On the occasion of the WTO attaining twenty years of age as an organization, this paper is devoted to examining its governance and process of innovation, and finally its prospects. The WTO has produced significant changes in betterment of global trade to date. In the period of twenty years from (1995-2015), world trade volume has grown four times, and trade tariffs have halved to 50 %. The trade ... [Show full abstract] picture, however, is found to be blurred, agreements entangled, amid the rising new super trade blocs, etc. This paper discusses its progress and challenges in terms of governance, ethics and fairness.