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WTO receives a booster shot with new DG
The World Trade Organization (WTO), the body that is entrusted to promote free international trade, has recently received two very well-timed shots in the arm. The WTO was in a moribund state almost on life support during the last year and a half, following the outbreak of the US-China trade war and the total decimation of its Appellate Court. International trade among nations suffered a massive blow during the Covid-19 pandemic and there was concern on whether the WTO would just fold itself up and wait for another international body to take its place. Now, the WTO cheerleaders can keep their fingers crossed and hope that this year will bring about a much-needed morale boost and restore some normalcy in the global arena. This will not only facilitate the resuscitation of the WTO but also enable rule-based trade and commerce to grow, which will in turn create a synergistic effect on economic growth and create a virtuous cycle.
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Global trade freedom has fallen for the third straight year and is at its lowest level since 2006. For countries around the world, that means higher tariffs and nontariff barriers than in the past. For families and businesses, it means that trading is more difficult and costly. The downward trend in trade freedom started well before the coronavirus pandemic, but a worldwide combination of pandemic-related business shutdowns and economic struggles has caused global goods trade to contract.
Initially, many countries responded to the pandemic and increased demand for medical goods such as face masks and ventilators with trade measures that restricted the free movement of those products. While many of those measures were eventually removed, they undoubtedly made it more difficult for products to go where they were most needed. Economic recovery discussions in the U.S. and around the world are now focusing on how to prevent such a recession in the future.
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