‘Multipolarity’ and BRICS ‘Trade Ethics’ Are Key to WTO Reboot
World Trade Organization (WTO) logo at the entrance of the WTO headquarters in Geneva
It is vital to restart the World Trade Organization (WTO), including its arbitration function, and enhance the role of developing economies in international financial institutions, Russian President Vladimir Putin underscored at the G20 summit in November 22, 2023.The World Trade Organization (WTO) must embrace the trade ethics championed by BRICS to achieve a much-needed reboot, financial analyst Paul Goncharoff told Sputnik.The spirit that is driving the incredible growth of the BRICS countries is rooted in the “original aims” that were once a part of the WTO, noted the general director of consulting firm Goncharoff LLC.“I feel it is essential to bring the multipolarity and ethics of the trade systems envisioned by BRICS into the WTO as part of its reboot and re-structuring,” he said.Although the WTO was established 30 years ago to serve as an objective arbiter of trade disputes, it has since been hijacked by the US to serve its own financial and geopolitical interests as a “rubber stamp bureau,” noted the analyst.
AnalysisPepe Escobar: BRICS Make History – Can They Keep the Momentum?28 October 2024, 13:08 GMTHighlighting the need to restart the WTO at the G20 Summit in 2023, Russian President Vladimir Putin “put voice to what was long known and seen but as yet insufficiently acknowledged in any open world forum. This resonated positively with most of the many nations of the non-G7 world,” stressed Goncharoff.The WTO’s top appeals bench has been effectively paralyzed for years due to Washington’s blocking of adjudicator appointments, leaving the organization “unable or unwilling” to play an impartial role in addressing restrictions such as US unipolar sanctions.
What Could Be Next for WTO?
Countries aligned with BRICS, the Shanghai Cooperation Organization (SCO), ASEAN, etc., would likely become the driving force behind a WTO restart, Goncharoff speculated.However, he warned of “intense resistance from the US and its satellites of interest.”“Until that is resolved, we will keep witnessing polarization of trade and continued geopolitical impasses with no effective adjudicating body to settle them”.
