WTO possible without the U.S.; trade spat between U.S., China could escalate: WTO chief

RIO DE JANEIRO (Reuters) - It would be possible to have a global trade dispute resolution body without the United States, but it's unclear whether Washington would favor such an organization, the director-general of the World Trade Organization (WTO) said on Wednesday. Speaking at an event in Rio de Janeiro against the backdrop of growing trade tensions between Beijing and Washington, Roberto Azevedo also warned that the commercial dispute between the world's two largest economies could escalate into other areas.

Reuters September 20, 2018 00:05:24 IST
WTO possible without the U.S.; trade spat between U.S., China could escalate: WTO chief

WTO possible without the US trade spat between US China could escalate WTO chief

RIO DE JANEIRO (Reuters) - It would be possible to have a global trade dispute resolution body without the United States, but it's unclear whether Washington would favor such an organization, the director-general of the World Trade Organization (WTO) said on Wednesday.

Speaking at an event in Rio de Janeiro against the backdrop of growing trade tensions between Beijing and Washington, Roberto Azevedo also warned that the commercial dispute between the world's two largest economies could escalate into other areas. As a result, he said, the WTO has focused on trying to increase dialogue between the two countries.

U.S. President Donald Trump has long railed against the WTO, and his government has eroded its power by blocking appointments to its appeals chamber as existing trade judges' terms end. If the United States manages to paralyze the WTO's dispute system, it would end 23 years of WTO enforcement, the keystone of international efforts to prevent trade protectionism.

(Reporting by Gabriel Stargardter and Rodrigo Viga; Editing by Bernadette Baum)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.