EXPLORING THE NEED FOR A POST-WTO FRAMEWORK
The World Trade Organization (WTO) strives for member states to adhere to comprehensive and non-discriminatory rules to facilitate global trade. While the United States played a significant role in the WTO’s growth, the organization’s ability to address manipulation of rules by certain nations is limited. This raises the hypothetical need for a successor to the WTO to effectively regulate global trade. Furthermore, the WTO’s dependence on major economies and its lack of accessibility for private business entities have become apparent shortcomings. As a result, there is a growing scope for existing outside the WTO, considering its stagnant progress and the need for a more inclusive and responsive trade organization. Understanding the significance of this topic is crucial as it highlights the current challenges and limitations of the WTO, prompting the exploration of alternative frameworks for regulating international trade in a fair and equitable manner.