Ahead of G20 Osaka Summit on June 28 &29, the Global Business Coalition (GBC) calls for urgent action to unblock World Trade Organization reform and strongly support Multilateral Trading System.
Because international trade and investments are true engines for growth, innovation, job creation & development, the GBC, which brings together leading independent business associations from the major world economies and advocates on behalf of more than 6.8 million small, medium and large companies, strongly raises concern over the future of Multilateral Trading System.
Because a balanced and effective Dispute Settlement System is necessary to enforce WTO rules and guarantee an orderly resolution of trade conflicts, finding ways to fix the conflict among WTO members on the functioning of this system is of major concern and a true emergency.
Moreover, the system is at risk to collapse as of December 2019 if the nomination process for members of the Appellate Body is not unblocked soon. In a tumultuous international environment, this is an issue of credibility for WTO agreements as well as a threat to international trade as a whole. Without a proper, rules-based settlement process, every individual trade dispute may have the potential to turn into a minor trade war.
For these reasons, the 16 members of the Global Business Coalition call for urgent action on the occasion of the coming G20 Summit in Osaka. They’ve issued an 8 point joint statement suggesting how to address this hot issue and proposing to consider contingency measures. Access the document here.