What kind of breakthrough will the WTO seek to reduce trade frictions? | Looking for new bright spots in global trade growth



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The basic principle of the World Trade Organization is that decisions are made on the basis of consensus and there will be no fundamental adjustments. However, in recent years, the WTO has been doing some innovative explorations. For example, multilateral problems under the dispute settlement mechanism can resolve trade frictions from the perspective of the surrounding areas with the consent of multilateral members. This approach may be promoted in more areas in the future. In addition, from the periphery to the multilateral will further enhance the influence of resolving trade frictions, such as investment facilitation agreements, cross-border e-commerce innovation and development rules may be accepted by more members, or even become a multilateral rule.

The WTO will also make some breakthroughs in the field of innovation. These breakthroughs are to solve some new problems in trade and investment, especially in trade, such as trade facilitation in digital trade and mutual recognition of standards. These new problems have not become key constraints in the international trading system before, but now trade growth in this field is more active. WTO may innovate rules in these areas, providing a new reference basis for the innovative development of world trade and the readjustment of supply chains, and these rules will be recognized by more and more members, which is very important for the recovery and development of global trade.

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