Future of World Trade Organization

Multilateralism, or a rule-based international order refers to the ways in which countries interact with one another. Roots of multilateralism are said to go back to the Treaty of Munster-Westphalia signed in 1648 to avoid wars of attrition between militarily-matched states that arose after the breakup of the Roman Empire. This treaty is said to have resulted in global peace and prosperity, although, it is observed, both weakened during interludes of heightened nationalism. These dynamics are at work to this day, opine observers.The General Agreement on Tariffs and Trade (GATT) which was signed on October 30, 1947 by 23 countries after World War II and which became a law on January 01, 1948 was a legal agreement entered into to minimize barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies, while preserving significant regulations. GATT was replaced by the World Trade Organization (WTO) in 1995. Of late it is being widely expressed that the current multilateral system needs to be reformed taking into consideration, rapid changes in taking place in world trade scenario.