While reforms should keep pace with geopolitical tensions and rapid technological change, WTO chief urged the importance of multilateral cooperation to avoid chaos. 

Key Issues faced by Global Trading System

• Dispute Resolution: World Trade Organization’s Appellate Body, keystone of organization’s two-tier dispute settlement mechanism has been immobilized since December 2019,
• Unresolved Issues with WTO: Several crucial issues remained unresolved including trade on agricultural goods, subsidies, and conditions of application of Special and Differential (S&D) treatment to large emerging economies, stalled of Doha Development Agenda, etc.
• Geopolitical Shifts and Protectionist Patterns: E.g., USA’s reciprocal tariff, escalating tariff war, emphasis on bilateral trade agreements.
• Other : New set of concepts on data privacy, cross-border data flows, and taxation of digital services, climate change, Supply Chain Vulnerabilities etc.

Ways to Strengthen Global Trading System

• Reaffirm multilateralism as foundation of global trade: Acknowledging its historical including trade liberalization under WTO. 
• Responsible use of plurilateral agreements: Where consensus of all WTO members is not feasible along with upholding multilateral systems. 
• Recognize new Anthropocene context: Aligning industrial policies/international trade with commitments to combat climate change; greater interoperability in digital sphere, etc. 
• Restore a fully functioning dispute settlement system: Offering dispute resolution in a timely and efficient manner.