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In the rollercoaster ride of up, down and all-around recession-riddled ‘teenies trading life it is easy to forget the fundamental impact the World Trade Organisation had global trade a decade ago, as China emerged as the world’s factory. Since that high point however, the WTO’s Doha talks have floundered as the new breed of emerging economies have become increasingly reluctant to remove the barriers to cheap Chinese exports. In lieu of any progress in at the WTO, a series of regional, bilateral trade talks have emerged as the easiest was to introduce further liberalisation that acts as a fuel to freight industries. The WTO needs new faces and a new vision, concludes The Economist
