Vastavam web: Canada is working on a project for reform of the World Trade Organisation (WTO) and aims to organise international talks on the subject next month, Canadian sources said Friday as US pressure on the body mounts. President Donald Trump threatened late last month to pull his country out of the WTO, which arbitrates trade disputes, if it does not “shape up.”
He has previously criticized the WTO’s dispute settlement system as being unfavorable to the US, although the body most often rules in favor of the United States when Washington brings cases before it. “We recognize the challenges at the heart of the WTO and believe it is necessary to find the means to do the necessary work to advance reforms,” a spokesman for Jim Carr, Canada’s Minister of International Trade Diversification, told AFP. The group will “identify concrete means of improving the WTO over the short, mid and long term,” the source said, adding preparatory work has already begun.
Australia, Brazil, Chile, the European Union, Japan, Kenya, Mexico, New Zealand, Norway, Singapore, South Korea and Switzerland will be part of the working group, the official said. A European diplomatic source said the Ottawa gathering is “not totally confirmed” because a meeting of trade ministers from the G20 group of major economies was taking place, and Canada is still verifying if it has enough support for steering WTO reform.
At their meeting Friday in Argentina, the G20 trade and investment ministers recognized “the urgent need to discuss current events in international trade and ways to improve the WTO to face current and future challenges,” a communique said. Trump complained in April on Twitter that the WTO considers China a developing nation, despite its economic might.