A New Front in United States–China Rivalry: The Challenges and Opportunities of World Trade Organization (WTO) 2.0
Institute for Future Strategy, Seoul National University – Issue Brief (October 2024, Vol. 05)
“A New Front in United States–China Rivalry: The Challenges and Opportunities of World Trade Organization (WTO) 2.0”
The World Trade Organization (WTO), established in 1995, has served as the cornerstone of the international trade system and played a pivotal role in maintaining the global economic order. However, as major countries including the United States and China increasingly pursue protectionist, domestic-oriented industrial and trade policies, calls have grown for a fundamental reform of the WTO’s roles and functions.
Accordingly, this issue brief examines key issues in WTO reform—such as state-owned enterprise subsidies, the dispute settlement mechanism, and transparency in subsidy notifications—and explores strategic options for South Korea under various possible scenarios.
Keywords: World Trade Organization (WTO), protectionism, WTO reform, dispute settlement, subsidies, South Korea’s strategy
