While the Multilateral Trading System is under severe strain, further efforts are needed to preserve our economic well-being: opportunities for exports and investments, enhanced prosperity. On the occasion of the latest OECD Ministerial Council Meeting, held in the week of May 21 2019 in Paris, members of the Global Business Coalition called upon Governments to swiftly address three key issues:
A- Find ways to fight against distortive industrial subsidies and then ensure open & fair trade. The GBC suggested to strenghthen the monitoring capacities of WTO as well as initiate discussions to address subsidies and other non-market practices.
B- Reach consensus in order to unlock the Appellate Body and allow necessary new appointments.
GBC acknowledges the progress made so far, particularly thanks to the efforts of the EU, Australia or Japan, but also reminds that time is running. Should no solution be found by the end of the year, the whole system would be inoperative. Contingency work should be handled promptly to prevent a major failure.
C- Accelerate work on e-commerce negociations.
Earlier this year, the announcement of negociations to be launched regarding e commerce was received by GBC with enthusiasm. Concrete sets of digital rules and trade facilitation measures are now awaited to support the development e-commerce. GBC also invites governments to consider extending indefinitely the moratorium on customs duties on electronic transmissions, to stimulate trade in a time of constraint.
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