EC proposed a unified approach of the European Union to WTO reform

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The European Commission reported on a unified approach of the European Union to the reform of the World Trade Organization. The promulgated document attempts to correct the distortions of market mechanisms in China and to prevent the US from leaving the WTO. Member of the Commission for Trade, Cecilia Malmström, noted the success of the WTO, pointing out that the organization “could not adequately adapt to the rapidly changing global economy”. According to the members of the EC, the rules of international trade should be changed to reflect the current situation in the global economy. The role of the WTO as a controlling organization needs to be strengthened, and a review of the WTO dispute settlement system is needed. The European Union has already started discussing the future reform with the US, Japan, China and other members of the organization.

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