It is possible that the United States would push for "evicting China" from the World Trade Organisation (WTO), according to media reports quoting one of President Trump's top economic advisers.
China had "misbehaved" as a member of the WTO, said Kevin Hassett chairman of the president's Council of Economic Advisers, in a television interview.
WTO had failed the US, he also claimed.
However, Hassett claimed that the strict strategy on international trade of United States president Donald Trump was yielding results.
Many other can consider to be disruptive the approach that had been taken about the WTO by the Trump administration.
Such an attitude has created a threat to the ability of the WTO to settle trade disputes between its member countries.
In 1995, the General Agreement on Tariffs and Trade (Gatt), which was first implemented in 1948, was replaced by the establishment of the World Trade Organization. There are 164 countries in the organization which has its headquarters in Geneva and has arbitrary rights on over 90 per cent global trade.
The aim of the establishment of the WTO was to promote international commerce and its arbitration powers are derived from rules of trade between nations. it also attempts to always reduce and eliminate trade barriers and promote free trade such as tariffs or quotas.
Various countries can approach the WTO to appeal for settlement of trade disputes.
A critical role in the helping modernise the world as played by the WTO, Hassett said. However, he also believes that US has been failed by the WTO in more than one ways.
It is a trend that most of the cases that are brought to the WYO for by the US for redress are usually won by it, he said, but added that "it takes five or six years and then the damage is done".
One country has featured prominently in President Trump's trade agenda, and Kevin Hassett continued with that theme: "We never really envisioned that a country would enter the WTO and then behave the way that China has. It's a new thing for the WTO to have a member that is misbehaving so much."
He argued that it was not clear whether removing China from the WTO or reforming the WTO or bilateral negotiations can fix that.
Removal of China from the WTO is however not the official policy of the US. And among the three options that were identified by him, removing China from the WTO was the least preferred one of three options. Hassett expressed it as a question: "Should we pursue evicting China from the WTO?"
But that could be a possibility. However he question is certainly startling when it comes from a senior figure in the US administration.
(Source:www.bbc.com)
China had "misbehaved" as a member of the WTO, said Kevin Hassett chairman of the president's Council of Economic Advisers, in a television interview.
WTO had failed the US, he also claimed.
However, Hassett claimed that the strict strategy on international trade of United States president Donald Trump was yielding results.
Many other can consider to be disruptive the approach that had been taken about the WTO by the Trump administration.
Such an attitude has created a threat to the ability of the WTO to settle trade disputes between its member countries.
In 1995, the General Agreement on Tariffs and Trade (Gatt), which was first implemented in 1948, was replaced by the establishment of the World Trade Organization. There are 164 countries in the organization which has its headquarters in Geneva and has arbitrary rights on over 90 per cent global trade.
The aim of the establishment of the WTO was to promote international commerce and its arbitration powers are derived from rules of trade between nations. it also attempts to always reduce and eliminate trade barriers and promote free trade such as tariffs or quotas.
Various countries can approach the WTO to appeal for settlement of trade disputes.
A critical role in the helping modernise the world as played by the WTO, Hassett said. However, he also believes that US has been failed by the WTO in more than one ways.
It is a trend that most of the cases that are brought to the WYO for by the US for redress are usually won by it, he said, but added that "it takes five or six years and then the damage is done".
One country has featured prominently in President Trump's trade agenda, and Kevin Hassett continued with that theme: "We never really envisioned that a country would enter the WTO and then behave the way that China has. It's a new thing for the WTO to have a member that is misbehaving so much."
He argued that it was not clear whether removing China from the WTO or reforming the WTO or bilateral negotiations can fix that.
Removal of China from the WTO is however not the official policy of the US. And among the three options that were identified by him, removing China from the WTO was the least preferred one of three options. Hassett expressed it as a question: "Should we pursue evicting China from the WTO?"
But that could be a possibility. However he question is certainly startling when it comes from a senior figure in the US administration.
(Source:www.bbc.com)
