6

MULTILATERAL REGULATION OF TRADE

LEARNING OBJECTIVES

After reading this chapter, you should be able to:

  • Understand the institutional framework of the multilateral trade environment
  • Comprehend the objectives, institutional framework, and functioning of the WTO
  • Explain the need for UNCTAD as a multilateral trading institution
FOOD SECURITY ISSUES ROCK THE WTO BOAT

The World Trade Organization failed to ratify the Trade Facilitation Agreement (TFA), its first landmark deal since its inception in 1995, as India, backed by Cuba, Venezuela and Bolivia, declined to sign the agreement.

The TFA was formulated in December 2013 during the ninth ministerial conference of the WTO in Bali, Indonesia, as part of an overall reform effort to boost world ...

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