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The Eleventh Ministerial Conference (MC11) took place in December 2017 in Buenos Aires, Argentina. However, the members failed to agree to a ministerial declaration at the end of MC11.
The existential crisis facing the WTO, highlighted by the failure of the recent ministerial meeting at Buenos Aires is only symptomatic of a decline in its importance.
The nature of the deliberation at MC11 is a manifestation of the changing global power dynamics.
While certain developed countries (in this case, the US) can prevent outcomes going against its interest, some of the developing countries are now in a position to firmly resist its hegemony at the multilateral level.
Therefore, need of the hour are the structural reforms in the WTO functioning as multilateral trading system embodied by the WTO based on mutually agreed discipline on market access, customs duties, etc. remain critical to maintaining global interdependence.
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