WTO Needs 21st Century Rulebook: Okonjo-Iaweala

The video discusses the current challenges faced by the WTO, emphasizing the need to update its rulebook to address 21st-century trade issues such as e-commerce, digital trade, and the green economy. It highlights the importance of reforming the dispute settlement system, which has been paralyzed, and ensuring successful outcomes in multilateral negotiations. The video also addresses the need to make trade more inclusive by considering micro, medium, and small enterprises, as well as women in trade. Finally, it examines the stalemate in the dispute settlement arena, particularly the concerns raised by the United States regarding the appellate body's functioning.

What is one of the main challenges currently facing the WTO?

• Overabundance of resources

• Excessive trade agreements

• Need to update its rulebook

• Lack of member countries

Why is it important for the WTO to update its rulebook for the 21st century?

• To reduce the number of trade partners

• To address new economic developments like e-commerce

• To eliminate digital trade

• To focus solely on traditional industries

Which of the following is a key area that needs to be included in the updated WTO rulebook?

• Automobile manufacturing

• Agricultural trade

• Digital economy

• Textile industry

What is one reason for the stalemate in the WTO's dispute settlement system?

• Lack of interest from member countries

• United States' concerns about the appellate body's rulings

• Excessive funding for the system

• Too many disputes being resolved

What issue does the United States have with the WTO's appellate body?

• It operates too quickly

• It overreaches its mandate

• It is too lenient

• It focuses only on European countries