Trade and investment ministers from the Group of 20 countries have called for a major overhaul of the World Trade Organization, in the wake of the U.S.' 'America first' policy and increasing global protectionism.
During a summit in Argentina, they issued a joint statement that there was an “urgent need” to improve the WTO.
The statement by the G20 ministers was a tacit acknowledgment by world leaders that U.S. President Donald Trump’s criticism of the WTO and his tariffs have significantly weakened the international trading system.
As Trump is set to impose tariffs on another 200 billion dollars in Chinese goods, the ministers said they were stepping up talks on international trade disputes, but did not provide any details of possible WTO reforms or how dialogue on trade was in progress.■
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