The failure of the IMF, World Bank and WTO to represent and further the interests of the developing world, through their one-size-fits-all approach, has lead to the collapse of trade negations, widespread criticism of their effectiveness, and bitter international protest. Many countries are rejecting the neoliberal ideologies of the ‘unholy trinity’ with intensifying calls for their reform or decommissioning.
The World Trade Organisation is unfit to address the needs of the world's poor. There should be no attempt to resuscitate the current global trade talks.
Nearly eleven years after the WTO came into existence, as the impasse over a multi-lateral trade regime continues, it is the ‘development’ aspect that has been sacrificed at the altar of international trade, argues Devinder Sharma.
The IMF’s meeting this spring was lauded as a breakthrough, with officials given a new mandate for “surveillance” of the trade imbalances that contribute significantly to global instability. The new mission is crucially important, both for the health of the global economy and the IMF’s own legitimacy. But is the Fund up to the job?
Greenpeace was dismissive of a World Trade Organisation (WTO) ruling, due to be released today, on a US-sponsored case which was attempting to force EU countries to accept genetically engineered (GE) organisms, in spite of overwhelming public opposition in Europe.