To solve current disputes centering on trade issues, WTO is needed: ITC head
Global trading problems such as overcapacity, intellectual property disputes and trade deficits cannot be solved bilaterally, but need a multilateral approach, the head of the International Trade Center (ITC) said Wednesday.
Arancha Gonzalez, Executive Director of the International Trade Centre. [File photo: IC]
Arancha Gonzalez, Executive Director of the ITC told journalists at a press conference here that she understands that sometimes such issues can take a long time to solve through bodies such as the World Trade Organization (WTO), but they cannot be solved bilaterally.
"I worry a lot about the World Trade Organization, and I worry because I see a tendency today to exaggerate its faults and ignore its success," she said. "This is not good for multilateralism."
Before joining the ITC, a joint development agency of the WTO and the United Nations, in 2013, Gonzalez served as Chief of Staff at the WTO for eight years.
"I worry about bilateralism when it comes at the expense of multilateralism," said Gonzalez, while noting that she is not concerned about "bilateralism per se."
The worry comes when bilateralism is seen as the alternative to multilateralism by those some who view it is as "being for the weak and the wimps."
"I see multilateralism for those who are looking for effective solutions to problems," said the ITC head.
She said that some governments cannot put themselves into medium to long-term perspectives because they have political cycles that are extremely short.
"This is where there's is a huge fundamental difference in tactics between say, China and the United States, between the long and short-term perspective."