EU Trade Commissioner: US Should Participate in WTO Reforming

Forex News

The World Trade Organization is scrambling to develop a plan for the biggest reform in its almost 24-year history after US President brought the world's top trade court to the brink of collapse by blocking appointments of its judges and threatening a US withdrawal. The European Union called on Washington to start talking over ways of reforming the WTO to prevent a paralysis of the international trade body.

Yesterday, the European Union published proposals for reform of dispute settlement at the WTO that it has agreed with China, India and other countries. The EU hopes to overcome US objections voiced by President Donald Trump that have thrown the WTO into crisis.

Cecilia Malmstrom (EU Trade Commissioner) stated, that the EU and Japan had tried in vain to introduce the topic in trilateral talks with the United States.

G20 leaders are scheduled to meet on Friday and Saturday in Buenos Aires and the escalating trade dispute between the United States and China is likely to be at the top of the agenda. Malmstrom also expressed hope that the G20 summit in Argentina on Friday and Saturday, when Trump and Chinese President Xi Jinping are to meet, would ease global trade tensions.