ISAS Insights

The WTO rests on a tripod. Those familiar with the laws of physics will be aware that an object is most stable when it rests on three legs. Is what is true of physics, also valid for trade? Testing it would be a worthwhile intellectual challenge. The first of the triad that holds up this champion of global free-trade, with near-universal membership of 153 with Russia now also on the cusp of joining, is the Multilateral Agreement on the Trade in Goods (including GATT 94 and associated agreements). The second is the General Agreement on Trade in Services, or GATS. The third is the Agreement on the Trade-Related Aspects of Intellectual Property Rights or TRIPS. It is noteworthy that the last two distinguishes it from its predecessor GATT which only dealt with goods. But this has not absolved the WTO from being still seen by many as a „rich man‟s club‟ with concomitant passionate opposition.