Redesigning the WTO

Redesigning the WTO for the 21 Century November 9, 2009 The Program in International Finance and Economic Policy (IFEP) at the School of International and Public Affairs (SIPA), in conjunction with Columbia University’s Asia‐Pacific Economic Cooperation (APEC) Study Center, presented a panel discussion about the present and future of the World Trade Organization (WTO). Debra Steger, Professor at the Faculty of Law at the University of Ottawa, gave the initial presentation, and Michael Ewing‐Chow, Professor at the Faculty of Law at the National University of Singapore, provided comments. Merit E. Janow, Professor of International Economic Law and International Affairs and Director of IFEP at SIPA, moderated the discussion. Professor Janow began by asking the panelists’ opinions on how the WTO is performing and what institutional adjustments need to be made. Professor Steger first praised the bold vision and inspiration of the prevailing international economic architecture: the World Bank, International Monetary Fund (IMF) and WTO, which were created after World War II to maintain peace and economic harmony in the future. The financial crisis has emphasized the interconnected nature of the disciplines encompassed by these institutions and the extent to which the world economy is one integrated whole. Accordingly, “Only effective and coordinated cooperative action will help to provide the necessary stability and equilibrium into the future.” However, in G‐20 leaders’ gatherings following the global financial crisis, there has been a surprising omission of the WTO in discussions about economic reform.