WTO Reform to Address the Exhaustion of Member States' Benefits

Yiyuan Zhang

doi:10.54254/2754-1169/97/20231478

Research Article

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Published on 2 July 2024

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Zhang,Y. (2024). WTO Reform to Address the Exhaustion of Member States' Benefits. Advances in Economics, Management and Political Sciences,97,255-263.

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WTO Reform to Address the Exhaustion of Member States' Benefits

Yiyuan Zhang *^,1,

¹ International Business School, Yunnan University of Finance and Economics, Kunming, 650221， China

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/97/20231478

Abstract

This article explores the need for World Trade Organization (WTO) reform and the direction it should take to adapt to and promote global trade developments. It begins with a discussion of the impact and current status of WTO membership on member countries, including the WTO's role and influence in global trade and the benefits it brings to member countries. The paper then outlines the reasons for the current depletion of benefits, new challenges and opportunities for global trade development, and the importance of reform for member countries and the global economy. In addition, it explores the principles and directions of reform, such as respect for the multilateral trading system, enhanced oversight and transparency, and improved dispute settlement mechanisms. The document also proposes specific reform measures and implementation paths, including increasing the participation and agenda-setting capacity of member countries, strengthening cooperation and coordination mechanisms among member countries, promoting trade facilitation and reducing trade barriers. Finally, this paper summarizes and looks forward to the future of WTO reform.

Keywords

WTO reform, World Trade Development, Multilateral trading system, Dispute settlement mechanism, Trade facilitation

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Zhang,Y. (2024). WTO Reform to Address the Exhaustion of Member States' Benefits. Advances in Economics, Management and Political Sciences,97,255-263.

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About volume

Volume title: Proceedings of the 2nd International Conference on Financial Technology and Business Analysis

Conference website: https://2023.icftba.org/

ISBN：978-1-83558-505-4(Print) / 978-1-83558-506-1(Online)

Conference date: 8 November 2023

Editor：Javier Cifuentes-Faura

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.97

ISSN：2754-1169(Print) / 2754-1177(Online)

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