Hope Springs Eternal: Plurilaterals, the WTO and APEC*

The rules-based international trading system is under the greatest pressure since its inception in 1948 when the General Agreement on Tariffs and Trade (GATT) came into force. The rules of the GATT's successor, the World Trade Organization (WTO), are being flouted, and the Appellate Body of the dispute-settlement system is no longer functioning. Superpower rivalry is likely to prevent new multilateral trade negotiations leading to substantive agreements. In these circumstances, like-minded countries should begin negotiating plurilateral agreements at the WTO and within APEC.