According to some officials of the European Union, the nations of the G20 have agreed to reform the World Trade Organisation (WTO). They said that a preliminary draft of the said announcement is anticipated to be released at the end of the two-day meeting today.
An EU official has disclosed that the leaders have acknowledged the necessity to introduce an improvement to the WTO and are in support of doing so.
An agreement was reached after the United States of America insisted that the communique explicitly say that the multilateral trading system was not working, having initially been considered as an issue for them.
The United States also reaffirmed its commitment to withdraw from the 2015 Paris Climate Accord, while the other G20 signatories to the agreement declared the pact to be irreversible and said that they would fully implement it.
The officials of the European Union who spoke on condition of anonymity stated: “We reiterate that trade is beneficial for utility, innovation, growth and employment, and we reiterate that the multilateral trading system is the framework in which we are all working and committed.”
They continued: “But for the U.S. to acknowledge that they had to get something in return, which was to say that this multilateral trading system does not work anymore, and does not meet the challenges that it has to meet.”
It was also disclosed that the language around the issue of climate change was “a little bit more than the status quo but not backtracking.”
The wording around steel and migration was also maintained to a minimum so that an agreement would be easier to reach at this stage.
An official added: “It’s a disappointment and we’ll not hide our disappointment. But at least we have it.”
The final endorsements from the member nations regarding the matter are still needed.