Von der Leyen: Time to reboot global trade
World
European Commission President Ursula von der Leyen suggested EU leaders launch a new trade cooperation initiative with Asian countries, calling it a "potential first step" towards restructuring the global trade order and replacing the de facto paralyzed World Trade Organization (WTO).
Speaking at the EU summit in Brussels in June, von der Leyen identified the closest partnership between the European Union and the countries of the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), which includes 11 states of the Asia-Pacific region and Great Britain, as the most promising area.
"I said that we can consider this as the beginning of WTO restructuring - of course, understanding that it should be reformed in a positive direction," von der Leyen said.
According to her, "the EU should take a leading role in managing this initiative" and demonstrate to the world that "rules-based free trade is still achievable with a broad group of willing partners."
In response to a question about the US's role in the future project, von der Leyen recalled, "As far as I understand, the Americans left the CPTPP at a certain point."
German Chancellor Friedrich Mers, in turn, described the current state of the WTO as a prolonged inability to work: "The WTO has not worked for years," he said.
"I said that we can consider this as the beginning of WTO restructuring - of course, understanding that it should be reformed in a positive direction," von der Leyen said.
According to her, "the EU should take a leading role in managing this initiative" and demonstrate to the world that "rules-based free trade is still achievable with a broad group of willing partners."
In response to a question about the US's role in the future project, von der Leyen recalled, "As far as I understand, the Americans left the CPTPP at a certain point."
German Chancellor Friedrich Mers, in turn, described the current state of the WTO as a prolonged inability to work: "The WTO has not worked for years," he said.
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