World Trade Organization (WTO)

The World Trade Organization (WTO), established in 1994, is facing significant challenges. Recent news highlights the organization's struggle to maintain its role in global trade amid rising geopolitical tensions and protectionist policies. Director-General Ngozi Okonjo-Iweala has warned of the worst disruptions to the global trading system in 80 years, exacerbated by conflicts like the one in the Middle East, which are impacting energy prices and supply chains. The US's imposition of double-digit tariffs and investigations into China's trade practices, coupled with China's retaliatory investigations into US trade barriers, further strain the WTO's framework. The EU is even considering creating an alternative trade organization, signaling a potential shift away from the WTO's established structure. These developments underscore the WTO's current relevance as a critical, yet increasingly challenged, institution in global trade governance.