CPTPP Members, EU Vow to Spearhead WTO Reform

London, March 27 (Jiji Press)–The 12 member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union said in a joint statement on Friday that they will lead efforts to reform the World Trade Organization. The joint statement was released on the sidelines of a WTO ministerial conference in Cameroon. “The WTO is at a critical juncture amid heightened tensions in the global trading system,” said the CPTPP members, which include Japan, and the EU. “Recognizing the critical importance of urgent, deep, comprehensive and inclusive reform of the WTO, we will take concrete steps to support and strengthen the multilateral trading system,” they said. Emphasizing the need for comprehensive yet swift institutional reform, they said that they aim to put together a set of concrete proposals by the next CPTPP-EU meeting. Elsewhere in the statement, the CPTPP members and the EU highlighted “the positive role of plurilateral negotiations at the WTO…as a means to advance issues of interest, foster new ideas and approaches, and build momentum towards multilateral agreement of new rules.” They also called for wider participation in the Multi-Party Interim Appeal Arbitration Arrangement, or MPIA. They shared concerns over market-distorting policies, such as subsidies and industrial overcapacity, and economic coercion, seemingly referring to China and others. They also affirmed their cooperation in areas of mutual interest, such as diversifying trade and strengthening supply chains. END [Copyright The Jiji Press, Ltd.]