WTO future a concern for global finance chiefs

PARIS: Global finance chiefs meeting in France have warned that the World Trade Organization's internal court risks becoming paralysed by a bitter disputes between member states.

"The organisation is in a deep crisis. We have to realise that," said Cecilia Malmstrom, the European Union trade commissioner during a debate this week in France on the results of the Bretton Woods agreement 75 years on. "If the Appellate Body collapses, which probably it will in December, at least temporarily, we will have no enforcement" of trade agreements, said Malmstrom.

"Any new case brought to the WTO now probably could never be appealed, in which case everybody could do what they want," she warned as the US and China are engaged in a trade war launched by Trump, who has accused the WTO of going too easy on China to the detriment of US business.One example came on cue on Tuesday as the WTO found in favour of Beijing regarding a seven-year anti-dumping dispute, prompting a stern US response accusing China of market distortion.

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