Trade Ministers reaffirmed the importance of having a fully functional dispute settlement system that is accessible to all members.<\/p>\n
The private sectors and governments of the 21 economies that make up the Asia-Pacific Economic Cooperation (APEC) forum supported the urgent implementation of a reform in the World Trade Organization (WTO) in 2024 that would restore the full functioning of the dispute settlement system.<\/p>\n
In a letter sent last February to the WTO, the APEC Business Advisory Council (ABAC) urged the immediate restoration of the Appellate Body and the agreement on the necessary reforms to the WTO dispute settlement system, “without which the architecture of mutually beneficial commitments, obligations, and opportunities of the WTO is at risk.”<\/p>\n
While APEC includes powers such as the United States, China, and Japan, ABAC consists of three representatives from the business sector of each member of that forum, which also includes Mexico.<\/p>\n
“We remain committed to maintaining conversations with other WTO members with a view to having a fully functional and well-working dispute settlement system that is accessible to all members by 2024,” said APEC Trade Ministers in a joint statement issued this Saturday in Arequipa, Peru.<\/p>\n
Since December 11, 2019, the WTO no longer guarantees access to a binding, independent, and impartial two-tier system for resolving trade disputes. One of the mandates of the most recent WTO Ministerial Conference was to have a fully functional and accessible dispute settlement system for all Members by 2024.<\/p>\n
The Trade Ministers added that they welcome the progress made so far and continue to support ongoing efforts to push forward the necessary reforms and strengthen all WTO functions, “with the aim of ensuring that the WTO remains relevant and is more responsive and resilient to address current and future trade challenges.”<\/p>\n
They noted that trade has faced significant obstacles in recent times. Merchandise trade contracted, and the growth of services trade slowed in 2023 as demand growth decelerated.<\/p>\n
“Global economic and other challenges, including environmental conditions, have disrupted shipping, expanded trade routes, and increased costs, while placing additional pressure on supply chains and trade,” the ministers added.<\/p>\n
roberto.morales@eleconomista.mx<\/p>\n","protected":false},"excerpt":{"rendered":"
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