On Friday, the 24th of January 2020, amid a number of US sanctions implanted by the US President Donald Trump and his administration which in effect had handicapped the World Trade Organization to pursue its natural course of action as an umpire of global trade, China, the second-largest economy across the globe, European Union alongside 15 other WTO members had agreed to instrument a momentary mechanism in a bid to settle wide-ranging trade disputes, a majority of which were stemmed from US sanctions.
Besides, in the wake of a withering global trade outlook amid a number of trade war-fronts unfolded over the recent past by the meretricious tariff-lover Trump, WTO’s own Appellate body could not remain operational, however, the EU commission said according to Friday’s WTO (January 24th) agreement, the members involved in the process had agreed to a two-step dispute system until WTO’s own Appellate Body would become operational again.
Apart from EU and China, other countries agreed to a temporary WTO accord were Australia, Chile, Brazil, Colombia, Costa Rica, Guatemala, Mexico, South Korea, Panama, New Zealand, Singapore, Switzerland alongside Uruguay, as WTO Director General, Roberto Azevedo, a Brazilian, said on Friday (January 24th), “There are options out there, we are trying to fix it, but we’re not there yet. I would say that I would be confident that more progress will be possible in the short term. ”