Stop Weaponisation Of Trade

An open, transparent, rules-based trading system remains crucial for driving economic development. Such arrangement is also important for addressing global problem like climate change. Under multilateralism, global trade is operated adhering to certain internationally agreed principles and regulations. Multilateral trading system originated with the conviction that trade and interdependence foster peace and prosperity. The World Trade Organisation (WTO) was set up in the 1990s as a successor to General Agreement on Trade Tariff (GATT), which until then regulated the world trade activities. Compared to GATT, WTO is more empowered to penalise those trading partners which violate its rules.