The G20 leaders committed this Thursday to Brasilia to promote a “political push” for the reform of the World Trade Organization (WTO), as well as to reestablish an agile and effective system for the resolution of disputes.
“There was consensus regarding the need to strengthen the WTO politically,” in order to “establish clear rules” for international trade and “have a quick and effective dispute settlement system,” stressed Brazilian Vice President Geraldo Alckmin. .
The WTO’s dispute settlement mechanisms have been virtually inactive since 2019, mainly due to decisions by the United States, one of the G20 members. Negotiations are currently underway in Geneva for its restoration.
The consensus reached this Thursday in Brasilia is limited to providing support from a “political” perspective to these negotiations, which are inherent to the WTO, according to sources from the Brazilian presidency of the G20.
However, the issue was included in one of the two documents approved at the meeting, which “highlights the importance of a rules-based multilateral trading system that is non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent, with the WTO at its core.
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