EU Calls for 'Serious' Reforms at WTO Ministerial Meeting in Cameroon

Kathmandu. The European Union (EU) has called for 'serious' reforms at the World Trade Organization (WTO) ahead of a high-level meeting scheduled in Cameroon this week.

The WTO's highest decision-making body will meet in Yaoundé from March 26 to 29. This meeting is generally held every year.

There has long been a desire to reform the World Trade Organization, but this week's talks come at a particularly tense moment for the world economy, marked by global trade tensions, US tariffs, and disruptions caused by the Middle East conflict.

EU Trade Chief Maroš Šefčovič stated that this meeting is a decisive moment for the bloc. He told reporters, "The EU will insist on serious reforms of the World Trade Organization, where a level playing field, more capacity, and market policies must be addressed better than in the past. We want to see a new balance between rights and obligations, as circumstances have changed dramatically."

He pointed to 'different economic models' globally, saying, "Often, this overcapacity is creating many problems for the European economy."

The EU repeatedly accuses China, particularly in certain industrial sectors like steel, of overcapacity. Brussels argues that this overcapacity depresses prices and leads to unfair competition for European manufacturers.

The WTO has faced structural and geopolitical hurdles, and the demand for reform is not new. Many members of the organization seek to improve its consensus-based decision-making process, along with other reforms.