We study the sustainability of international trading rules in a multipolar world. A rules-based equilibrium is shaped by three forces. A static temptation to exploit market power undermines cooperation, while two dynamic forces support it: the efficiency gains from rules and the cost of...

For most of its history, the Bank for International Settlements (BIS) has occupied a discreet but powerful position within the global financial architecture as the "central bank of central banks." In the twenty-first century, however, the BIS has quietly assumed a new and far more ambitious...

This report covers WTO activities in 2024 and the early part of 2025. At the start of the report, Director-General Ngozi Okonjo-Iweala reflects on the current challenges facing world trade and the role of the WTO. The report also covers the 13th WTO Ministerial Conference, which took place from...

The second administration of United States President Donald Trump has shaken the foundations of the multilateral trading system by implementing unilateral tariffs on imports from most of its partners, and by signing 'deals' with a few of them. It is impossible to legally reconcile these actions...

While the European Union (EU) and its Member States (MSs) are members of the World Trade Organisation (WTO) on their own right and as such have their own SPS Enquiry Points, the EU authority responsible for implementing the notification requirements of the SPS Agreement is centralised in DG...

This paper examines how International Financial Institutions (IFIs) can adapt to an era defined by geopolitical fragmentation and the erosion of multilateralism by harnessing their dynamic capabilities-specifically, their capacities to sense, seize, and transform in response to systemic shifts....

The second Trump administration's tariff regime has triggered a profound transformation of the global trade architecture, extending beyond traditional protectionism to a systematic dismantling of multilateral institutions. This paper examines how the collapse of trust in US trade commitments and...

While the European Union (EU) and its Member States (MSs) are members of the World Trade Organisation (WTO) on their own right and as such have their own SPS Enquiry Points, the EU authority responsible for implementing the notification requirements of the SPS Agreement is centralised in DG...

The evaluation assesses the EAP's rationale, evolution, and implementation during the period since its adoption in 2002. It assesses whether the EAP has fulfilled the objectives that guided its creation, namely, shaping members' and market expectations, providing clearer benchmarks for Board...

World Trade Organization (WTO) accession is a challenging process typically commanding a heavy price in terms of resources and time expended while also calling for the expense of non-trivial political capital by an acceding country's policymakers. Nevertheless, gaining membership of the world...

This paper studies the impact of the process of accession to the WTO on growth rates in a sample of 150 economies. Unlike GATT-era accessions, WTO accessions involve reforms that extend beyond conventional trade liberalization measures. Using information on the pace of negotiations and requests...

With the use and complexity of industrial policy rising, along with the need for active policies to address climate, food, health, and other emergencies, IMF staff are often expected to provide policy and technical advice on trade-related industrial policies to national authorities. This note...

The international trading system is under threat. Many observers have already expressed serious concerns about the impact of Covid, the war in Ukraine, tensions over Taiwan and other natural and man-made disasters and their effects on the international trading system. Some even doubt its...

The U.S.-China conflict is threatening continued global economic prosperity and this has inspired a variety of predictions and prescriptions on the future global order. This paper proposes a light model of global governance not only to form international agreements across countries but also to...

The complex web of challenges confronting humanity - climate change, pandemics, economic inequality, and violent conflict - demands a robust global governance system. However, the current architecture, centred on the United Nations, is widely considered inadequate. This document delves into this...

"The WTO Building" provides a fascinating insight into the artwork and architecture of the Centre William Rappard (CWR), home of the World Trade Organization. The book describes the origins and evolution of the CWR, highlighting the many works of art created and donated to adorn the building...

WTO Ministerial Conferences: Key Outcomes contains all the key outcomes from WTO Ministerial Conferences since the organization was established in 1995. Covering twelve Ministerial Conferences held between 1996 and 2022, the key outcomes include Ministerial Decisions and Declarations as well as...

This e-book draws its origin from a High-Level Policy dialogue that took place on January 10-11, 2024, in Turin and reproduces some of its contributions. The goal is to provide concepts and perspectives to better understand the current evolution of EU trade policy and the governance role the EU...

In democratic states, mass surveillance is typically associated with totalitarianism. Surveillance practices more limited in their scope draw criticism for their potential to undermine democratic rights and freedoms and the functioning of representative democracies. Despite this, citizens living...

When an exchange occurs between two or more states, factors like currency, government policies, economy, judicial system, laws, and markets influence trade. The WTO agreements cover goods, services, and intellectual property. They spell out the principles of liberalization and the permitted...