The Evolving role of the GATT/WTO in the face of new global trade challenges

The Evolving role of the GATT/WTO in the face of new global trade challenges

Registration ID: IJNRD_220634

Published ID: IJNRD2405111

DOI: Click Here to Get

Apoorva Sinha , A. Devansh

:- Non-tariff barriers, emerging economies, inclusivity in rule-making, global issues, climate change, labor standards, dispute settlement mechanism, institutional challenges

The General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO), have been instrumental in fostering a stable and rules-based global trading system since the mid-20th century. However, the 21st century presents a unique set of challenges that necessitate an evolution in the GATT/WTO's role. This abstract explores how the organization can adapt to maintain its relevance in the face of these emerging complexities. One key challenge is the rise of non-tariff barriers (NTBs) to trade. While the GATT/WTO successfully tackled traditional tariffs, NTBs such as complex technical regulations and subsidies can create significant hurdles for international commerce. The organization must develop mechanisms to address these evolving obstacles without stifling legitimate regulatory goals. Another challenge lies in the increasing importance of emerging economies like China and India. The traditional focus on developed nations needs to shift to accommodate the needs and interests of these new players. The WTO can facilitate this transition by ensuring inclusivity in rule-making and dispute settlement processes. Furthermore, the rise of global issues like climate change and labor standards necessitates a broader approach to trade. The GATT/WTO must navigate the potential for trade rules to clash with these concerns. Exploring avenues for incorporating environmental and social considerations into the trade framework, without compromising core principles like free trade, will be crucial. Finally, the recent weakening of the WTO's dispute settlement mechanism poses a significant threat to its authority. The organization must address these institutional challenges and find ways to restore confidence in its ability to enforce trade rules impartially. In conclusion, the GATT/WTO stands at a crossroads.

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"The Evolving role of the GATT/WTO in the face of new global trade challenges", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 5, page no.b64-b72, May-2024, Available :https://ijnrd.org/papers/IJNRD2405111.pdf

Volume 9 Issue 5, May-2024

Pages : b64-b72

Paper Reg. ID: IJNRD_220634

Published Paper Id: IJNRD2405111

Downloads: 000121195

Research Area: Other

Country: Kolkata, West Bengal, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2405111.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405111

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

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