United Kingdom calls for the Group of Seven to modernize the World Trade Organization

This content was published on May 26, 2021 – 9:31 PM

London, May 26 (EFE). British International Trade Minister Liz Truss will ask her G7 counterparts to promote modernization of the World Trade Organization (WTO) in a hypothetical meeting they hold tomorrow and Friday, according to the British newspaper The Guardian. Submit a statement.

According to the memo, Truss, the host of the meeting under the rotating presidency of the United Kingdom, will assert that for global trade to function, “it must be fair”, and for that, the WTO must be “more modern and dynamic”.

He asserts that if the body does not adapt to the 21st century, “there is a real risk that global trade will fragment and that fewer countries will end up complying with the rules.”

According to the statement, the Minister will express her support to the new Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, who will attend the meeting with trade representatives of the Group of Seven (the most advanced seven economies), who are planning. To meet in person again this October.

Truss will ask his partners in Canada, France, Germany, Italy, Japan, the United States and the European Union to support the introduction of a more efficient commercial dispute settlement system and effective rules for digital and data trade.

It will call for the WTO to combat “unfair” and “harmful” subsidies in the industrial and agricultural sectors that “distort competition and undermine international trade”, and will urge the promotion of green practices in supply chains.

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The minister will also propose “collective actions” to increase production and distribution of vaccines and medical equipment against COVID-19.

This is one of the many ministerial meetings that precede the forty-seventh summit of heads of state and government of the G7 countries, which will take place between 11 and 13 June in the town of Carbis Bay in Cornwall (western England).) EFE

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