The WTO should be revived for the sake of well-regulated

Context: The allegation against WTO of an ineffective facilitator of world trade seems real, but it has an irreplaceable role in uplifting the lives of millions globally.

Need for Reforms: 

• Non-conclusion of a single treaty: Since its establishment, the WTO failed to conclude a single trade-negotiation round of global trade talks. 
• E.g. It is still debating over the Doha Development process.  
• Easy way to circumvent WTO Rules: In the Covid-19 crisis some countries have imposed questionable export controls on medical supplies and food products.  

• Search for an alternative platform: Some of its members have worked together for broader regional trade deals that cover pressing issues such as the digital economy, climate change.
• Non Functioning of Appellate body: Disagreements regarding the appointment of new judges, led to the cessation of its functioning.

WTO Contribution: 

• Economic growth: WTO and its predecessor GATT has contributed to global economic growth over the last seven decades (By reducing tariffs and eliminating non-tariff barriers).
• Ensured Peace and Security: Rules-based global trade helped in maintaining peace and security (By resolving differences through negotiations than through armed conflict). 

Suggestion:

• Not a zero-sum game: All members should participate in this endeavor.

• Fair and equitable agreements: taking into account various levels of development in members country. 

• Enhanced Transparency: Members should timely notify their trade measures. 

• Effective dispute-settlement system: that commands the confidence of all members and enhances credibility.

Conclusion: Member’s political will, determination, and flexibility can be the only antidote to revive WTO.