Urgent Need for Renegotiation

Urgent Need for Renegotiation

The WTO has succeeded to globally promote free trade and to economically integrate developing countries over the last 25 years. As a consequence, the WTO was probably the most successful approach in fighting global poverty in history. With the US as guarantor for a multilateral ruled-based trade order, the triumph of free trade and market economy seemed irreversible until recently. However, the US has apparently become sick of its role as ‘benevolent dictator’—not only in free trade but also in security aspects—and thus, it increasingly challenges what it has proclaimed for decades. In the light of this remarkable turnaround in US foreign policy, we must rethink the global order.

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