Defining the Future of Trade: Need for a Multilateral Consensus

Given the emerging challenges in the 21st century, is it possible for the multilateral trading system under the aegis of the World Trade Organisation (WTO) to address them? This Discussion Paper argues that it is possible provided two conditions (strengthening of the WTO to act as an institution where diverse expectations can be harmonised and collective stability to the multilateral trading system by the new Quad of the WTO Members) are met with a reasonable degree of success. And for this to happen, a Geneva Consensus is to be evolved for multilateralism to work better.