👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

US trade chief rules out WTO dispute deal this week but says mood is positive

Published 02/28/2024, 11:21 AM
Updated 02/28/2024, 11:27 AM
© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo

By Alexander Cornwell

ABU DHABI (Reuters) - U.S. Trade Representative Katherine Tai on Wednesday ruled out an agreement on World Trade Organization dispute settlement appeals reform this week but said WTO negotiations on the issue were positive and showing some progress.

Tai, speaking to reporters on the sidelines of the WTO's 13th ministerial conference in Abu Dhabi (MC13), said the dispute settlement negotiations would continue on "much harder issues" after the conference ends later this week.

The WTO's dispute settlement system has been hamstrung for years because the U.S. has blocked new judge appointments to the Appellate Body. Washington claims the body overreached its authority by effectively making new trade rules through litigation.

The lack of an Appellate Body has left trade disputes worth billions of dollars unresolved and restoring its function was seen by many WTO members as a key goal for MC13.

Asked to describe the mood in the dispute settlement negotiating session, Tai said: "Positive. Collaborative. Constructive. Sober. We have more work to do."

She said there was convergence among members on improving some aspects of the dispute settlement system as part of a process started a year ago that was "energizing" the membership to "think big" about broader WTO reforms to meet 21st century trade challenges.

Tai pushed back against accusations that the U.S. stance on dispute settlement had brought the WTO to a standstill, but said that the appeals reform issue remained difficult.

"There is another set of issues that are going to be harder and take longer to address including what to do with this appeals mechanism and how to have a mechanism for review that doesn't repeat the problems of the appellate body that came before it," Tai said. "We are looking forward to continuing this process after MC 13 and really tackling the much harder issues."

© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo

Asked what overall success for MC13 would look like from the U.S. perspective, she said this would be "meaningful steps forward in reforming the WTO" in documents on Thursday or Friday and maintaining positive momentum at the organization.

Tai went into the conference with expectations of "pragmatic" incremental steps toward WTO reform.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.