerns about its future. However, amidst the setbacks, there have been notable successes that hint at a positive trajectory for the WTO. While challenges remain, the potential for growth and cooperation is evident.

Recent Achievements

New Rules for Services Trade: Adoption of rules to reduce regulatory barriers in services trade, beneficial for the U.S.
Economic Advancement for Poorer Members: Commitment to assisting the economic progress of the WTO's least developed members.
Cooperation against Global Pollution: Pledges to combat global plastic pollution through coordinated trade actions.

Despite the hurdles, progress has been made in areas such as investment facilitation, offering a glimpse of the WTO's potential to drive economic growth and investment.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.