Multilateral trading system after Doha endeavored to implement many alterations pertaining to the trading activities the world over. One of the biggest achievements was the inclusion of Chinese Taipei and China as members of World Trade Organization. The Multilateral trading system after Doha intended to bring about certain changes in the trading activities around the globe.
The outcome of the Doha talks has been summarized below.
Liberalization of market access:
The multilateral trading system after Doha talks extended as well as invigorated negotiations pertaining to liberalization of market access. In this context, it may be mentioned that negotiations pertaining to liberalization of market access was recommended for both non tariff as well as tariff barriers especially for the industrial products.
The mandate is “all embracing” comprising escalation in tariff as well as peal tariff.
As far as the agriculture sector was concerned, certain changes were suggested in the Doha talks. It was anticipated that the service sector along with the agriculture sector would manifest further improvement. One of the most important aspects, which was dealt with in the Doha Round (pertaining to agriculture) was that the export subsidies in agriculture was phased out.
“New Comprehensive Round”
Certain “new issues” were also on the agenda of the Doha Round. This led to the establishment of multilateral frameworks pertaining norms applicable for FDI or foreign direct investment as well as competition policy.
Inclusion of China:
The inclusion of Chinese Taipei and China to World Trade Organization was regarded as a great achievement. This incorporates the most important trading nation into the rolls of multilateral trading system.
Challenges in multilateral trading system after Doha:
Despite efforts to streamline global trading activities, there are still few loopholes existing in the multilateral trading system.
Some of the prominent ones are as follows:trading/multilateral-after-doha.html
All the developing nations were not being able to avail of the same access to the markets.
There were nations who were deviating from the norms laid down by the WTO.
The RTAs or the Regional Trade Agreements and the PTAs or Preferential Trade Agreements were gaining prominence.
It was uncertain whether efforts put in for removing imbalanced would actually yield any result.