World Trade Organization: Is There a Prospect of Pro-Reform Development?

Abstract

The World Trade Organization (WTO) is a unique global international association within which countries can develop rules for international trade and resolve trade disputes on the basis of reciprocity and non-discrimination. The formation of the international trading platform, its legal and institutional framework was carried out from 1986 to 1994. Within the framework of the negotiation process, which began to be called the Uruguay Round at the place of its passage. Despite the positive goals of its creation proclaimed in the Preamble of the Marrakesh Agreement on the Establishment of the WTO – improving living standards, ensuring full employment, increasing real incomes, expanding production and trade with optimal use of world resources – currently the entire international trade system, in general, and the WTO, in particular, are experiencing significant the crisis. In the framework of this study, we will talk about the causes of the current WTO crisis, as well as possible scenarios for overcoming the current crisis.