International 33
WTO reform essential to help UK firms
Following the recent publication of the WTO’ s recent World Trade Report, William Bain, head of trade policy at the British Chambers of Commerce( BCC) said that it raised serious questions about some of the key principles underpinning global trade over the past 80 years.
Risks
Bain commented:“ The document rightly argues geopolitical and national security concerns, rising subsidies, shifts in economic power, and the knock-on effects of domestic policy changes all pose risks to exports and cross-border trade.
“ Global trade patterns have clearly shifted, and there is a strong sense from the report that WTO rules and working practices must change in response.
Benefits
“ Nevertheless, the report provides a clear-headed view of the benefits
World Trade Report 2026
A critical juncture for the world trading system
of the rules-based system for global trade. A rise of 140 per cent in trade across the 166 members of the WTO since its creation is very welcome.
“ If the WTO can reform and countries co-operate on supply chains, subsidies and security, the report says that global growth could be 2.9 per cent higher and exports 17 per cent higher. If the system fragments along geopolitical lines, the report suggests GDP growth could fall by 5.1 per cent and exports by 18.6 per cent. Shattering the WTO system completely could mean a 6.9 per cent fall in global GDP and a 26.9 per cent fall in exports.
Transparency
Bain said that businesses in the UK and throughout the international chamber network demanded a reformed World Trade Organisation capable of delivering on the challenges ahead.“ Global trade has changed; WTO reform is now essential, and greater transparency on subsidies is key to helping UK exporters.”
www. britishchambers. org. uk www. wto. org
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