Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Trading

Reforming global trade rules is tough but doable: WTO chief

Reforming global trade rules is tough but doable: WTO chief 1

By Emma Farge

GENEVA (Reuters) -The head of the World Trade Organization stressed the importance of reforming the global trade body to prevent further trade wars but warned it would be “very tough” amid high geopolitical tensions.

The 27-year-old global trade body, under pressure to prove its relevance, was due to have held a major ministerial meeting this week and a plan to update the global trade rule book was among the key topics.

However, it was postponed https://www.reuters.com/business/wto-postpones-major-meeting-over-covid-19-concerns-sources-2021-11-26 due to travel curbs linked to the COVID variant Omicron, further dampening already dim hopes https://www.reuters.com/world/wto-postponement-significant-blow-possible-covid-vaccine-fishing-deals-2021-11-29 for progress.

Asked if the WTO was capable of reform, Ngozi Okonjo-Iweala said in an interview at the Reuters Next conference: “Absolutely. Whether it will be easy to do is another thing.”

“I think it will be very tough because of the lack of trust among members.”

The WTO’s top appeals chamber, the Appellate Body, has been disabled since 2019 when the administration of former U.S. President Donald Trump blocked judge appointments.

Okonjo-Iweala told Reuters the WTO’s dispute settlement system had to be saved to prevent future trade wars, adding that Washington’s “legitimate concerns” about overreach needed to be addressed.

Describing the current atmosphere as “fraught with geopolitical tensions”, she warned of the risk of the rules-based trade system being replaced by a power-based system and said smaller countries would lose out the most from this.

“It’s absolutely important that we support multilateral trade and we don’t take it for granted,” she said.

Okonjo-Iweala, director-general since March, said she saw many opportunities for the Geneva-based trade body, including in the area of climate change such as through the development of a global carbon price.

From laying down the law on fossil fuel subsidies to promoting low-carbon supply chains, there is no shortage of ways https://www.reuters.com/business/cop/big-climate-change-job-awaits-wto-if-it-can-step-up-2021-11-23 in which the World Trade Organization could be at the forefront of the global fight against climate change.

To watch the Reuters Next conference please register here: https://reutersevents.com/events/next

(Reporting by Emma FargeEditing by Bernadette Baum)

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now