Comprehension: Present international economic relations have been least influenced by multilateral forums; meetings of multilateral economic institutions are not taken seriously by leaders of important nations, who have spoken against the WTO and prioritised national interest. In the early 1980s the world moved towards globalisation and multilateral lending and trade forums played a crucial role, but regional economic associations and bilateral trade forums slowly took centre stage. Britain's exit from the EU, disruptions in WTO forums, and statements of the US President and European leaders signalled that globalisation was ending. Recent high tariffs on Indian exports and various US measures violate free and fair trade, and trade disruptions are not taken up by appropriate international forums, so people question the relevance of post-war economic and political institutions.
The important challenge to the WTO is:
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