Abstract
This article critically appraised the role of World Trade Organization (WTO) in the regulation of international trade with a view to discussing the significance, challenges and prospects of the WTO. The research adopted the doctrinal research methodology. It argued that the WTO has significantly regulated international trade by promoting free trade, reducing trade barriers, and providing a platform for dispute resolution among member states. However, despite these achievements, the WTO faces numerous challenges that threaten its effectiveness in shaping global trade. This research maintained that the emergence of the WTO itself is rooted in a complex history of international negotiations and trade agreements, transitioning from the General Agreement on Tariffs and Trade (GATT) established in 1948. The transformation from GATT to the WTO was driven by the need for a more structured and comprehensive international trade organization. Yet this evolution has not been without its difficulties. This article found that the WTO’s role in regulating international trade is multifaceted, encompassing the administration of trade agreements, monitoring trade policies, and fostering trade capacity building, especially for developing countries. Despite its efforts, the WTO has encountered significant hurdles, including criticisms of inefficacy in addressing modern trade issues, accusations of bias towards developed nations, and challenges in achieving consensus among its diverse membership. These obstacles are compounded by difficulties in co-ordinating policies with other international institutions, such as the International Monetary Fund (IMF) and the World Bank, which often have overlapping and sometimes conflicting mandates. Given these complexities, it was imperative to examine the prospects of the WTO in continuing to regulate international trade. This research concluded that the WTO’s historical evolution and current contributions underscore its role in regulating international trade. However, to remain relevant and effective in the face of emerging challenges, the organization ought to pursue reforms and adapt to the evolving global trade landscape. This research recommended that comprehensive reforms, improved international cooperation, and stronger policy alignment are essential ingredients to enhancing to enhance the WTO’s effectiveness and ensuring fair trade practices globally.