ECONOMY

EU to boost measures to protect trade after WTO impasse

A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland. (File photo: Reuters)

The European Union says it is taking measures to protect its trade interests in the ongoing row with the US over the shutdown of the World Trade Organization’s appellate body.

EU trade chief Phil Hogan said Thursday that the 28-nation bloc “cannot afford being defenseless if there is no possibility to get a satisfactory solution within the WTO.”

Since Wednesday the WTO’s appellate body, whose decisions affect billions of dollars in trade, lost its ability to rule on new dispute cases. Without having to worry about possible penalties, countries could use tariffs or be tempted to implement protectionist measures.

Hogan said that with the proposal to change some EU trade rules will enable it to act even when the WTO cannot give a final ruling.

Anticipating the end of the appellate body, the EU and Canada agreed this summer on a new trade dispute resolution system as a temporary backstop. The EU wants to expand it, but it’s unclear how many countries might join.

SHOW MORE
Last Update: Thursday, 12 December 2019 KSA 14:47 - GMT 11:47
Top
BREAKING NEWS

Send to a friend

Close
EU to boost measures to protect trade after WTO impasse
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed