In his speech at the UN General Assembly, President Sebastián Piñera referred on Tuesday (24.09.2019) to the trade war between the US and China and also reiterated his criticism of the World Trade Organization for the role it has played in this dispute.
“It is essential to modernize the WTO as soon as possible and strengthen international cooperation.”nal ", said the Chilean President.
He added that “we are witnessing a worrying weakening of the world economy. International trade and investment are stagnating. The trade war that has been going on for too long between the two main economies of the world, the growing inefficiency and blockage of the WTO, which is not capable of preventing or sanctioning protectionist actions that damage the economy as a whole,” he said.
The president also noted that “we need to rebuild a respected multilateral economic order, based on rules known and respected by all, which promotes free trade, integration and investment flows, and combats protectionism.”
This is not the first time that he has criticised the WTO. In March of this year, President Piñera said that the organisation was not doing its job amid the dispute that has been going on for months between China and the US.
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