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10 Asian J. WTO & Int'l Health L & Pol'y 1 (2015)
Future of the Multilateral Trading System: Why the WTO Remains Indispencable?

handle is hein.journals/aihlp10 and id is 3 raw text is: FUTURE OF THE MULTILATERAL TRADING SYSTEM: WHY THE WTO REMAINS INDISPENSABLE? Chiedu Osakwe* ABSTRACT From 1947 the Multilateral Trading System (MTS), based on the General Agreement on Tariffs and Trade (GA TT), was the engine for stability, unprecedented economic growth, welfare and prosperity in the post-war global order. These objectives were sustained with the coming into force of the World Trade Organization (WTO), in 1995, as as the successor to the GATT. The WTO inherited the GATT acquis, the the credits from the remarkable accomplishments of the GATT, but also its challenges and, in a radically altered global environment, defined by the 1991 collapse of the Soviet Union, the disintegration of the former Yugoslavia, significant shifts in the relative balance of power and the emergence of multi-polarity. In its Twentieth Anniversary, the WTO has registered strong gains. Its regular work is functioning at high levels of technical and operational efficiency in the the administration of its Agreement. Its Dispute Settlement function is highly regarded in public international law. Historically, the Organization is expanding its membership, through multilateral Chiedu Osakwe is Director of the Accessions Division in the World Trade Organization. Email: Chiedu.Osakwe@wto.org; telephone: + 41 22 739 52 50. The substance of this paper was originally presented at the National Taiwan University (NTU). Disclaimer: The opinions, arguments and conclusions in this paper are presented in a personal capacity and are strictly those of the author. They should not be viewed, directly or indirectly, as advancing any form of legal interpretation or advocating any policy position that is intended either to reflect on the WTO, or any of its members, individually or collectively, or on the VTO Secretariat. The purpose of this paper is to share experience and promote scholarship. The author is grateful to Maika Oshikawa, Mustapha Sekkate for their views and comments, but is alone responsible for the contents of this paper.

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