Experts warned the WTO could become irrelevant if trade wars and tensions cause "backsliding" to trade protectionism.
GENEVA (AN) — Experts warned the World Trade Organization could become irrelevant if U.S. President Donald Trump's trade wars cause "backsliding" among major economies towards protectionism.
The report, prepared for WTO's Director-General Roberto Azevêdo by the German private foundation Bertelsmann Stiftung, said trade tensions pose a serious threat to global governance. Without a major shakeup at WTO, it warned, the international organization faces a "gradual demise."
The reduction in support and services it can deliver is expected to drop to about $50 billion across the U.N. system.
The U.S. will not attend the FfD4 conference in Spain later this month to fund the Sustainable Development Goals.
The summit created momentum for the adoption of the first legally binding rules to better protect international waters.
A major financial squeeze is hitting the embattled U.N., which is owed $5.1 billion for its regular and peacekeeping budgets.
The reduction in support and services it can deliver is expected to drop to about $50 billion across the U.N. system.
The summit was dominated by U.S. President Donald Trump's first appearance at the world's largest alliance since 2019.
A new report from the U.N. weather agency shows Asia has been heating up nearly twice as fast as the global average.
UNEP says it began work in 2022 to create a panel that could fill a major gap in the global environmental architecture.
