Despite some successes at the last Ministerial Conference of the World Trade Organization, held in June 2022, the multilateral trading system faces a number of challenges. Starting from these premises, the aim of the work is to summarize the old and the new challenges of the global trading system, with focus on the ones raised by the geopolitical tensions, and the possible reform measures. The results of the research reveal that the challenges of the multilateral trading system are reflected, among other, in global trade tensions, limited progress in multilateral negotiations, the issues affecting the World Trade Organization's dispute settlement. It is also important to note the increase of the stockpile of import-restrictive measures. Besides, recently, the COVID-19 pandemic has prompted the adoption of trade policies on trade in medical goods and equipment, increasing the uncertainty at international level. Moreover, the war in Ukraine has added new challenges to the global trading system, strengthening the risk of fragmentation and creation of trading blocks. Both the pandemic and the military conflict have revealed once more the vulnerabilities of the global value chains, and the imperative to address them. Against this background, there are concerns about the future of the global trading system. Therefore, expert call for the reform of the World Trade Organization and the adaptation of the global trading system to the new realities.