GENEVA: The credibility and survival of the World Trade Organization (WTO) is underneath "serious threat" as primary economies publish protectionist barriers, impartial mavens warned on Tuesday.
The file issued via the Bertelsmann Foundation comes amid a deepening commerce dispute between China and the United States which has engulfed different primary trading partners.
US President Donald Trump has warned he might ultimately impose price lists on greater than $500 billion worth of Chinese goods - just about the full quantity of US imports from China closing yr - to combat what Washington says are Beijing's commerce abuses.
China has sworn to retaliate at every step.
The 14 mavens, led via Bernard Hoekman, advised WTO's 164 member states to agree on a new work programme that can address trade-distorting policies and maintain the multilateral rule-based trading system.
"Sticking to status quo modes of operating is a recipe for the institution's gradual demise," they said in the file, "Revitalizing Multilateral Governance at the World Trade Organization".
It is pressing to steer clear of "further erosion of the WTO's credibility", they said, including: "This includes preventing backsliding by WTO members towards unilateral use of protectionist trade policies and ensuring that disputes are resolved effectively and efficiently."
In a remark, WTO director general Roberto Azevedo welcomed the "very timely" file.
The United States instructed the WTO closing week that a "reckoning" over China's unfair commerce policies is pressing and is too giant for the WTO to handle.
The mavens said that issues go beyond the failure to conclude the WTO's stalled Doha round, launched in 2001, with some national policies distorting commerce and dangerous to undermine the system.
The file cited the US invoking national safety issues to impose price lists and quotas on imports of selected merchandise as a major example.
"Such measures create systemic risks given the prospect of tit-for-tat imposition of trade-distorting measures and greater use of national security justifications by WTO members for the imposition of protectionist measures," it said.
China and India also really feel that the WTO is unbalanced and treats them unfairly, the file said.
Failure to clinch new WTO agreements has led states to set up greater than 400 preferential commerce agreements since 2000, it said.
"Care must be taken that the baby is not thrown out with the bathwater," it said. "All countries, large and small, have a major stake in an effective, rules-based multilateral trading system."
More than 500 disputes had been dropped at the WTO since 1995, the file said.
Under Trump, the United States has demanded that the WTO's dispute system is modified to prevent Washington getting what he regards as an "unfair deal".
Trump has also blocked appointments to the WTO's appeals chamber to exchange judges as their terms expire.
"If this matter is not resolved, the Appellate Body will be down to 3 members in September 2018, the minimum needed to consider an appeal, and will cease to be operational at the end of 2019 when two more vacancies arise," the file said.
The file issued via the Bertelsmann Foundation comes amid a deepening commerce dispute between China and the United States which has engulfed different primary trading partners.
US President Donald Trump has warned he might ultimately impose price lists on greater than $500 billion worth of Chinese goods - just about the full quantity of US imports from China closing yr - to combat what Washington says are Beijing's commerce abuses.
China has sworn to retaliate at every step.
The 14 mavens, led via Bernard Hoekman, advised WTO's 164 member states to agree on a new work programme that can address trade-distorting policies and maintain the multilateral rule-based trading system.
"Sticking to status quo modes of operating is a recipe for the institution's gradual demise," they said in the file, "Revitalizing Multilateral Governance at the World Trade Organization".
It is pressing to steer clear of "further erosion of the WTO's credibility", they said, including: "This includes preventing backsliding by WTO members towards unilateral use of protectionist trade policies and ensuring that disputes are resolved effectively and efficiently."
In a remark, WTO director general Roberto Azevedo welcomed the "very timely" file.
The United States instructed the WTO closing week that a "reckoning" over China's unfair commerce policies is pressing and is too giant for the WTO to handle.
The mavens said that issues go beyond the failure to conclude the WTO's stalled Doha round, launched in 2001, with some national policies distorting commerce and dangerous to undermine the system.
The file cited the US invoking national safety issues to impose price lists and quotas on imports of selected merchandise as a major example.
"Such measures create systemic risks given the prospect of tit-for-tat imposition of trade-distorting measures and greater use of national security justifications by WTO members for the imposition of protectionist measures," it said.
China and India also really feel that the WTO is unbalanced and treats them unfairly, the file said.
Failure to clinch new WTO agreements has led states to set up greater than 400 preferential commerce agreements since 2000, it said.
"Care must be taken that the baby is not thrown out with the bathwater," it said. "All countries, large and small, have a major stake in an effective, rules-based multilateral trading system."
More than 500 disputes had been dropped at the WTO since 1995, the file said.
Under Trump, the United States has demanded that the WTO's dispute system is modified to prevent Washington getting what he regards as an "unfair deal".
Trump has also blocked appointments to the WTO's appeals chamber to exchange judges as their terms expire.
"If this matter is not resolved, the Appellate Body will be down to 3 members in September 2018, the minimum needed to consider an appeal, and will cease to be operational at the end of 2019 when two more vacancies arise," the file said.
WTO's credibility, survival at risk: Report
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Reviewed by Kailash
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July 18, 2018
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