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Free AccessMNI POLICY: WTO Head To Resign Amid Global Trade Discord
--Exit Allows New Chief to Onboard Ahead of 2021 Ministerial Conference
By Ryan Hauser
WASHINGTON (MNI) - The director-general of the World Trade Organization
said Thursday he would step down later this year to allow a head start on
finding his successor during a relatively dormant period for the international
group.
Roberto Azevedo told WTO members in a virtual meeting that he will leave
after seven years on the job and exactly a year before his term was set to
expire in September 2021. He also cited family reasons for the move but said his
resignation was not health-related, nor did he intend to pursue "any political
opportunities."
Ongoing lockdowns have given the WTO time to start the DG selection process
well before next year's Ministerial Conference, a "critical landmark" in
defining the group's trajectory, Azevedo said.
The WTO Appellate Body for dispute resolution has been hampered by U.S.
efforts to block judicial appointments to the legal group, while this past week
also saw bipartisan proposals from both the Senate and the House to leave the
WTO.
While these efforts are unlikely to succeed due to time constraints and the
lack of political will, the WTO has nonetheless been stymied by the lack of
leadership from the U.S as it continues to joust with rival China.
--MNI Washington Bureau; +1 202 371 2121; email: ryan.hauser@marketnews.com
[TOPICS: M$A$$$,M$E$$$,M$Q$$$,M$U$$$,MI$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.