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irrelevant and destroy the enormous benefits we derive from our multilateral trading system.
It would "go into hibernation", says one Geneva official, and the multilateral trading system might wither.
To be sure, the multilateral trading system has survived such setbacks before.
"No single issue more gravely imperils the multilateral trading system, from which you benefit so much".
With the world economy slowing sharply, failure could undermine the multilateral trading system and sideline the WTO.
The history of the multilateral trading system is littered with rows, hiatuses, disillusion, despair and sudden success.
A second failure could have sidelined the WTO and set back the multilateral trading system for years.
Still, he said, "We are going to remain committed to strengthening this rules-based multilateral trading system".
Europe should put its weight behind a multilateral trading system based on open markets, fairness, sustainability and democracy.
European legislators are considering more relaxed rules, allowing clearing to be conducted by market participants themselves via "multilateral trading facilities".
But how far must Asian regionalism go and how much damage will be done before the multilateral trading system can put this week's disaster behind it?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com