The future of the international trading system under modern challenges is uncertain. The surge of protectionism, the re-balancing of power between nations, and a recent pandemic along with expanding digitalization demonstrate the necessity of rethinking global trade governance. The paper aims to reveal the key challenges of modern international trading system and provide possible ways to address them. Participants in the debate indicated that protectionism inevitably remains in modern trade policy, although liberalization and multilateral trade talks could provide incentives for more fair trade. The global interconnectivity in the framework of global value chains requires a new trade agenda. It is clear that states, especially in modern circumstances, primarily defend their national interests. However, strategically all WTO members will benefit from the development of multilateral cooperation. The responsibility of national policy makers and companies, especially those most powerful, is to maintain sustainable economic development. COVID-19 made more evident the core problems of the development of the international trading system. It has also provoked “pandemic-specific” protectionism, which should be taken into account in future developments of global governance. Digital technologies will certainly re-shape the modern structure of international trade, regardless of whether it happens in a revolutionary or evolutionary manner. The globalization leads to the digital divide among nations and the necessity to adjust the national policies. The World Trade Organization is not obliged to cope with all these issues, but its members are.