A group of 33 Latin American international trade experts defended multilateral trade on Wednesday (28.11.2018) in Santiago de Chile, ahead of the G-20 summit.
"Latin America cannot remain on the sidelines of this crucial debate. It is time for our leaders to speak out. The role of Mercosur and the Pacific Alliance here is irreplaceable and has not been expressed so far," they said in a joint statement.
Experts from 11 countries shared this statement, which seeks to defend and reform the World Trade Organization (WTO) and express concern about trade practices "that are eroding multilateralism.".
The group was organized by the former directors of the General Directorate of International Economic Relations (Direcon) of the Chilean Foreign Ministry: Alejandro Jara, Andrés Rebolledo and Osvaldo Rosales.
They stressed that the multilateral trading system "is experiencing a deep crisis, with the two main economies engaged in trade disputes that affect the entire global economy."
"The US is challenging the WTO Appellate Body and by blocking the nomination of its members, it could render it inoperative by the end of 2019," the document said, adding that other countries have reacted to this situation "with retaliatory measures."
Many of the signatories of this declaration have had responsibilities in the conduct of trade policy from governments, international organizations and academia in their respective countries.
In the current situation, those summoned also expressed the need to defend trade governed by rules and avoid a system in which political power takes precedence in trade and investment.
In this last context, developing countries would be the most affected and Latin America would see its spaces of autonomy reduced, "once the Cold War of the 21st century enters our region. It is a danger that must be avoided," they added.
They also called for reforming and modernising the WTO to defend multilateralism and adapt it to new times and demands.
This not only refers to new trade issues but also to the need to incorporate trade into a framework of inclusive and sustainable development, they explained.
The upcoming G-20 meeting in Buenos Aires is an opportunity for the region to express its views on the issue, they concluded in the text released on Wednesday.
Source: Xinhua
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