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WTO Reform Priorities post-COVID-19

Author

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  • Hoekman, Bernard

    (European University Institute)

Abstract

Although the WTO has fulfilled several key tasks it was set up to do – providing periodic reviews of members’ trade policies, resolving disputes, supporting negotiations – with the notable exceptions of the Trade Facilitation and Information Technology agreements, WTO members have not been able to negotiate new rules on “bread and butter” trade policies. The importance of doing so was illustrated by the COVID-19 pandemic which saw widespread uncoordinated recourse to trade policy instruments. This paper highlights four reforms that would bolster the effectiveness of the WTO as a forum for trade cooperation: (1) improving collection and reporting of information on trade-related policies; (2) supporting analysis-informed deliberation to establish a common understanding of the need and scope for cooperation in specific policy areas; (3) putting in place a stronger multilateral governance framework for plurilateral cooperation between groups of WTO members; and (4) reestablishing an effective dispute settlement system.

Suggested Citation

  • Hoekman, Bernard, 2020. "WTO Reform Priorities post-COVID-19," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 24(4), pages 337-348, December.
    • Handle: RePEc:ris:eaerev:0383
    DOI: 10.11644/KIEP.EAER.2020.24.4.383
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    Cited by:

    1. Evgeny N. Smirnov & Sergey A. Lukyanov, 2021. "Instability of international trade and approaches to optimal regulation," Upravlenets, Ural State University of Economics, vol. 12(5), pages 21-31, November.
    2. Escaith, Hubert, 2021. "Withering globalization? The Global Value Chain effects of trade decoupling," MPRA Paper 107935, University Library of Munich, Germany.
    3. Ligang Song & Vishesh Agarwal, 2023. "The Future of Multilateralism in the Post‐pandemic World," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(1), pages 62-87, January.

    More about this item

    Keywords

    WTO Reform; Trade Cooperation; Transparency; Plurilateral Agreements; Dispute Settlement;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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