The multilateral trading system is facing a crisis at a time in which international cooperation is needed more than ever, given the global challenges. Therefore, the International Chamber of Commerce (ICC) will submit proposals to Director General Roberto Azêvedo at the World Trade Organization (WTO) Public Forum later today, write Marcus Wallenberg and other representatives of the body in Dagens Industri.
Transparency must be enhanced, rules updated and confidence restored in the dispute settlement system.
US President Donald Trump’s refusal to nominate new judges to the WTO’s appellate body is a threat to the entire dispute settlement system, one of the WTO’s most important tools. Should the US blockade continue until December, the body will lack the minimum number of judges to make rulings and the body will cease to function. This requires a speedy solution; we are aware that the WTO is working on this but the world of business requires results, they state.
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