The reform of the WTO has repeatedly urged the administration of US President Donald trump
The European Union intends to discuss the possible reform of the world trade organization for the mutual increase of the duties on goods the U.S. and China, Bloomberg reported, citing sources.
According to two knowledgeable officials in September 2018 in Brussels it is planned to hold negotiations with participation of Ministers of trade of EU, USA and Japan. It is noted that these negotiations will be preceded by about ten similar high-level meetings scheduled for next year.
After the meeting, the EU intends to introduce a plan to reform the organization. Presumably it will present proposals to reduce trade costs and measures to strengthen the dispute settlement system in the WTO more transparent, and to strengthen the organization itself, and negotiations make it more flexible.
As the newspaper notes, the reform of the WTO has repeatedly urged the administration of US President Donald trump. There, in particular, cited the organization unable to respond adequately to the challenges of China. In the past month about the need for talks on the situation in the organization said its head, Roberto Azevedo.
“The situation is serious. Many world leaders have realized that we need to negotiate, to sit down, talk and find solutions,” said Azevedo.
It is also reported that the European Commission sent to the Committee for trade policy document, dated July 5, which contained proposals to improve the structure and principles of the WTO, taking into account including the U.S.’s claims to the organization.