Many of us thought that the World Trade Organization (WTO) was dead when the world financial and economic crisis demolished the myth of the benefits of free trade regimes, and that the poor of the world could rejoice. But suddenly, by some kind of voodoo trickery, it is back.
Trade liberalization, the WTO promises, will bring benefits to all countries. In reality, rich countries have taken full advantage of the opening of markets in developing countries, while failing to open their own markets. Now the issue is agricultural trade, the most important issue for the poor of the developing world.
At the WTO's Cancun conference in 2003, developing countries were expected to accept a deal whereby, in return for making minor reductions in import tariffs and subsidies, they would be forced to accept a regime of free-flowing investments. The Cancun conference failed mainly because of the combined efforts of India, Brazil and South Africa to stand up against protectionism in developed countries.