The role of the World Trade Organization in global economic issues

https://doi.org/10.5281/zenodo.17576931

Abstract

The World Trade Organization (WTO) is a very important institution that responds to the problems of the world economy influenced by sophisticated geopolitical, economic, and institutional processes. Some need to handle trade conflicts, reduce protectionism, deal with imbalances in market access, and handle shocks such as pandemics and sanctions. The trade agreements and the dispute settlement mechanism in the WTO are designed to bring about fairness, but in most cases, there are systemic biases that favor the developed countries, leaving the developing economies behind. The presence of geopolitical tension and unilateralism further undermines the multilateral cooperation, and the ethical issue of fair trade governance is brought up. The effects of cultural and economic diversity, especially in such areas as Pakistan, affect the impact of the WTO on the local trade practices. WTO structures offer very straightforward principles in international trade, but there are real-world challenges that can impede the implementation process, including arduous stalling and inefficiencies. Through this research, the role of the WTO in facilitating trade liberalization, food security, and response to the current economic trends is discussed, and reforms to make the global trade systems more equitable and resilient are necessary.

Keywords: challenges, historical context, laws, opportunities, theoretical context