The multilateral trading system is widely perceived to be in crisis, undermined by geopolitical tensions, unilateral trade policies, and growing skepticism toward global cooperation. Yet this paper argues that such narratives are both overstated and insufficiently precise. While the system faces real and structural pressures, it continues to govern the majority of global trade and to deliver significant economic value. Drawing on economic theory and policy practice, the paper disentangles resilience from erosion. It shows that core mechanisms – non-discrimination, reciprocity, and binding commitments – still anchor global trade, even as negotiation, implementation, and dispute settlement have weakened. At the same time, new fault lines have emerged: unresolved development tensions, the rise of state-driven competition, sustainability-related regulation, and the rapid expansion of digital trade. Rather than calling for a wholesale reinvention, the paper outlines a pragmatic reform agenda focused on adapting rules and processes to contemporary realities. Central to this vision is a shift in political economy: with great powers less willing to underwrite cooperation, middle powers must assume a more active role in sustaining and renewing the system.