More power to the WTO?

Because of its unique characteristics (package deals; effective dispute resolution), the WTO has the potential to become a key pillar of global governance. In principle, it could very well take on additional duties relating to the environment, labour, investment, competition law, etc. Yet in its present form, the WTO cannot responsibly assume a larger mandate. A number of fundamental, institutional changes will first have to be made. Trade and other societal values incorporated in the WTO framework ought to be recognized as equals; a liberal trade bias to interpret each and every rule in the WTO package is to be excluded. Co-operation with specialized international organizations, and NGOs, to prepare and implement new norms must intensify. To a greater extent the WTO ought to operate as an open, rather than a self-contained, regime under public international law. It is up to its members, the now some 140 countries including the European Union, to enable the WTO to take up this challenge. If national governments do so, and thereby take the need for global governance seriously, the WTO deserves a better name: the World Economic Organization, the WEO. [PUBLICATION ABSTRACT]