US in a joint statement with his European Union and Japanese counterparts agreed during a meeting in New York City that there is a need for the reform of the World Trade organization (WTO). US Trade Representative Robert Lighthizer, Minister of Economy Trade and Industry of Japan Hiroshige Seko and European Commissioner for Trade Cecilia Malmstrom in a press release said “The ministers shared a common view on the need for the reform of the WTO. As a first step toward reform they will co-sponsor a transparency and notification proposal for consideration at the next meeting of the WTO Council on Trade in Goods.”
The release also said overly broad classifications of development, mixed with self-designation of development status, inhibits the WTO’s ability to negotiate new, trade-expanding agreements and undermines their effectiveness.
They also agreed to continue working together to maintain the effectiveness of existing WTO disciplines.
Source : SPUTNIK
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