The World Trade Organization (WTO) is the principal forum for setting the rules of international trade. In its two and a half decades, it has helped reduce barriers to trade of both goods and services and created a dispute resolution system that supporters say reduced the threat of trade wars.
However, the institution is under considerable pressure. Negotiations on a comprehensive development agenda have foundered due to disagreements over agricultural subsidies and intellectual property rights, while members have increasingly turned to separate bilateral and regional free trade agreements to advance their trade interests.
Meanwhile, U.S. President Donald J. Trump has criticized the WTO for what he sees as its weakness in confronting China’s trade abuses and constraints on U.S. sovereignty. His administration has intentionally crippled the organization’s appeals body, ensuring that its decisions cannot be enforced and placing the future of global trade rules into doubt.
Source: What’s Next for the WTO?