The World Trade Organization (WTO) Committee is currently working to solve issues on currency manipulation. As revealed in a crisis, China has been exposed for manipulating their currency to economically benefit them through trade. Delegates from Venezuela are “outraged” because they feel as if currency manipulation gives an “unfair advantage to developed countries”. Smaller countries are currently forming coalitions, like Togo, Liberia, and Sao Tome and Principe, who collectively claim that “developed countries are bossy” and developing nations must “work together”to combat the oppressive nature of larger countries. However, not all smaller nations are anti-currency manipulation, Lesotho, for one, believes that currency manipulation might be necessary in order for developing nations to jump start their economies, however she sights this use as only a “short term solution”.
The WTO Committee is currently split into three major blocs; a Syria headed Bloc, a France headed Bloc, and a rapidly deteriorating China headed Bloc. The Syria headed bloc seems to be mainly focused on agricultural implications and trade. The France headed block appears to be the fastest growing and supports the idea of “working together” though a three pronged approach called the “Trident Solution”. The Trident solution focuses on three main points. The first point affirms “working together” through a mentorship program, controlling subsidies, and investing in infrastructure mainly through the Health Care sector (hospitals, facilities, etc.). The second point narrows in on controlling currency manipulation, and proposes creating a council to determine the “development status” of a nation. The third point focuses on trade, and cites agreements and insurance as important steps to the approach. The China Bloc, according to Haiti, is “spiralling” due to their recent currency manipulation exposure, and is expected to lose support soon.