We need a revolution in global trade
Everybody keeps cribbing about the wto. What exactly is the problem with the institution?
From the perspective of the South, the wto has three main problems. One, it is undemocratic and unpredictable. There are no formal processes of democratic decision-making, such as the majority rule. Decisions do not take place in formal parliamentary sessions, but in halls, where people don't know where and how decisions are made because only a few countries control the process.
Secondly, the wto is anti-development. All the key agreements in the wto massively impact the capacity of developing countries to develop their different sectors. For instance, the Trade-Related Aspects Intellectual Property Rights agreement, the Trade-Related Investment Measures agreement, the elimination of quotas and the lowering of tariffs only in one direction
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