Pursuing and promoting global economic freedom is an integral part of the American story. And the World Trade Organization is an important chapter in it. I worry, however, that this chapter in the history of free trade may come to an end if the U.S. doesn’t act quickly to reform the WTO.
Since its creation in 1995, building upon decades of prior multilateral trade negotiations, the WTO has expanded market access for service industries (which employ 80% of Americans), protected intellectual property and eliminated disguised protectionism in agriculture. The European Union’s average tariffs have dropped by 37% and Japan’s by 56%. U.S. agricultural exports increased from $56.2 billion in 1995 to $140.47 billion by 2017. Moreover, the WTO’s dispute settlement system helped tear down a number of other barriers for American farmers and businesses. That means more jobs, higher incomes and increased prosperity for all.
