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By Kester Kenn Klomegah
MOSCOW, Feb 24 2026 (IPS)

Despite consistent criticisms over its operations down the years, Russia still finds it difficult to leave the World Trade Organization (WTO), and instead assessing the opportunities and broad benefits of membership. WTO is not just an organization, but a multilateral bridge for strategic trade engagement and securing results-oriented partnerships. Certainly, unlocking and accelerating trade initiatives should be the key focus in the changing world.

Russian Deputy Prime Minister Alexey Overchuk underscored the importance of the work of the WTO, which regulates global trade, further suggested optimizing its operations. Some experts believe the WTO has effectively been paralyzed due to conditions created by the current geopolitical shifts from United States power dominance and its tariffs policy, to the emerging multipolar architecture.

In his view, this reason is driving the current changes as well as “the desire of specific countries, business groups, and companies to establish control, including over deposits of critical minerals, and new transport and logistics routes that ensure the delivery of resources and goods necessary for the functioning of economies.”

“Because whoever succeeds in doing this will secure a leadership position in the world with a new socio-economic order, and, consequently, will create better conditions for the emergence of new enterprises, new jobs, new sources of income for individuals and legal entities, new sources of budget revenue, and, ultimately, of course, a better standard of living for their own population,” Overchuk said, at the forum “Architecture of the Future: Russian Business in Key Multilateral Platforms.”

In his opinion, sanctions, tariff and non-tariff restrictions are playing an increasingly important role in international economic relations, and Western countries are using instruments of unfair competition. Experts believe that Russia has not received substantial economic benefits from its WTO membership.

Now, the world is moving away from globalization altogether, with many countries introducing ever more restrictive measures based solely on their own interests, disregarding international rules.

Experts agree that the WTO crisis is part of a broader process of transformation of the global economy. In a mid-February Rossiyskaya Gazeta, Pavel Seleznev, faculty dean at the Russian Financial University, pointed to the “erosion of international law” and the transition to a model based on “might makes right” and bilateral agreements. According to him, the world is shifting away from multilateral mechanisms toward agreements concluded outside the framework of international institutions.

Russian Chamber of Commerce and Industry’s Customs Policy Council Chairman, Georgy Petrov, however described what is happening as a “phase change”: classical globalization is giving way to regionalization, where trade flows and rules are concentrated within macro-regions and political decisions become the basis of economic policy, rather than the other way around.

In practice, this manifests as a sharp increase in restrictive measures. Dmitry Krasnov, managing director of the Rexoft Consulting Competence Center in Agriculture, also noted that participants in international trade are increasingly introducing unilateral steps that contradict established multilateral rules.

Meanwhile, the assessment of Russia’s WTO membership remains mixed. According to Krasnov, the organization provided “leverage for predictability”: multilateral commitments on tariff and non-tariff policies created a clear framework for the state and businesses, reduced arbitrary barriers, and provided opportunities for arbitration.

Petrov recalled that “the main tariff positions were fixed,” and entrepreneurs understood the limits of rate changes. This made customs and tariff policy more stable.

The reduction in tariffs provided for in the accession terms also had a dual effect. In Russia, some industries faced increased competition due to reduced protectionism upon accession to the WTO. According to Petrov, many manufacturers felt the need to produce higher-quality, more competitive products, which was a positive development.

Pavel Seleznev, faculty dean at the Russian Financial University, on the other hand, believes that Russia has not gained any significant economic benefits from its membership. However, even in the current situation, maintaining its membership status allows Russia to continue engaging in dialogue and expressing its views, even with unfriendly countries.

Russia remains the member of the WTO and views its norms as fair and useful but the issue of keeping membership in conditions of sanctions pressure is not a simple one, Foreign Minister Sergey Lavrov said, on February 11, in the State Duma, the lower house of the Russian parliament.

Moscow believes it is necessary to revive the WTO as the sole recognized regulator of multilateral trade. “The issue is difficult and is under control with us and with the economic bloc of the government,” Lavrov said. “The WTO is experiencing crisis at present, just as the Bretton-Woods System on the whole,” he noted.

WTO principles and norms “are clearly established in agreements governing our trade relations with the overwhelming majority of countries of the world, including the global majority countries accounting for more than 70% of the Russian trade turnover,” the top Russian diplomat said. “One more circumstance that cannot be ignored is that the entire legal system of the Eurasian Economic Union rests on these WTO norms,” he noted.

The G20 Summit held on November 22-23 in Johannesburg, at the initiative of South African President, Cyril Ramaphosa, the joint declaration which was adopted, called for major reforms and stabilization of the global economy in 2026. “We recognize that meaningful, necessary and comprehensive reform of the WTO is essential to improve its functions so that it is better suited to advance all Members’ objectives,” the declaration read.

At the same time, G20 leaders emphasized its importance as an instrument for resolving trade disputes between countries. “We will strive to ensure that the benefits of trade reach all segments of society and that all people have the opportunity to benefit from trade,” the document reads.

In summary, the collective declaration advocated also for the swift implementation of the agreements reached within G20 to strengthen the role of countries from the Global South and East in the International Monetary Fund (IMF) and the World Bank (WB), taking into account their real weight in global economy. It is also important to revive the WTO as the sole recognized regulator of multilateral trade.

Russia joined the WTO in April 2011 after almost 18 years of persistent struggle and several negotiations, and adopting consistent efforts to meet the stringent membership requirements. It is the only international body now supervising world trade.

WTO has 153 members, and negotiations on the admission of a new member are held within a working group that unites countries that have unsettled trade problems with the candidate. It was established on January 1, 1995, as the successor to the General Agreement on Tariffs and Trade (GATT) that had been operating since 1947.

Kester Kenn Klomegah focuses on current geopolitical changes, foreign relations and economic development-related questions in Africa with external countries. Most of his well-resourced articles are reprinted in several reputable foreign media.

IPS UN Bureau

 

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Wein ist ein Getränk, das unsere Sinne fordert. Was seine Zusammensetzung umso spannender macht.

By Jomo Kwame Sundaram and Kuhaneetha Bai Kalaicelvan
KUALA LUMPUR, Malaysia, Feb 24 2026 (IPS)

President Donald Trump has shaken up the world economy and the rule of international law in the first year of his second term – ostensibly to make America great again, particularly by reviving US manufacturing jobs.

Jomo Kwame Sundaram

The President has assumed authority from the US Congress to wage war, impose taxes, make treaties, set budgets, regulate federal-state relations and more.

Tariffs
Trump’s 2nd April 2025 Liberation Day tariffs were ostensibly his primary means for generating manufacturing employment.

When the US Supreme Court overruled him on 20 February, he responded by imposing a 10% tariff on all imports, raised to 15% the next day!

The tariffs are a blunt means for reviving US manufacturing jobs. The policy assumes US manufacturing jobs have been mainly lost due to what the White House deems ‘unfair’ competition from cheap imports.

Undoubtedly, US and other transnational corporations have relocated production and generally sourced imports from abroad to reduce import costs.

Imposing tariffs on imported goods to raise their prices is supposed to induce manufacturers to relocate production and jobs to the US.

Higher tariffs were imposed on countries with larger goods trade surpluses with the US. This ignores the services trade balance, generally more favourable to the US.

Tariff threats are now among the Trump administration’s choice weapons or means of economic coercion, including sanctions, to advance and secure its interests.

K Kuhaneetha Bai

Revenue
The President claimed trillions of dollars in additional tariff revenue for the Treasury from foreign exporters to fund his massive military spending hike.

But only $264 billion was collected during Trump 2.0’s first year, much higher than before, but still less than 1% of US federal debt.

Tariff revenue peaked in October 2025 at $31.35 billion, well below expectations, months before the Supreme Court decision.

The Kiel Institute for the World Economy found only 4% of tariffs ‘absorbed’ by foreign exporters losing some export earnings. US importers paid the 96% balance of $264 billion in tariffs, weakening the impact of Trump’s business tax cuts.

But Trump’s tariffs have not reduced the US trade deficit, not even for manufactures; this rose to $1 trillion in 2025, as $3.15 trillion in imports exceeded $2.15 trillion in exports.

Although mortgage and loan interest rates have not fallen, inflation continues. The additional tariff revenue would not even have covered the extra military budget Trump has promised.

Congress could have reclaimed its tariff authority, though the current Trump-dominated House of Representatives has not tried.

But with the November midterm elections looming, Forbes reported that the president’s disapproval rating rose to 55% in mid-February, as fewer are confident his administration prioritises curbing inflation.

Financialisation
The US federal debt, around $39 trillion, now requires over $1 trillion in annual debt servicing from the $7 trillion annual budget.

Growing by $1.5-2.0 trillion annually, this unrepayable debt is being ‘rolled over’ for ever-shorter maturities. Hedge funds now hold 27% of US Treasuries, while foreigners, who held half in 2015, now have only 30%.

Treasury bond repurchase – or repo – agreements provide about $4 trillion in financing daily for derivatives speculation. Another financial crash can wipe out many more trillions of often dubious ‘value’.

While the US economy, productive employment, and research funding diminish, various bubbles of unrepayable debt are growing rapidly. Worse, so-called stablecoins and cryptocurrencies have infiltrated financial markets.

Meanwhile, some US mortgage delinquency rates have reached levels worse than in 2007-08. By the end of 2025, financial news agencies were publishing ominous reports of financial vulnerabilities.

Hundreds of billions of promised investments, coerced from other nations using tariff and other threats, will be invested in US financial asset markets but little of this will create manufacturing jobs.

Manufacturing comeback
Trump has promised to make the US a manufacturing superpower once again, leading the world in technology, computing power and military weaponry. But China leads in many – if not most – areas of recent technological advancement.

Dean Baker found the US labour market weakening over Trump 2.0’s first year. Overall, and manufacturing jobs growth both declined from Biden’s last year.

US manufacturing jobs have long been threatened by transnational corporate globalisation and labour-saving technical change, especially automation.

US policy in recent decades has left the private sector responsible for ensuring US industrial technology leadership and progress. Meanwhile, problems, such as poor infrastructure, remain unaddressed.

Trump’s tariffs may also inadvertently reduce US jobs. Many industrial processes require imported parts, with the tariffs proving disruptive.

Trump’s policies have not created enough manufacturing jobs. The president fired his Labor Department’s statistics head in mid-2025 for not reporting enough job growth.

Nonetheless, it reported only 584,000 net new jobs for all of 2025, compared to 1.6 million in 2024, for the US labour force of 165 million!

The Wall Street Journal noted, “The manufacturing boom President Trump promised … is going in reverse”.

The Trump administration could still use the Supreme Court’s ruling to change its strategy to make America great again by drawing better lessons from US economic history and adopting a more pragmatic approach. But so far, it seems unlikely to do so.

IPS UN Bureau

 

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