The WTO crisis comes to a head this week. We're going to see more like this:
"It could also signal the end of the [WTO] itself, since the system for settling disputes has long been its most effective part." @nytimes no less. (@AnaSwanson)
It's wrong 1/5
nytimes.com/2019/12/08/bus…
"It could also signal the end of the [WTO] itself, since the system for settling disputes has long been its most effective part." @nytimes no less. (@AnaSwanson)
It's wrong 1/5
nytimes.com/2019/12/08/bus…
First: settling disputes is not, and never has been, the WTO's most effective part.
A large part of WTO work keeps international trade flowing smoothly within WTO rules through transparency (notifications) and talking (regular meetings).
A tiny, tiny part is legal disputes
2/5
A large part of WTO work keeps international trade flowing smoothly within WTO rules through transparency (notifications) and talking (regular meetings).
A tiny, tiny part is legal disputes
2/5
Appeals are vital for dispute settlement, and dispute settlement is vital for WTO work.
But other work is also vital. Raising concerns in regular committees helps avoid disputes.
For more, see this👇🏽, and other comments in the thread.
3/5
But other work is also vital. Raising concerns in regular committees helps avoid disputes.
For more, see this👇🏽, and other comments in the thread.
3/5
Second: the WTO is not about to come to an end, precisely because its members value all that other work that it does (including the US, despite it's objections to how appeals are handled.)
More here: tradebetablog.wordpress.com/2019/08/21/by-…
4/5
More here: tradebetablog.wordpress.com/2019/08/21/by-…
4/5
Two tests of members' confidence in the WTO:
Will members continue to file disputes? If they stop, when? (Note the EU lodged an appeal only last Friday👇🏽)
Will WTO members' commitment to regular work weaken? If so, that could take months or years.
5/5
Will members continue to file disputes? If they stop, when? (Note the EU lodged an appeal only last Friday👇🏽)
Will WTO members' commitment to regular work weaken? If so, that could take months or years.
5/5
This sums it up
