World Trade Organization In Crisis – The WTO Is A Western Cartel That Emerging Countries Are Beginning To Resist

The upcoming World Trade Organization summit in Indonesia will define the capacity of the organization to oversee global trade rules.

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Security is tight on the Indonesian island of Bali as trade ministers from the World Trade Organization gather for a four-day meeting.

The meeting is crucial for the future of the World Trade Organization, or WTO.

Last week on Monday marathon talks were finally brought to a close in Geneva, Switzerland, without a consensus being reached.

It is thought that if now the trade ministers of the 159 member states still cannot thrash out an agreement, the WTO will gradually slide into irrelevance.

In this scenario, regional trade agreements will take precedent, and the WTO’s role as custodian of the world’s trade rules will slowly decline.

The meeting in Bali is an attempt to create a global trade agreement, the first since the WTO was created in 1995.

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