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UK right to call for WTO reform, says IEA expert
Mark Littlewood, Director General at free market think tank the Institute of Economic Affairs, responded to the news that Britain it to use its G7 presidency to press for reform of the World Trade Organization (WTO)
“The WTO cannot continue to stand idly by as nations adapt to new technologies and respond to new global challenges such as international respect for property and civil rights. The UK is right to lead the charge for WTO reform and to continue championing free trade.
“Protectionism is on the rise, but a revitalised WTO could provide a new framework which encourages free trade to spread opportunity and prosperity across the globe, providing a path out of the economic destruction wrought by Covid-19. World trade as a percentage of GDP has decreased since 2008: post-pandemic, the WTO must work to reverse that trend.
“Any new rule book governing world trade must not burden WTO members in the name of virtue signalling. Free trade must be exactly that: free.”
Notes to Editors
Contact: Annabel Denham, Director of Communications, 07540770774
Mark Littlewood is available for further comment.
For further IEA reading: Freight Expectations
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
