And in the financial crisis, the trading system proved its worth in another way. This has prevented enormous economic damage at home, guaranteed affected countries the markets essential to recovery, and helped avert the political tensions that can arise in economic crisis. The question, of course, is whether these accomplishments are enough. As the President's call for a new global Round of trade negotiations indicates, we believe they are not. To begin with, the WTO can do more.
Trade barriers remain high, especially in agriculture and services.
Science every day creates new products and methods of trade. And the WTO itself can be reformed to make it more transparent, more able to help developing countries make and comply with commitments, and more effective in cooperation with institutions in related fields like the International Labor Organization or the IMF and World Bank. The GATT's original members were in essence the World War II Allies and Latin America. They make up 18 of the 30 applicants for WTO membership and represent the vast majority of the 1.5 billion people outside the system. Ultimately, it raises questions about their stake in a stable and prosperous world.