Abstract: Mark Carney’s warning of “a rupture in the world order” captures the shifting foundations of the multilateral trading system ahead of the WTO’s Fourteenth Ministerial Conference (MC14). Once the anchor of a rules-based trade regime, the WTO is now grappling with both internal and external pressures. Its institutional core is under strain: the paralysis of the Appellate Body has weakened enforcement, while limited progress since the Doha Round on agriculture, food security, and making Special and Differential Treatment (S&DT) provisions more precise and effective reflects persistent divisions among Members. At the same time, unilateral tariffs, climate-linked measures such as CBAM, and strategic trade interventions are reshaping global trade governance. As countries increasingly turn to regional trade agreements, a critical question emerges: do regional trade agreements risk evolving from “building blocks” into “stumbling blocks” for multilateralism? MC14 may not resolve these tensions, but it will shape the direction of WTO reform.