will
push for a fully-functioning dispute settlement system,
to tackle unfair subsidies in industry and agriculture,
to modernise the WTO rulebook, and advance digital and
green trade.
She will warn that if real progress is not made to
bring the WTO into the 21st century, there is a danger
of the global trading system fragmenting.
Truss will urge the G7 to support the WTO’s new
Director General, Dr Ngozi Okonjo-Iweala, who is
working to make progress on reform and create a new
framework for action ahead of the 12th WTO Ministerial
Conference (MC-12) in November.
The UK is seeking agreement at the WTO on the need to
tackle harmful industrial subsidies, which distort
competition and undermine international trade. As
holders of the G7 Presidency, the UK will increase
collaboration and cooperation between G7 members on
stopping unfair trading practices through methods such
as better evidence-sharing and greater transparency
from non-market economies.
This week’s trade meeting provides an opportunity to
push for G7 support for sustainable supply chains, a
crucial aspect of the UK’s commitment to promoting
greener trade, ahead of the COP26 Summit in November.
During the meeting the International Trade Secretary
will also call for collective action to boost
production and distribution of COVID-19 vaccines and
medical goods.
Speaking at the opening session of the G7 Trade Track,
International Trade Secretary is
expected to say:
It really is now or never for the World Trade
Organisation. International trade only works when it
is fair and when countries submit themselves to a
common set of rules, and for that to happen we need a
more modern and dynamic WTO.
We want to use our G7 Presidency to address the
fundamental issues facing global trade, and support
Dr Ngozi in her work to bring the WTO into the
twenty-first century. Like-minded democracies need to
lead the charge on trade reform, because if we don’t
then there is a very real danger that global trade
fragments and that fewer countries end up playing by
the rules.
The International Trade Secretary will be joined at the
second virtual G7 Trade Track meeting by trade
Ministers from the member countries of Canada, France,
Germany, Italy, Japan, US, and the EU, as well as Dr
Okonjo-Iweala, members of the Business 7 group, the
Gender Equality Advisor Council (GEAC) and the
Organisation for Economic Co-operation and Development
(OECD).
The third and final G7 Trade Track meeting is due to
take place in person in October where the UK will be
looking to finalise our shared agenda with our G7
partners.
