In a move to bolster global trade prospects, the World Trade Organisation (WTO) has welcomed calls to reform the organisation, adding that the WTO will need to adapt if it wants to survive in the ever-changing world economy.
Speaking to ministers and business leaders during the annual World Economic Forum meeting in Davos last week, WTO director-general, Roberto Azevêdo, said reform was a necessary action for positive change.
“The world economy is changing fast. Updated trade rules would give governments new tools to help businesses, consumers and workers thrive,” said Azevêdo.
He added that 2020 would be a crucial year for the WTO, highlighting the importance of the WTO dispute settlement system."Reform is ultimately the product of your decisions. With the DSU (Dispute Settlement Understanding) and MC12 (12th Ministerial Conference), we have windows of opportunity for positive change,” he continued.
“On both dispute settlement and MC12, success will only be possible if members take an open-minded, business-like approach. We must be pragmatic, not theological, about finding solutions.”