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1 1 (February 16, 2024)

handle is hein.crs/goveojc0001 and id is 1 raw text is: Updated February 16, 2024 World Trade Organization The World Trade Organization (WTO) is an international organization established in 1995 following the ratification of the Uruguay Round Agreements, and today includes 164 members. It succeeded the 1947 General Agreement on Tariffs and Trade (GATT), created as part of the U.S. and Europe-led post-WWII effort to build a stable, open international trading system. The WTO's basic functions are: administering its agreements; serving as a negotiating forum for trade liberalization and rules; and providing a mechanism to settle disputes. The multiple WTO agreements cover trade in goods, agriculture and services; remove tariff and nontariff barriers; and establish rules on government practices relating to trade (e.g., trade remedies, technical barriers to trade, intellectual property rights (IPR), and government procurement). The agreements are based on the core principles of nondiscrimination-most-favored nation (MFN) and national treatment, fair competition, and transparency. WTO rules also allow for exceptions, such as preferential treatment/flexibilities for developing countries. The GATT/WTO system over time has led to a significant reduction of trade barriers, supported trade expansion and economic growth, and helped manage trade frictions. At the same time, the WTO faces serious challenges. One key concern raised by observers is that the WTO is losing relevance due to its inability to adapt to the modern global economy. For decades, members struggled to negotiate a successful round of major trade liberalization since 1994. In recent years, many have increasingly resorted to measures that may violate core trade rules. Moreover, challenges, such as the Coronavirus Disease 2019 (COVID-19) pandemic and Russia's 2022 war in Ukraine, have disrupted global trade and supply chains and prompted trade-related responses. WTO members are considering various reforms to the institution in attempts to safeguard and improve it. Congress has recognized the WTO as the foundation of the global trading system, and it plays a legislative and oversight role over WTO agreements. Some Members have expressed support for WTO reforms, new rules, and U.S. leadership (e.g., S.Res. 202, S. 446). The Biden Administration committed to renewed U.S. support for multilateralism and WTO reform, and remains engaged in ongoing negotiations. Amid debates over the WTO's future, several issues may be of interest to Congress, including the effects of WTO agreements on the U.S. economy, outcomes of reform and negotiation efforts, and the value of U.S. membership and leadership within the WTO. The Doha Round The Doha Development Agenda, the most recent round of multilateral negotiations, was launched in 2001, but ended in stalemate in 2015 with no clear path forward (Table 1). The WTO's diverse membership and the single undertaking approach made consensus on the broad Doha mandate difficult, and these aspects continue to beset ongoing talks today. Doha was characterized by persistent differences among developed and developing country members across major issues. Agriculture, where multilateral solutions arguably remain ideal, is among the thorniest issues left on the Doha agenda. In 2015, members agreed to limited deals, including on export subsidies and measures for least developed countries. Doha's legacy may be the successful negotiation of the 2013 Trade Facilitation Agreement, which removes customs obstacles at the border. Tahl I. GATT/WTO Rnunds Source: CRS based on the WTO. Note: *In 2015, WTO members failed to reaffirm Doha's mandates. MC I3 Prospects WTO members held their latest ministerial conference-the WTO's top decision-making body and generally seen as an action-forcing event-in June 2022 and achieved several outcomes, including a limited multilateral agreement on fisheries subsidies. The fisheries deal, subject to prolonged talks since 2001, commits members to curb certain harmful subsidies. It was notable as the only current multilateral negotiation within the WTO and first to cover sustainability issues. WTO members have continued talks on key issues left out of the deal, notably subsidies related to overfishing and overcapacity-see CRS In Focus IF11929. Other decisions included extending a moratorium on e-commerce duties and a package on WTO responses to emergencies, covering food security, a World Food Programme exemption from export restrictions, and IP-related pandemic responses (see below). Many observers generally viewed MC12 outcomes as boosting the WTO's credibility. WTO leaders framed the deals as demonstrating the global trading system can respond to some of the most pressing challenges of our time, while emphasizing it is critical to build on this groundwork by the next ministerial. The 13th Ministerial Conference (MC13) is set for February 26-29, 2024. Members face decisions on priority issues leftover from MC12, including whether to again extend the e-commerce moratorium (set to expire in March 2024), n ressibnal Research Servi mrinc thA ovalative debdte sincA 194

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