Germany is among the biggest profiteers of the World Trade Organisation (WTO), achieving income gains worth $66 billion through its membership.
A study by Germany’s Bertelsmann Stiftung Foundation revealed on Monday that the U.S., China, and Germany profited most from their WTO membership by far, with the U.S. netting $87 billion.
China on the other hand netted $86 billion in income gains.
“In 2016, the WTO created a total increase in prosperity of around $855 billion for all its members combined,” the foundation said.
The WTO includes 164 member states, and most of them profit from their membership, according to the study.
Non-members are said to struggle with a loss of prosperity and a decline in exports.
“The WTO is the operating system of the global economy, ensuring on a daily basis that goods and services can circulate in a stable, regulated environment,” Christian Bluth, a trade expert at the Bertelsmann Stiftung, said.
As the WTO prepares to mark 25 years since it began operation on Jan. 1, 1995 under the Marrakesh Agreement signed by 123 nations on 15 April 1994, it finds itself in a state of paralysis.
The U.S. – accusing the organisation’s judges of overreach – issued a block on new appointments to its Appellate Body.
With an insufficient number of judges, the panel can no longer take on new cases, leaving the future of the international rules-based trade system in doubt. (dpa/NAN)
