What Is the Role of the European Union in Reshaping the Future of the World Trade Organization?

Jelisavac Trošić, Sanja (2021) What Is the Role of the European Union in Reshaping the Future of the World Trade Organization? In: Europe in changes: The old continent at a new crossroads. nstitute of International Politics and Economics, Belgrade; Faculty of Security Studies at the University of Belgrade, Belgrade, pp. 425-443. ISBN 978-86-7067-282-6

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Abstract

The crisis of the regulatory framework of international trade has become more pronounced. Trade policy tensions between the US, the EU and China have evolved and could continue for long unless there is a reform of the international trade framework. The future of the WTO as an intergovernmental institution that regulates international trade practices is uncertain due to this unprecedented economic turmoil and political tensions. The EU is a key supporter of the multilateral trading system and seeks to address the challenges that the WTO faces by proposing a set of concrete reform proposals. The European Commission announced its intention to lead reforms of the WTO. In this paper, we will explore the EU’s position on WTO reform and compare the EU’s position with the position of other powerful countries with influence in the WTO. According to the findings, the EU is seeking to take the lead in redefining the WTO. Compared to other WTO members, the EU is particularly active and comprehensive in proposing modernization and reform of the WTO.

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