Conclusion

While the global trade flows have considerably deepened over the last three decades, aided by both the unilateral and multilateral reforms, the hindrances to free trade have always been integral to global trade architecture. Instead of the older non-tariff barriers (NTBs) like the traditional volume-based quota, newer forms of complex standard-related, regulatory and procedural NTBs have emerged in the recent period. Several WTO provisions, their interpretations and permissible flexibilities will be tested through the lenses of the emerging disputes in the coming period. In addition, the interventions like The CHIPS Act in the US can hurt the export interest of certain member countries, leading to trade discords. An early conclusion of the WTO’s Doha Round, which is going on since 2001, can restore the faith of the members in the multilateral trading mechanism. However, given the fact that many countries are still recovering from the Covid-19 led trade and development challenges, it is unlikely that they will go out of their way for undertaking additional policy reform compromises, particularly on the question of manufacturing sector reforms. In all, despite the obvious benefits to be accrued from participation in globalization and recourse to free trade, the perception on disproportionate liberalization benefit sharing and their developmental ramifications may still overshadow the current stalemate at the WTO negotiations for some time.