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The Future of the WTORichard BaldwinGraduate Institute, Geneva and CEPRThe WTO is doing fine when it comes to the 20th century trade it was designed for –goods made in one nation’s factories being sold to customers abroad. The WTO’s woesstem from the emergence of “21st century trade” (the complex cross-border flows arisingfrom internationalised supply chains) and its demand for beyond-WTO disciplines.The WTO’s centrality was undermined as such disciplines emerged in regional tradeagreements. The future will either see multi-pillar global trade governance with WTOas the pillar for 20th century trade, or a WTO that engages creatively and constructivelywith 21st century trade issues.1 IntroductionThe WTO is widely regarded as trapped in a deep malaise. Exhibit A is its inability toconclude the multilateral trade negotiations known as the Doha Round, despite 10 yearsof talks. This failure is all the more remarkable since it does not reflect anti-liberalisationsentiments – quite the contrary. The new century has seen massive liberalisation oftrade, investment, and services by WTO members – including nations like India, Brazil,and China that disparaged liberalisation for decades. WTO members are advancingthe WTO’s liberalisation goals unilaterally, bilaterally or regionally – indeed almosteverywhere except inside the WTO (see Figure 1).121