🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Canada says it is close to deal with EU on possible fix to WTO deadlock

Published 07/18/2019, 01:12 PM
Updated 07/18/2019, 01:16 PM
Canada says it is close to deal with EU on possible fix to WTO deadlock

OTTAWA (Reuters) - Canada and the European Union are close to agreeing a possible temporary solution to a U.S. block on appeals in disputes at the World Trade Organization (WTO), Prime Minister Justin Trudeau said on Thursday.

U.S. President Donald Trump is barring appointments to the WTO's Appellate Body, saying its judges have overstepped their mandate and ignored their instructions. Unless the block is lifted, the world's top trade court will be unable to hear appeals in international trade disputes by December.

Trudeau, speaking after a meeting with top EU officials in Montreal, said Canada backed existing attempts to restore a fully operational Appellate Body.

"In the event that those efforts are unsuccessful, we need to be prepared. So we have been working with the European Union to find an interim fix," he told a news conference.

"After this summit we are closer to finalizing an agreement which would help preserve the function of an appeal system within the WTO until we find a more permanent solution."

A joint statement issued after the Montreal meeting said the fix involved setting up an interim appeal arbitration arrangement based on existing WTO rules.

The EU last month proposed using WTO arbitration rules to set up a shadow version of the body and keep the appeals process moving, but there is uncertainty about how such a structure would work.

Cecilia Malmstrom, the EU's trade chief, told the news conference that the deal on a possible fix "sends a strong message of our shared objective to ensure the full effectiveness of the WTO and the stability of world trade."

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.