“I have just received a letter from the Argentine Foreign Ministry, which noted that during the yesterday meeting ministers of trade of the G20 states for the first time managed to reach a full consensus between all the parties on the need to reform the World Trade Organization,” the ambassador said, speaking at an international forum on industrial cooperation.
The calls for the WTO reform have intensified amid recent trade tensions, which include among others US shift to the policy of protectionism. US President Donald Trump said in an interview with Bloomberg News he would exit the World Trade Organization if it continues to treat the United States 'unfairly'.
The White House introduced a series of tariffs on foreign imports since March, prompting a backlash from many of Washington's trade partners. The European Union and China have imposed retaliatory tariffs on US goods in response to Trump's duties on steel and aluminum.
In July, Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev said that the US hardline tariff policy could slow the growth of the global economy by 0.4-0.5 percent in the next two years.