The World Trade System Under the WTO "Failed", According to an Australian Treasurer | Business

Australian Treasurer Scott Morrison said the global trading system had failed and is expected to be widely revised, reports say.

The World Trade Organization (WTO) system was built "And the current trade war between the United States, Europe, and China could provide the opportunity for the future." take a closer look at "how these rules work and how they operate," he said.

Morrison's comments, reported by the Australian Financial Review, will likely be hailed by US President Donald Trump , who has repeatedly criticized the WTO's trade rules.

Earlier this month, Trump said that the WTO had treated the United States "very badly for many years" In recent days, he has said he is ready to expand his tariff list on Beijing to 500 billion dollars (674 billion Australian dollars), covering almost all products imported from the United States from China [19659005FundwarnedlastweektradetensionshaveincreasedBetweentheUnitedStatesandtherestoftheworldcouldcosttheworldeconomy$430billionAmericabeing"particularlyvulnerable"toagrowingtariffwar

when ASX 200 lost 0.9% of its value due to concerns about the impact of a trade war.

Morrison attended the G20 summit in Buenos Aires in 2018 over the weekend, where the global trade war was much discussed.

Subsequently, he told Fairfax that it might be difficult to reduce the tensions that contribute to the current stalemate in trade without taking into account the chronic problems that plagued the world trading system for decades. years.

"We need to look at it more closely, and we discussed with the Americans how the system has failed to address these long-standing problems."

He did not specify the changes that he felt were necessary, but the world trade experts have They believe that the collapse of the WTO processes coincided with an increase in bilateral and preferential trade agreements between a smaller number of countries, leaving the WTO in the WTO.

Trump also pushed its G7 allies – the UK, Germany, France, Canada, Japan and Italy – to abolish tariffs, non-tariff barriers and subsidies [1] Morrison said the French authorities had also pressured countries at the G20 summit this weekend to revisit WTO processes and rules

Before the G20 meeting last week first, Morrison said that he was going to raise with his foreign counterparts World Trade

"The economic integration of open trade and investment has greatly benefited Australia," did he declare. "I will use the meeting to highlight to my colleagues the importance of keeping the markets open.The story is clear: when trade barriers increase, growth and employment decline." [19659002] Mr. Morrison met with US Treasury Secretary Steven Mnuchin, British Chancellor Philip Hammond, Canada's Finance Minister Bill Morneau, Wopke Hoekstra, European Central Bank President Mario Draghi and the Director General of the United States. International Monetary Fund, Christine Lagarde

He also took advantage of the tax session of the forum to remind his counterparts that the G20 should continue to work together to crack down on multinational tax evasion.