What 2023 might bring for the postwar rules-based trading system
Lawrence Herman is an international lawyer with Herman & Associates and a senior fellow at the C.D. Howe Institute in Toronto.
For starters, the World Trade Organization, the body that oversees the multilateral system, is under considerable stress. In spite of exhortations at its ministerial meeting last June and a recent plea from its director-general, the WTO has floundered over the past few years. While the organization struggles, major regional trade agreements outside the WTO have emerged, covering vast geographic and economic spheres, including the Canada-U.S.-Mexico Agreement, the Trans-Pacific Partnership Agreement and the Regional Comprehensive Economic Partnership among Asian-Pacific countries.
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