China on Friday urged the World Trade Organization (WTO) to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence.
China and the United States have clashed about how the WTO should reform to better serve member interests, amid a widening trade dispute that has triggered billions in retaliatory tariffs and rocked global markets.
Members of the G20 are expected to discuss WTO reform when they meet at a summit in Argentina next week, following a failed attempt to reach agreement on the topic at an APEC forum held last week in Papua New Guinea.
Debate on reforming the WTO has been largely driven by U.S. complaints that it has failed to police suspected Chinese rule-breaking, with U.S. President Donald Trump threatening a withdrawal to protect American interests.
via Reuters 
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