China and U.S. Challenged to Lead WTO Reforms

BEIJING, CHINA – Speaking Tuesday at the “1+6” roundtable meeting, World Trade Organization (WTO) Deputy Director-General Alan Wolff urged members to begin serious engagement on improving the WTO, arguing there was enough common ground to reach major new agreements. He also called on China to participate actively and contribute positively to planning far-reaching WTO reforms. Wolff said all WTO members should contribute to improving the WTO, but that the largest trading nations have a greater capacity to influence outcomes. The “1+6” roundtable is an annual gathering of leaders of six major international institutions (WTO, World Bank, International Monetary Fund, International Labour Organisation, Organisation for Economic Cooperation and Development, and the Financial Stability Board) hosted by China to share views on the world economy and global economic governance. Wolff, currently the top official in the WTO following the early resignation of Director-General Roberto Azevedo, explained that many understand the WTO dispute settlement is not functioning as intended, but less known are the defects in the WTO’s governance structure and the fact that the WTO has no executive arm. He called on the four largest WTO Members – the European Union, the United States, China, and Japan – to find common ground. Currently, those members account for over half of world trade and any decisions agreed to by all four would likely be followed by the other 161 member nations. The United States, and the Trump administration, have been very vocal about the need for major reforms in the WTO.
(SOURCE: All Ag News)