BRUSSELS (Reuters) – European Union leaders will this week urge the G20 to help reform the World Trade Organization in order to preserve a rules-based system which is under threat from an escalating trade war between China and the United States.
Leaders of the world’s 20 biggest economies, including four EU countries, are due to meet in the Japanese city of Osaka on June 28-29, with tackling climate change and free and fair global trade topping the agenda.
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European Council President Donald Tusk and the head of the executive European Commission Jean-Claude Juncker have written to the EU’s 28 leaders saying that they will push in Osaka to continue the WTO reform agreed by the G20 last year.
“We should … provide steer to this process by recognizing that a balanced reform should cover the three functions of the World Trade Organisation: monitoring, negotiating, and dispute settlement,” the senior EU figures said in their letter.
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“It is our view that Leaders should refer to certain aspects such as the work on transparency and subsidies, e-commerce and the reinforcement of the dispute settlement function, as a matter of urgency, to ensure that the two-stage binding third-party adjudication system remains efficient,” they added.
China and the United States have...
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