WTO is still important

♤ Inspite of growing regionalism in trade liberalization, the WTO is the only forum where every country can talk to each other.

♤ While protectionism was bound to grow globally in the face of fragmented agreements and a contracting economy, it is in such circumstances that WTO’s dispute

resolution (mechanism) assumes significance.

♤ Recently, Trade Facilitation Agreement, signed under the aegis of WTO, entered into force. The agreement seeks to ease the movement of goods across the borders.

♤ Further, some members of WTO, including India are proposing Trade Facilitation in Services Agreement.