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October 11, 2021

Trade Agreements On International Trade

The WTO continues to classify these agreements into the following categories: a difficulty with the WTO system has been, in recent years, the problem of maintaining and extending the liberal system of world trade. Multilateral negotiations on trade liberalization are progressing very slowly and the demand for consensus among the many WTO members limits the extent to which trade reform agreements can go. As Mike Moore, a recent director-general of the WTO, said, the organization is like a car with an accelerator pedal and 140 handbrakes. While multilateral efforts have been successful in reducing tariffs on industrial goods, they have been much less successful in liberalizing trade in the agricultural, textile and clothing sectors, as well as in other sectors of international trade. Recent negotiations, such as the Doha Development Round, have encountered problems and their final success is uncertain.