{"id":26497,"title":"The WTO as a Cornerstone of the Post-COVID19 Relaunch of the Global Economy","link":"https:\/\/bst-europe.eu\/de\/globalization\/the-wto-as-a-cornerstone-of-the-post-covid19-relaunch-of-the-global-economy\/","date":"17. April 2020","date_unix":1587127683,"date_modified_unix":1687879605,"date_iso":"2020-04-17T12:48:03+00:00","content":"

A summary of the papers and studies the GED project has published on WTO reform.<\/em><\/p>\n

The WTO is the operating system of the global economy. Trade in goods and services substantially relies on its rules and governance. But the WTO hasn\u2019t had an update in a long time. Now is the time to deliver this update, so the institution is fit to support the relaunch of the global economy. Here we summarize the ideas that the GED project has developed recently to foster WTO reform.<\/p>\n

The CoVid19 induced economic crisis is going to have a lasting impact on the global economy. Last week, the WTO forecast that trade would contract much more than during the Great Financial Crisis of 2009. But once the economic crisis is over, trade will have to play an important part in helping the recovery. But trade can only pick up if barriers to trade remain low and respect for the rules governing global trade is high. Both are guaranteed by the WTO and its rulebook.<\/p>\n

However, the member states of the WTO have found it difficult to agree on ways to update the institution and adapt it to the needs of the 21st<\/sup>\u00a0century. It is vital they do so now, so a global recovery is not hindered by beggar-thy-neighbor policies, rising trade costs, and uncertainty about whether members will adhere to the common rules.<\/p>\n

Over the past months, GED published a series of papers that make precise suggestions for certain areas of WTO reform. This blogpost wants to provide an overview of these contributions. You can also view a recording of the virtual roundtable we hosted on April 16th with the authors of these papers, where they talk you through the main points.<\/p>\n

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