The World Trade Organization has concluded its first trade reform agreement. Meeting in Bali, Indonesia, earlier this month, trade ministers gave their stamp of approval to a deal that is projected to add $1 trillion in trade to the global economy. WTO Secretary General Roberto Azevedo celebrated the success — his success, according to many accounts — noting that "we are back in business ... the 'world' is back in World Trade Organization." It is a moment to savor, but it is just a start.
Since it opened its doors in 1995, the WTO has labored to produce a global deal that would fulfill the promise of an organization designed to promote trade and economic development.
While the WTO has been busy arbitrating disputes under existing rules and regulations, it has failed to produce new rules and regulations that would lower barriers to exchange.