Trade minister Truss backs WTO reform before Brexit
Reuters
Published Oct 09, 2019 12:27
Trade minister Truss backs WTO reform before Brexit
GENEVA (Reuters) - British trade secretary Liz Truss said she opposed protectionism but backed U.S. President Donald Trump's calls to reform the World Trade Organization (WTO).
Her comments came on a visit to the WTO's Geneva headquarters on Wednesday, where she was seeking to ease fears of trade disruptions before a potential no-deal Brexit.
Within the organization, Britain has been represented by the European Union until now. It will get its own seat if it quits the EU as planned.
"... I can assure you we will be unapologetic in fighting the forces of protectionism, in favour of genuinely free trade," Truss said in a speech to the International Chamber of Commerce in Geneva. She attended a meeting with WTO Director-General Roberto Azevedo later on Wednesday.
Britain revised a tariff regime on Tuesday in the event of a no-deal Brexit to make 88% of imports eligible for tariff-free access. Much uncertainty remains about the impact of Brexit on trade, however.
Britain's expanded role in the WTO comes amid criticism from Washington, which has brought its seven-member Appellate Body -- effectively the supreme court of trade -- to the brink of collapse by blocking the appointment of new judges. After December, the court will have only one judge.
"President Trump has said he wants the WTO to modernise, and I agree," Truss said in the speech. However, she pledged support for a diplomatic process meant to resolve the crisis at the court.
"We must work together to resolve the Appellate Body impasse," she said. She also urged action on liberalising digital trade and on fish subsidies negotiations.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.