World Economy Brief
The Way Forward for WTO Reform: Agricultural Subsidies and Special and Differential Treatments
- Author Jin Kyo Suh, Ji Hyun Park and Min-Sung Kim
The multilateral trading system has been in crisis. The world economy has changed significantly since the WTO replaced the previous GATT system and new challenges are quickly piling on top of the old ones. The rising emerging countries and the relative decline of traditional economic members, together with the need to deal with complex new issues such as climate change and e-commerce and digital trade, are shaking the foundations on which the WTO was built some 25 years ago. There is also growing momentum among many WTO members to ‘modernize’ the WTO, including the Appellate Body although the details and feasibility of reform are unclear at this stage.
In this perspective, we suggest some ideas on both trade-distorting farm subsidies and S&DT which are the two important issues in the WTO negotiations.
- WEB 20-29.pdf (489.91KB / Download:1,029)