Abstract
Pascal Lamy, General Director of the WTO recently said that “negotiations towards a conclusion to the Doha Trade Round are 70% complete”. Indeed, the WTO trade talks have not been efficient over the last few years. Lowering agricultural and industrial tariffs, reducing subsidies in farming, dealing with services, opening markets and elaborating a more favorable treatment for developing countries are the main issues that still remain on the tables of negotiations (“Food Navigator, Europe”, online). The WTO multilateral trading system is obviously facing major difficulties in regulating international trade in a fast-changing world economy. First of all, we will present the WTO (role, different principles underlying the system, benefits…). Then, we will determine what the different economic costs of unsuccessful trade negotiations are. Finally we will see if there are any economic benefits to be gained from such a situation.
