The issues of reforming the
World Trade Organization (WTO) and the coherence of WTO norms and agreements on
the free trade zone (FTZ) were discussed by the participants in the session
"Reform of the WTO and Free Trade Agreements: Opportunities and Prospects" held as
part of the International Trade and Economic Forum in Shanghai (the People's
Republic of China).
The participants in the discussion called on the international community to
responsibly support multilateral trade rules, which are not only a necessary
element of the inclusive development of all countries of the world but also the
basis for all modern free trade agreements that ensure the efficiency of
cooperative relations in regional and global contexts.
Member of the Board (Minister) in charge of Trade of the Eurasian Economic
Commission (EEC) Veronika Nikishina emphasized the need to ensure the
functioning of the system for resolving trade disputes in the WTO, a balanced
attitude to negotiations on the development agenda, which currently is often
accompanied by conflicting views of economically developed and developing
members of the organization. "To achieve success in the negotiation
process, first of all, the parties should strive to openly solve the problems
that gave rise to differences within the WTO. The goals for further
negotiations, including on agriculture, the development agenda, subsidies, and
other issues, should be set with an eye on the success and failures of the
previous Doha Round," the Minister of EEC noted.
At the same time, Veronika Nikishina emphasized that free trade agreements, the
growing number thereof is often associated with the fragmentation of global
trade and weakening of the WTO, should not be opposed to multilateral trade
rules. "Free trade agreements boost the acceleration and
diversification of commodity exchange, ensure the efficient functioning of
value chains. The right to conclude such agreements was granted back in the
1947 General Agreement on Tariffs and Trade, which formed the basis of the
modern WTO. Moreover, the new rules, developed as part of the multilateral
trade system, originate precisely from free trade agreements, where they have
proven their worth," Veronika Nikishina said.
The session participants noted the risk of increasing protectionism trends for
the world trade growth and the global economy and confirmed the expert and
business community's willingness to provide the required assistance to quickly
achieve effective agreements within the WTO that can boost global trade and
effectively prevent trade wars.
The session was attended by Danone’s Executive Vice President Bertrand Austruy,
Ex-Chairman of the WTO Appellate Body James Bacchus, Vice Chairman of the Board
of Directors of the Roche Holding Group of Pharmaceutical Companies Andreas
Serenus Hoffmann, Executive Director and General Manager of China Taiping
Insurance Holdings Wang Sidong, Lenovo Chairman and CEO Yang Yuanqing, former
judge of the WTO Appellate Body Zhang Yuejiao.
On November 5 - 10, an international trade exhibition is being held in
Shanghai, organized for the second time with the view of attracting a wide
range of suppliers and investors to the Chinese market and maintaining the
momentum of continued diversification of China's foreign trade. Representatives
of over 3 thousand enterprises and authorities from 170 countries, as well as
several delegations of international organizations took part in the exhibition.
The traditional participants in the exhibition events included President Xi
Jinping and invited top-level leaders of China's partner states.