WTO calls for reforms, promotes free trade

Former WTO Director-General Supachai Panitchpakdi warned that if the WTO does not urgently reform, the world will fall into a recession, even worse than the 2008 financial and economic crisis, because this crisis is rooted in trade and will be very difficult to escape. He proposed that countries spend a month negotiating tariffs before discussing details of removing barriers and establishing new trade rules. Former WTO Director-General Roberto Azevedo said that no longer paying attention to global trade rules will create a new institution to replace the WTO and eliminate some current members.

Meanwhile, warning that the new US tariff regime could reduce the total value of global trade by 3%, the United Nations International Trade Center (ITC) advised developing countries to prioritize diversification, value addition and regional integration. ITC Executive Director Pamela Coke-Hamilton stressed that developing countries not only have the opportunity to overcome the period of instability but can also proactively prepare for the long-term future.

In order to reduce the negative impact of the new US tariffs, the Japanese government is arranging to hold urgent negotiations with the US on April 17 regarding the tariffs announced by President Donald Trump. Earlier, speaking after a working trip to the US, South Korean Trade Minister Cheong In Kyo said that the US government had expressed its desire to resolve tariff concerns with Korea. Accordingly, the two sides agreed to establish a framework for detailed negotiations, by sector, especially related to steel and automobiles.

(According to NDO)

Source: https://baoyenbai.com.vn/12/348717/WTO-keu-goi-cai-cach-thuc-day-thuong-mai-tu-do.aspx