The WTO must reform or die

Behind times: The WTO has fallen behind the massive shifts that have taken place in the global economy, such as the proliferation of the digital trade and China’s rise. — AFP

GENEVA: America’s longest-serving secretary of state, Cordell Hull, is best known for winning the Nobel Peace Prize for his role in establishing the United Nations at the end of World War II. Today, 75 years later, another important piece of his legacy looks increasingly at risk as President Donald Trump realigns the US’ relationships across the globe.

Hull helped create the modern global trading system that eventually led to the advent of the World Trade Organisation (WTO) in 1995. He viewed tariff battles as a threat to international peace and advocated unconditional trade liberalisation among nations. Indeed, he considered barriers to the exchange of goods and unfair economic competition as synonymous with war.