To Save Global Trade, Start Small
At this week’s meeting of the World Trade Organization, members should notch some modest victories to prove that the organization remains relevant.
Protectionism now has a new face.
Photographer: Qilai Shen/BloombergThe global economy is being rocked by war, sanctions and spiraling commodity prices — not to mention the ongoing strain of the pandemic, geopolitical tensions and climate change. These compounding risks present a serious challenge to the system of open trade that the World Trade Organization was designed to uphold. But it also offers a chance for the beleaguered organization, which is holding its first ministerial conference since 2017, to prove its continuing relevance.
The WTO has traditionally focused on combating protectionism — measures designed to insulate producers from international competition. Now, though, the biggest threats to free trade come from policies meant to safeguard national security and protect citizens from risks, such as those related to health, the environment or digital spaces.