Просмотр новости
Найдите то, что Вас интересует
Спутники
РН
SpaceX
Роскосмос
NASA
СпутникиРНSpaceXРоскосмосNASAEDITORIAL: The World Trade Organisation’s (WTO’s) recently uploaded report dated 2026 titled A Critical Juncture of the World Trading System stated the obvious “global trade policy and the WTO are experiencing the most serious and sustained disruptions since the multilateral trading system was created 80 years ago.”
Few would disagree with this statement, given three major factors notably: (i) President Trump’s violation of the rule-based world economy, including weaponising tariffs; (ii) major inputs for most productive activities - electricity, gas/LNG, petroleum and products – continue to face major supply shortages after the West imposed sanctions on Russian fuel exports; and (iii) shortages were compounded after the US/Israel attack on Iran on 28 February, which eventually led to disruption in the supply of 20 to 25 percent of global fuel supply – a disruption that was exacerbated by the closure of the Strait of Hormuz and, after the restart of hostilities between Saudi Arabia and the Houthis, the closure of the Strait of Bab-al-Mandab.
However, while the report did refer to these geopolitical factors that have impacted on global trade yet it also highlighted other more endemic issues that, it argued, were “a consequence of the system’s own achievements,” though it insisted that “founding logic continues to deliver important economic benefits, and the system continues to offer value. But its future effectiveness will now depend on its ability to adapt to the more integrated, multipolar and diverse global economy that it helped to bring into being.” And, the adaptation would require amendment to its rules, commitments and practices that are clearly not matched “the scale and speed of change in the world economy.”
Not surprisingly, the WTO does not recommend its dissolution but instead proposes the following: “repair what is broken, update what is outdated, preserve what works, and adapt cooperation to new policy spillovers. The WTO has faced moments of strain before, and its history shows that the system has endured not by standing still, but by renewing the rules, commitments and practices through which its core principles are applied.” More ominously, it argues that unless changes are made “the gap between strengthened multilateral cooperation and erosion of the multilateral trading rules (is) equivalent to an opportunity cost of roughly 5 to -10 percent of global real GDP, depending on the scenario,” as calculated in the report, will widen. On the upside the WTO economists maintain that a “strengthened multilateral trading system could increase global GDP by roughly 3 percent or USD 3 trillion by 2050, while inaction to modernize the trading system could reduce global output by up to 10 percent.”
The fact that the world economy as per the report “differs fundamentally from that faced by the post-Second World War architects of the GATT or even the negotiators of the Uruguay Round” is not in question for three reasons that are not highlighted in the report. First, the economic strength of Western countries, including the US, Western European countries, Japan and Australia has been challenged by the economic resilience of competitors, particularly China, which successfully challenged the imposition of prohibitive US tariffs. Second, China developed rare earths refining capacity accounting for 90 percent of world supply, including samarium, dysprosium and terbium, which are crucial for defence, electric vehicle and semiconductor industries. This allowed China to use its overwhelming leverage to defuse the impact of US tariffs. And, thirdly, geography may allow domination by militarily less powerful countries. Samarium, dysprosium and terbium, which are crucial for defence, electric vehicle and semiconductor industries as is the case with the choking off of the Strait of Hormuz and Bab-al-Mandab.
Western countries at present continue with their policies, individually like the US or collectively like the European Union, to use tariffs and sanctions in an effort to protect domestic industry and as a foreign policy tool. However, at present, they are clearly struggling with acute shortages and relying on alternate supplies, where available, that are much more expensive, rendering their manufacturing output uncompetitive.
The report maintains that 72 percent of global merchandise trade still takes place under the WTO’s most-favoured-nation terms, a status that Pakistan does not enjoy with any country though we receive preferential trade access to European Union via the Generalised System of Preferences (GSP+).
Copyright Business Recorder, 2026
EDITORIAL: The World Trade Organisation’s (WTO’s) recently uploaded report dated 2026 titled A Critical Juncture of the World Trading System stated the obvious “global trade policy and the WTO are experiencing the most serious and sustained disruptions since the multilateral trading system was created 80 years ago.”
Few would disagree with this statement, given three major factors notably: (i) President Trump’s violation of the rule-based world economy, including weaponising tariffs; (ii) major inputs for most productive activities - electricity, gas/LNG, petroleum and products – continue to face major supply shortages after the West imposed sanctions on Russian fuel exports; and (iii) shortages were compounded after the US/Israel attack on Iran on 28 February, which eventually led to disruption in the supply of 20 to 25 percent of global fuel supply – a disruption that was exacerbated by the closure of the Strait of Hormuz and, after the restart of hostilities between Saudi Arabia and the Houthis, the closure of the Strait of Bab-al-Mandab.
However, while the report did refer to these geopolitical factors that have impacted on global trade yet it also highlighted other more endemic issues that, it argued, were “a consequence of the system’s own achievements,” though it insisted that “founding logic continues to deliver important economic benefits, and the system continues to offer value. But its future effectiveness will now depend on its ability to adapt to the more integrated, multipolar and diverse global economy that it helped to bring into being.” And, the adaptation would require amendment to its rules, commitments and practices that are clearly not matched “the scale and speed of change in the world economy.”
Not surprisingly, the WTO does not recommend its dissolution but instead proposes the following: “repair what is broken, update what is outdated, preserve what works, and adapt cooperation to new policy spillovers. The WTO has faced moments of strain before, and its history shows that the system has endured not by standing still, but by renewing the rules, commitments and practices through which its core principles are applied.” More ominously, it argues that unless changes are made “the gap between strengthened multilateral cooperation and erosion of the multilateral trading rules (is) equivalent to an opportunity cost of roughly 5 to -10 percent of global real GDP, depending on the scenario,” as calculated in the report, will widen. On the upside the WTO economists maintain that a “strengthened multilateral trading system could increase global GDP by roughly 3 percent or USD 3 trillion by 2050, while inaction to modernize the trading system could reduce global output by up to 10 percent.”
The fact that the world economy as per the report “differs fundamentally from that faced by the post-Second World War architects of the GATT or even the negotiators of the Uruguay Round” is not in question for three reasons that are not highlighted in the report. First, the economic strength of Western countries, including the US, Western European countries, Japan and Australia has been challenged by the economic resilience of competitors, particularly China, which successfully challenged the imposition of prohibitive US tariffs. Second, China developed rare earths refining capacity accounting for 90 percent of world supply, including samarium, dysprosium and terbium, which are crucial for defence, electric vehicle and semiconductor industries. This allowed China to use its overwhelming leverage to defuse the impact of US tariffs. And, thirdly, geography may allow domination by militarily less powerful countries. Samarium, dysprosium and terbium, which are crucial for defence, electric vehicle and semiconductor industries as is the case with the choking off of the Strait of Hormuz and Bab-al-Mandab.
Western countries at present continue with their policies, individually like the US or collectively like the European Union, to use tariffs and sanctions in an effort to protect domestic industry and as a foreign policy tool. However, at present, they are clearly struggling with acute shortages and relying on alternate supplies, where available, that are much more expensive, rendering their manufacturing output uncompetitive.
The report maintains that 72 percent of global merchandise trade still takes place under the WTO’s most-favoured-nation terms, a status that Pakistan does not enjoy with any country though we receive preferential trade access to European Union via the Generalised System of Preferences (GSP+).
Copyright Business Recorder, 2026
| # | Наименование новости | Тональность | Информативность | Дата публикации |
|---|---|---|---|---|
| 1 | CNBC Daily Open: Is India the first to face Trump's ‘secondary' tariff on Russia? | 0 | 6 | 31-07-2025 |
| 2 | The Trump Trap — and the harsh reality of the 'Art of the Deal' | 0 | 9.28 | 05-08-2026 |
| 3 | Экономика: Мировую экономику спасет искусственный интеллект | 0 | 5 | 03-07-2026 |
| 4 | Conservative economist tells WSJ: Trump is destroying the economy | 0 | 10.76 | 06-07-2026 |
| 5 | With Trump tariff deadline one day away, U.S. economy's wholesalers, distributors fear the worst and plan for price increases | -2 | 7 | 31-07-2025 |
| 6 | Trump extends Mexico's 25% tariffs for 90 days as talks continue | 0 | 5 | 31-07-2025 |
| 7 | Жуков: Россия будет добиваться сохранения ВТО как гаранта справедливой торговли | 0 | 0 | 04-11-2019 |
| 8 | Tensions with Iran add fresh uncertainty to an already shaky global economy | -3 | 6 | 08-07-2026 |
| 9 | Iran War Has 'Severely Disrupted' Fertilizer Trade, WTO Says | 0 | 7 | 10-07-2026 |