Viewpoint by Mukhisa Kituyi
The following are extended excerpts from UNCTAD Mukhisa Kituyi's Secretary-General blog on UNCTAD Website. In the face of barriers and protectionism, says the writer, the multilateral trade rulebook needs to be revised to ensure that it can deliver its full development potential.
GENEVA (IDN) –The multilateral trading system provides a unique international regime that regulates the conduct of sovereign nations in trade policy. Its norms, principles and institutions have served many of its member countries to overcome the so-called ‘prisoners’ dilemma’ in their strategic interaction with trading partners, where individually rational behaviour leads to collectively inefficient outcomes. This has helped increase international cooperation in multilateral market-opening and rule-making and has boosted trade flows around the world.