WTO now a forum for talks, not unanimous dealmaking

Significance The WTO remains the main body determining global trade rules, but increasingly it looks likely to struggle to go beyond mere discussion. Impacts While unanimously agreed deals on trade and related issues are unlikely, the WTO’s role as a key discussion forum is unmatched. There is no near-term prospect of reviving the two-step dispute settlement process as it was prior to 2019. Major emerging markets will increasingly influence talks; India and South Africa opposed a deal aimed at boosting foreign direct investment. Use of national security to attempt to justify exemptions from the core principle of treating all members equally will rise worldwide.