Australian Trade Minister Dan Tehan discusses WTO reforms with CACCI leaders on 26 October 2021
On October 26th 2021, Australian Minister of Trade, Tourism and Investment The. Hon. Dan Tehan MP, held an online discussion with leaders of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) to argue for the necessity of WTO reforms given the current headwinds that the world trade system is facing.
Hosted by CACCI President Samir Modi, the discussions included the participation of Peter McMullin, CACCI Vice President; Dr. Andrew Stoeckel from the Australian National University; and Bryan Clark from Australian CCI
During his presentation, Minister Tehan touched on several key issues affecting the WTO reform process now underway. He argued that “we’re going to need a lot of momentum, a lot of leadership, and a lot of impetus if we are to get the outcomes that we want.”
Minister Tehan encouraged all the business leaders from the region and beyond to have a dialogue with their trade ministers on the recommendations put forward by the CACCI study on “Achieving a Successful Trading System” before the ministers head offto Geneva for the 12th WTO Ministerial Conference to be held on November 30 – December 3, 2021 for a discussion on WTO reforms.
Minister Tehan explained that currently there are two stages with respect to WTO reforms. First, the next two to three months will set the negotiation stage. The second stage will determine what the future of the WTO will look like.
Minister Tehan warned that a failure in WTO reforms will result in a step back towards plurilateralism where groups of countries will come together to trade among themselves.
To counter this possible outcome, Minister Tehan insisted on the need to drive an agenda of reform because the WTO is an organization which “on the whole is putting the rules in place which enable us to trade and trade effectively” he said.
Minister Tehan noted that now it is not wise to “see the baby thrown out with the bathwater.” Instead, he is looking forward to reform the existing structures.
Minister Tehan’s presentation was followed by a series of questions issued by several member chambers of CACCI.
This webinar was organized by CACCI, in cooperation with the Australian Chamber of Commerce and Industry (ACCI) as the first of a series of events to promote the CACCI study. The study aims to come up with recommendations on reforms to improve the WTO in order to revitalize world trade as a fundamental mechanism for economic growth and common prosperity.
You can view the whole discussion with Australian Minister of Trade, Tourism and Investment The. Hon. Dan Tehan MP below:
