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President urges WTO to take consent from all members for trade rule changes
- Says SL is concerned on ongoing talks of decoupling and de-risking
- Asserts it is crucial for all nations to adhere and not deviate from WTO rules
- Says globalisation, despite its flaws, has contributed significantly to rapid economic development of Asian region
By Shabiya Ali Ahlam
President Ranil Wickremesinghe called on the World Trade Organisation (WTO) yesterday to consider the agreement of all its member nations when contemplating modifications to trade regulations.
Noting that Sri Lanka, just as the other nations, is concerned on the issues surrounding trade, particularly with regard to talks of decoupling and de-risking, Wickremesinghe asserted it is essential that the global trade system remains uninterrupted and continues to function effectively.
“If there is a need to make changes to the rules governing global trade, it should be a collective and consultative process, involving the consent of all nations. This way, we can collectively address any shortcomings and work towards a more inclusive and sustainable global trade system,” said Wickremesinghe, addressing the launch of key trade facilitation initiatives by the International Trade Centre (ITC), in Colombo.
He stressed it is crucial for all nations to adhere to these rules and not deviate from them. A sudden departure from the principles of globalisation can have detrimental effects on economies and hinder the path to development.
Wickremesinghe acknowledged that while globalisation has shown its flaws, it has also contributed significantly to the rapid economic development of the Asian regions such as East Asia, Southeast Asia and South Asia, which can similarly benefit from this process.
While pointing out that the current situation concerning global trade can have far-reaching impacts, especially for smaller economies such as Sri Lanka, efforts are taken to prevent any negative consequences for the region and its development, he said.
“This is a crucial moment for South Asia and the Indian Ocean to flourish and therefore, we are committed to upholding the rules set by the WTO. Any changes to these rules should be made collectively, with the consent of the majority,” said Wickremesinghe.
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