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Roela Khalaf, Ft Editor, selects his favorite stories in this weekly newsletter.

The writer is a senior partner for international regulation change, former director director of the IMF and former world counselor

The “day of liberty”, while the US President Donald Trump marked his tariff notice last week, able to make a deadly blowjob in the world’s world.

Built on two basic principles – “national treatment” and “preferred country” (MFN) – WTO is designed to provide excitement to marketing and hence, investment. The national treatment assumes that once imported customs are imported, they receive the same treatment as it is made at home “like products”. MFN rule, with exceptions for free trading zones, requires WTO members to look forward to equal trading terms of all others.

Trump’s actions threaten to unreligue this lacked and finished framework, moving a system based on the rules of a chaotic web in bilateral deals. Despite the midst of the chaos one moment: the moment that ultimately becomes pushed to long-lasting reforms that can be modern handling global trade.

The famous saying dedicated to Winston Churchill comes in mind: “Don’t let a good crisis waste.” In that spirit, we need to seize the opportunity and try to rebuild trust by changing certain acts of WTO united reference.

As the WTO can make decisions by voting, practice is coming to them by agreeing instead. However trade negotiations are likely to be seen in the suggestions of others the opportunity to obtain concessions and advance their own interests. Their natural is opposition to initiatives to obtain bargaining levers.

More than this plot of development, the practice of agreeing with all decisions, especially for new trading negotiations, for the development of WTO negotiations, for two important reasons.

First, it rests on a legal thinking – that all WTO members are equal to rights and obligations – without reflecting on their distinctive range of global trading. Second, the rise of geopolitical tensions reaching the approval of the harder, which made it a barrier than a tool for co-operation.

If we are serious about the change of WTO, we must have courage to agree to unite the rule that is in accordance with the realities of the world. A possibility to build a double-rule, with decisions needed approval at least 65 percent of voting members represent 75 percent of the world’s tradition.

If we move in that direction it can also be fair to reinforce what is called special and distinctive treatment, intended to provide special rights to promote countries.

The reforming reforms are difficult when trusting WTO members is in such a low EBB. However we can start rebuilding trust by identifying roads for change.

Another option establishes an independent WTO examination office – a standard part of Bretton Woods institutions and all regional development banks. While it does not guarantee the safe path of reforms, at least ensure that critical problems are ignored.

The idea is not new, and the cost should not be an important obstacle. In the IMF, for example, the independent office of checking works 0.5 percent of the fund operation budget, however it is very effective. If the WTO wants to remain relevant and respond, it is time considered to be a similar procedure.

The way forward does not have to be a growing revenge and chaos. Cool-headed polisicalmakers should be against the “liberation” notice of Trump by conforming to trade coat. The launch of a re-moderation and modernization of WTO will assure market strength, unrest, beyond.