Can the WEF Re-Connect the WTO to the Global Business Community?

Abstract

As the World Trade Organization (‘WTO’) faces what may be an existential crisis and considers options for structural reform, a fundamental issue it needs to examine is maintaining its relevance for the business community. Recognizing that businesses are a key stakeholder in the system of global trade, one aspect of ensuring this relevance is continued and improved engagement with the business community. This article explores and recommends one possibility for such engagement: utilization of the World Economic Forum (‘WEF’). The WEF prides itself on thorough stakeholder engagement, and arguably provides a more holistic representation of business community views. Although limitations to this notion are considered in the article, it is ultimately argued that the WTO should consult the WEF more regularly regarding matters of international trade regulation policy. In doing so, the WTO would be taking advantage of the WEF’s expertise, its existing investment into research and collaboration with major corporations, academics and government officials, as well as its unique structure that allows it to consider upcoming issues in an agile and adaptable manner. After considering stakeholder engagement structures in other fora, this article recommends an institutionalized mechanism to ensure repeated, systematic collaboration and accountability between the WTO and the WEF. World Trade Organization, WTO, World Economic Forum, WEF, business community, stakeholder engagement, institutional change, collaboration, reform