The expert assessed the consequences of a possible US exit from the WTO
Director of the Institute for Contemporary State Development Dmitry Solonnikov commented on a possible US withdrawal from the World Trade Organization (WTO) in an interview with RT.
If we consider the hypothetical situation that the USA will nevertheless leave the WTO, “the organization will lose its meaning,” the expert believes.
“The WTO was created in order to fix the hegemony of the United States in the international legal field. This organization, together with other international structures, creates the framework of the current world order, the center of which is the United States. After the release of the States, the WTO, as some kind of agreement, may persist. But this will not be the organization that is now, the goal-setting will be different. In this situation, it will be necessary to re-agree on a number of issues. Somewhere within these arrangements, a new organization may appear. But, most likely, all this will be a possible step towards the fact that the current world economic structure will be completely reformatted, new agreements will appear in its place. But it’s hard to imagine exactly what they will be, ”Solonnikov said.
Earlier, US leader Donald Trump admitted that the United States would withdraw from the WTO "if necessary." The rules of the organization, he said, allow other countries to "use the United States."
The Kremlin, commenting on such an opportunity, noted that if the United States leaves the organization, its existence will be in great doubt.
Russian Economic Development Minister Maxim Oreshkin said that the US withdrawal from the WTO could give an impetus to its reform, and such a Washington decision would not be fatal for the organization.