💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

WTO chief sees no end in sight to U.S. blockage

Published 02/21/2019, 01:23 PM
Updated 02/21/2019, 01:25 PM
© Reuters. FILE PHOTO: Roberto Azevedo, Director-General of the WTO, attends the World Economic Forum in Davos

BUCHAREST (Reuters) - World Trade Organization members are now clear what the United States's concerns are over how the group settles disputes, but there is no sign of resolution to a crisis that threatens to paralyze the global trade body, the WTO head said on Thursday.

The United States has blocked appointments at the WTO appellate body, which hears appeals in trade disputes between countries, threatening the biggest crisis in the 24-year history of the WTO.

The organization normally has seven members but currently only has three, and two of those are set to complete their mandates in December.

"What is clear to me is that the clock is ticking," WTO Director-General Roberto Azevedo told a news conference in Bucharest before meeting EU ministers responsible for trade over dinner.

Azevedo said there would be a significant slowdown of cases and "eventually paralysis down the road".

The European Union has made proposals for WTO reform, agreeing with China, India and other countries on changes to the WTO's dispute settlement. However, it has struggled to engage the United States on the topic.

Azevedo said there was at least clarity about U.S. concerns, some of which were also shared by other WTO members.

"But what is not clear yet is what solutions can we find to fix those problems," he said.

© Reuters. FILE PHOTO: Roberto Azevedo, Director-General of the WTO, attends the World Economic Forum in Davos

"I would say there is a consensual view that we need to address this, that this is a big priority. But I don't have at this point in time any signals that I could use to say we have a light at the end of the tunnel. At this point in time, I don't see that."

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.