WTO is 20

 

20 years ago, on 1 January 1995, the WTO opened its doors for business. Since then this organization, and the system of transparent, multilaterally-agreed rules that it embodies, has made a major contribution to the strength and stability of the global economy. Over the years the WTO has helped to boost trade growth, resolve numerous trade disputes and support developing countries to integrate into the trading system.

It has also provided a bulwark against protectionism, the value of which was made plain in the trade policy response to the 2008 crisis, which was very calm and restrained in contrast to the protectionist panic that followed previous crises.

Director-General Roberto Azevêdo said: “Over the past 20 years, this organization has, on balance, made an important contribution to the global economy and to smoother trading relations between nations. Indeed, at a time when the global economy is more interconnected than ever it is difficult to imagine a world without the WTO."

He points out that WTO has evolved since 1995. It has welcomed 33 new members, ranging from some of world’s largest economies to some of the least developed. Today their 160 members account for approximately 98% of global trade. Moreover, at the 9th Ministerial Conference in Bali in 2013, it took the first major step forward in updating multilateral trade rules. The measures agreed in Bali were a real breakthrough for the WTO, and they will provide a significant economic boost. In December 2014 WTO Members came together to recommit to implementing all aspects of the Bali package.

"So as we look to the year ahead there is a lot of work to do — and many challenges to meet," Azevêdo said. "While we have delivered in many areas, and despite the success of Bali, the pace of negotiations remains a source of frustration. In future we know that we need to deliver more outcomes, more quickly. In addition, we know that our poorest members are still not adequately integrated into the trading system, so again we need to do more to help them reap the benefits that the system can offer."

2015 is set to be an eventful year for the WTO. It will holds the 10th Ministerial Conference in Nairobi from 15 to 18 December — the first time the WTO has ever held a Ministerial Conference in Africa. Heads of international organizations will convene at our headquarters in Geneva to participate in the 5th Global Review of Aid for Trade from 30 June to 2 July.

Plans are to push forward negotiations on trade in environmental goods and on an agreement to remove tariffs on a wide range of information technology products. organization has evolved since 1995.