1996

Executive summary

The multilateral trading system overseen by the World Trade Organization was created just over 75 years ago based on the vision that fostering interdependence among economies would play a crucial role in achieving peace and prosperity. This vision had emerged as a central lesson from three disastrous decades of deglobalization, marked by two world wars, the Great Depression, and political extremism. For three-quarters of a century it has guided policymakers as they laid the foundations for the integrated world we inhabit today.

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