European chemical industry backs WTO modernisation



Amid the current international trade tensions, the European chemical industry renews its support for free and fair trade, and commitment to the rules-based, multilateral trading system as embodied by the World Trade Organisation (WTO). In this regard, the International Council of Chemical Association (ICCA), the voice of the global chemical industry, has recently published a statement promoting global trade on chemicals and supporting a modernised and progressive WTO agenda.

The stability of global economic governance lies in the modernisation of the WTO, to make it a relevant and effective guardian of trade rules and the multilateral system. Cefic supports in this regard the EU’s recent proposal to modernise the WTO covering rulemaking, regular work and transparency, and dispute settlement.

In addition, we very much welcome the sustainability element of the modernisation proposal, as well as the recognition of the significant role of trade policy in achieving the Sustainable Development Goals (SDGs). As one of the largest and most diversified industries in Europe, the chemical industry plays an important role itself in actively contributing to the SDGs, as shown in Cefic’s latest Sustainability Report.

SOURCE www.cefic.org

                   

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