The title assigned to this talk is a question: what are the necessary ingredients for the world trading order? The answer could be very short: leadership. That’s always the answer, of course, and it’s hardly very enlightening. But the world trading system is in dire need of reform and the reformers - - if they exist - - are nowhere to be seen, either in Geneva or national capitals. And the stakes are high, no less than the sustainability of the rules-based multilateral system.
This paper will begin with a brief sketch of the background to the formidable challenges to the institution that houses the trading system, the WTO. These arise from the unintended consequences of the Uruguay Round and are compounded by Doha. I will then turn to the issue of reform and sketch some suggestions to improve both the WTO’s internal functioning and its external relations with stakeholders.
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