Granted, this is a gross over-simplification, nothing is as simple and trade is certainly not that simple. Trade is but one factor of the global economy and trade policy must work in coherence and complement with other policy fields. Trade governance Trade is a powerful factor and a tool for economic growth and development, one that can bring benefits to many, if managed well. The main objective is to permit equitable and sustainable economic development throughout the world. The markets alone cannot achieve this.
Shared prosperity is possible if globalisation is harnessed intelligently and at the right level.
A stable and predictable system of multilateral rules that are designed to take account of the interests of all players is essential. Trade governance is but one aspect of global governance and the WTO is but one of the global actors. I do not share this view - constitutionalising the WTO is not the way. WTO is designed to manage trade and trade agreements. The system is a reflection of what it is set to administer.