EU ambassador says situation creates a system of economic relations based on power rather than rules. FMTNews EuropeanUnion WorldTradeOrganisation
BRUSSELS: US disruption of the global economic order reaches a major milestone on Tuesday as the World Trade Organisation loses its ability to intervene in trade wars, threatening the future of the Geneva-based body.
Stephen Vaughn, who served as general counsel to the US Trade Representative during Trump’s first two years, said many disputes would be settled in future by negotiations. The crippling of dispute settlement comes as the WTO also struggles in its other major role of opening markets. For developed countries, in particular, the WTO’s rules must change to take account of state-controlled enterprises.
“We’ve been spoiling countries for a very, very long time, so naturally they’re pushing back as we try to change things,” he said.
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