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A thing to remember is that legal prostitution is still a vector in the human trafficking trade. Even where it's legal, women are forcefully relocated to those nations and forced to work.
Most of the prostitution issues would be handled, but you would still need to account for it.
You would have to make it legal everywhere or at least as many places as possible. The world followed the US lead on the drug war Im sure they could follow our lead with this too. Especially if you could demonstrate how it would hurt these criminal operations. If prostitution is legalized in 70% of countries, you just destroyed 70% of their human trafficking operations. Yes there would be the remaining 30% of countries but they already are experiencing that the demand isnt going to go up 70% in those few remaining 30% of countries.
Even in countries where prostitution is legal women are being trafficked against their will to those countries to be forced into sex work.
They're already being trafficked to the US to be forced into prostitution, why would they care if it's legalized. It wouldn't affect their trafficking.
But I also feel you may be inflating the ramifications of legalization of drugs and prostitution. I believe it was Canada or one of the US states where the cost of legally sold Marijuana was still too high and people turned to their old dealers. You'd see the cartel enter the market again with cheaper, more dangerous options for those who can't afford the higher priced, taxed, and regulated products.
We can regulate those who wish to operate above board, but you can't stop the pipeline.