FT News Briefing A make-or-break meeting for the WTO
Jun 15, 2022
The World Trade Organization is at a crossroads, grappling with credibility amid significant global trade challenges. A soaring U.S. dollar is costing American companies billions, raising concerns about international sales. Meanwhile, Ukraine is urgently seeking military support to bolster its defenses in eastern Donbass during meetings with Western allies. On a different note, Apple is making headlines with its $2.5 billion deal for Major League Soccer streaming rights, marking a major step into the live sports arena.
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WTO Credibility Crisis
- The WTO faces a credibility crisis as it struggles to reduce subsidies and ease trade flows.
- De-globalization concerns loom over the meeting, raising questions about the WTO's relevance.
Deglobalization Drivers
- Several factors contribute to deglobalization fears, including the pandemic, the Trump administration, and China's rise.
- These shocks cause trade fragmentation, leading to friendshoring over offshoring.
Key WTO Players and Obstacles
- The US, EU, China, and India are the biggest players in the WTO.
- India is currently seen as the biggest obstacle to progress, wanting special treatment as a developing nation.