The World Trade Organization and Serbia’s Long Path Towards Accession

Jelisavac Trošić, Sanja (2022) The World Trade Organization and Serbia’s Long Path Towards Accession. In: International Organizations : Serbia and Contemporary World. Institute of International Politics and Economics; Faculty of Philosophy of the University of St. Cyril and Methodius, Belgrade; Skopje, pp. 161-179. ISBN 978-86-7067-305-2

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Abstract

The World Trade Organization (WTO) is a crucial factor in the rules-based functioning and development of multilateral international trade relations. The WTO is an international organization thatrepresents the institutional and legal framework of the multilateral trading system. The WTO is an international trade organization based on rules and adopted agreements that comprehensively regulate trade in goods, services, and trade aspects of intellectual property rights. In addition, a dispute settlement system has been established within the organization, which provides for sanctions against non-compliance with international obligations, as well as a system for monitoring the national foreign trade policies of member states, and a system of technical assistance and training for developing and transition countries. The challenges in the institutional and normative dimensions the WTO is facing in the modern world economic order are fundamental. In the paper, we would like to point out the existing way of working and organization of the WTO and a wide range of issues related to modern trade that it needs to address. The existing way of working and organization at the WTO is very complex and demanding, so this organization was late in responding in a timely manner to the economic shocks of recent years, especially the trade war and the corona crisis. There were problems with the work of several bodies, and the negotiation process stalled. The problems that this international organization is facing are not small and they are undermining the essential order as well as the rules on which it is based and operates. Serbia, as a part of Yugoslavia, has been a member of the General Agreement on Customs and Trade, but after the disintegration of the country, found itself on a difficult multi-year path to WTO membership, which is still ongoing and its inclusion is currently completely uncertain.

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