|
The Centre for Trade and Investment Law (CTIL), in partnership with the South Asia International Economic Law Network (SAIELN), organised a virtual trade talk on "The Future of Multilateral Trade Governance and the Role of the World Trade Organization" on April 27, focusing on the evolving role of the World Trade Organization (WTO) amid emerging geopolitical, technological and economic challenges, according to the Ministry of Commerce & Industry.
The discussion examined the WTO's core functions monitoring, negotiation and dispute settlement and assessed their effectiveness in addressing current trade dynamics. Addressing the session, Amitabh Kumar, Additional Secretary, Ministry of Commerce and Industry, highlighted the WTO's foundational role as a rules-based multilateral institution. He emphasised the importance of consensus-based decision-making and the continued relevance of special and differential treatment for developing countries to maintain a level-playing field for all WTO members. He also raised concerns over the increasing reliance on plurilateral approaches and the proliferation of non-tariff measures. The session examined challenges confronting the WTO's dispute settlement mechanism, particularly the continued non-functionality of the Appellate Body since 2019. Discussions also addressed the erosion of key principles such as the most-favoured-nation obligation and the growing invocation of national security exceptions in trade measures. Keynote speaker Mark Wu, Henry L. Stimson Professor of Law at Harvard Law School, provided an assessment of the WTO's institutional functions. He noted that while the monitoring function remains active through committees and trade policy reviews, negotiations continue to face challenges. He also pointed out that the dispute settlement system remains impaired due to the Appellate Body's paralysis and said interim mechanisms such as the Multi-Party Interim Appeal Arbitration Arrangement provide partial solutions. Wu also examined broader structural factors affecting the WTO, including geopolitical contestation, technological transformation and global economic imbalances, noting that these contribute to a period of transition for the multilateral trading system. The session was moderated by James J. Nedumpara, Professor and Head, CTIL, and India Chair, WTO Chairs Programme. The event concluded with an interactive discussion with participants on dispute settlement, consensus-based decision-making and the future trajectory of multilateral trade governance. (ANI)
|
