WTO REFORM IN THE LIGHT OF CURRENT TRENDS IN WORLD TRADE

In the second half of the twentieth century, the international community recognized that world trade needed its institutionalization, because of which the General Agreement on Trade and Tariffs (GATT) first appeared, and in 1995 it was replaced by the World Trade Organization (WTO). However, in today's turbulent conditions of global development, a powerful trend of protectionist restrictions has entered international trade, which has had a negative impact on world trade and GDP. Along with the manifestations of protectionism, the covid restrictions introduced at one time increased the state of uncertainty and unpredictability in world trade. In recent years, heated disputes between world leaders and the failure of international arbitrators have led to the recognition of the need to reform the WTO. The article considers the current trends in international trade in the form of economic nationalism (protectionism), reveals the challenges of global development, the issues of the insti‑ tutional crisis of the WTO and the need for its reform. It is concluded that the current form of existence of the WTO is institu‑ tionally incapable of adequately responding to modern challenges and threats and urgently requires fundamental institutional changes. In the context of the growing multipolarity of the international trade space, it becomes necessary to create a flexible world structure that will organically include both the principles of the WTO and the activities of free trade areas (FTAs). A new systemic institutional and organizational paradigm should be created with a corresponding adjustment of the principles of free trade and considering both urgent issues and future needs of world trade streamlining the mechanisms for the functioning of the FTAs in the WTO common system. Within the framework of the new structure, it becomes possible to create mechanisms for ensuring the resolution of international trade disputes and the development and adoption of updated world trade standards. Key words: