Corporate

G20: EU plegdes to help reform WTO rules to resolve global trade tensions

Global trade tensions are putting at risk commitments by the Group of 20 leading economies to keep markets open European Union delegates to the G20 said, pledging to help reform World Trade Organization rules to resolve the strains. G20 leaders meet on Friday and Saturday in Buenos Aires with the escalating trade dispute between the United States and China likely to top the agenda. The rules-based international order is under increasing strain and global trade tensions remain unresolved, thereby negatively affecting the global economic outlook, Tusk and Juncker said, The United States and China have been imposing tariffs on each other’s goods in a dispute over market access, forced technology transfer, intellectual property rights and state subsidies to certain sectors that distort competition. The G20 summit should also aim to help end the blockage of appointments by the United States to the WTO’s body for settling disputes and halt the escalation of unilateral measures and countermeasures by the world’s two biggest economies.

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