The European Parliament has called for reform of the WTO

© RIA Novosti / Alexei Vitvitskiy fotobanka in the EU at the European Parliament in Strasbourg. Archival photoThe European Parliament has called for reform of the WTO© RIA Novosti / Alexei Vitvitskiy the image Bank

The world trade organization (WTO) is in crisis and needs reform, according to the Committee on international trade of the European Parliament.

«Rules and WTO processes should be urgently reviewed to keep it relevant and effective, said MEPs on trade in a resolution adopted on Tuesday», — stated in the message of the EU Parliament. Due to «the current deep crisis of the WTO,» the basic functions of the organization — negotiating and dispute settlement, «under threat,» the report says.

The deputies proposed a number of reforms to the WTO. Among them, in particular, the development of new rules to cover current gaps in the field, for example, subsidies to state enterprises by major trading countries. In addition, the introduction of new areas under the jurisdiction of the WTO, such as e-Commerce, government procurement, trade digital.

The European Commission is invited to refer to the major trading partners of the EU, including USA, Japan, China, Canada, Brazil and India to create a common position on reform of the WTO.

The MPs also urged the United States to allow quick filling vacancies in appellate body of the WTO, the lock which may lead to collapse of the system of dispute resolution in the organization among its members.