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Hind Al Soulia - Riyadh - LONDON — As the host of a two-day G7 Trade ministerial meeting, beginning on Thursday, the United Kingdom will use the platform to call on the world’s leading democracies to carry out reforms in the World Trade Organization (WTO).
UK International Trade Secretary Liz Truss will push for a fully-functioning dispute settlement system, to tackle unfair subsidies in industry and agriculture, to modernize the WTO rulebook, and advance digital and green trade, the UK government said in a press statement on the eve of the top meeting.
She will warn that if real progress is not made to bring the WTO into the 21st century, there is a danger of the global trading system fragmenting.
Truss will urge the G7 to support the WTO’s new Director-General Dr. Ngozi Okonjo-Iweala, who is working to make progress on reform and create a new framework for action ahead of the 12th WTO Ministerial Conference (MC-12) in November.
The UK is seeking agreement at the WTO on the need to tackle harmful industrial subsidies, which distort competition and undermine international trade. As holders of the G7 Presidency, the UK will increase collaboration and cooperation between G7 members on stopping unfair trading practices through methods such as better evidence-sharing and greater transparency from non-market economies.
This week’s trade meeting provides an opportunity to push for G7 support for sustainable supply chains, a crucial aspect of the UK’s commitment to promoting greener trade, ahead of the COP26 Summit in November.
During the meeting, the International Trade Secretary will also call for collective action to boost the production and distribution of COVID-19 vaccines and medical goods. — Agencies
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