World Trade Organization (WTO) Deputy Director-General Alan Wolff urged G20 trade ministers to step up their commitment to reforming the organization, according to the release of the Geneva-based entity.
In a virtual meeting held this Tuesday (22.09.2020) with the G-20 trade ministers, Wolff called on Members to conclude the ongoing negotiations, carry forward the process of systemic reform on the basis of concrete proposals and to remove pandemic-related trade restrictions when they are no longer strictly necessary.
He also urged members of the Organization to “renew their commitment”, so that “The WTO is fully prepared to meet the challenges of a changing global economy".
Wolff pointed to evidence that trade was playing a useful role in alleviating shortages of key medical supplies seen earlier in the Covid-19 pandemic.
The Ambassador stated that Preliminary figures from WTO economists indicate that global trade in products such as personal protective equipment, hand sanitizers and ventilators grew by nearly 30 percent in the first half of 2020 compared with the previous year.
Despite these relatively positive developments, Wolff warned G-20 ministers that “the pandemic is far from over and economic challenges will persist.” The ongoing rollback of COVID-related trade restrictions may be losing momentum, he said. Looking ahead, members should avoid situations where “government support needed to combat the economic downturn could end up distorting competitive conditions and fuelling future trade tensions.”
The ongoing rollback of Covid-19-related trade restrictions may be losing momentum, the diplomat said. Looking ahead, members should avoid situations where “government support needed to combat the economic downturn could end up distorting competitive conditions and fuelling future trade tensions,” he said.
Finally, the director general of the global body also asked the members of the WTO to conclude ongoing talks in areas such as digital trade and fishing subsidies.
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