U.S. committed to WTO and wants it to succeed, trade rep Tai says

By Kitco News / October 14, 2021 / www.kitco.com / Article Link

GENEVA (Reuters) - U.S. Trade Representative Katherine Tai on Thursday affirmed the Biden administration's commitment to the World Trade Organization (WTO), saying that reforms were possible as the body readies for a major ministerial conference next month.

The 25-year-old global trade body is facing questions about its relevance and director-general Ngozi Okonjo-Iweala is under pressure to deliver quick reforms and clinch its first multilateral trade deal in years at the Nov. 30-Dec. 3 meeting.

"The Biden-Harris Administration believes that trade - and the WTO - can and should be a force for good that encourages a race to the top and addresses global challenges as they arise," Tai said in a speech set to be delivered later on Thursday in the WTO's host city of Geneva, Switzerland.

"We all recognise the importance of the WTO, and we all want it to succeed."

Many observers blame Washington for the paralysis of the WTO's top dispute settlement panel whose judge appointments were blocked by the administration of former president Donald Trump.

The Appellate Body has thus been unable to rule on a trade dispute since Dec. 2019 and Biden's trade officials have not since removed their opposition.

Tai reiterated U.S. criticism of the panel, saying WTO dispute settlement had become "synonymous with litigation" which she said was "prolongued, expensive and contentious".

She was more upbeat on WTO negotiations, saying that reform might succeed "if we create a more flexible WTO, change the way we approach problems collectively, improve transparency and inclusiveness, and restore the deliberative function of the organization."

Among other deals, WTO members are aiming to land an agreement on fishing subsidies after 20 years of talks at the ministerial meeting.

Overall, Tai called for a focus on "commonalities" rather than areas of disagreement.

"By working together and engaging differently, we can make the WTO an organization that empowers workers, protects the environment, and promotes equitable development," she said.

Reporting by Emma Farge; Editing by Raissa Kasolowsky

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Monetary-driven precious metals outperform major base metals

September 09, 2024 / www.canadianminingreport.com

Gold stocks hit by plunging equities markets

September 09, 2024 / www.canadianminingreport.com

Gold stocks down as metal and equities momentum fades

September 02, 2024 / www.canadianminingreport.com

Another Kazatomprom guidance announcement shakes uranium price

September 02, 2024 / www.canadianminingreport.com

Major monetary drivers still supporting gold

August 26, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok