G7 trade ministers aim for functioning WTO dispute settlement by 2024

BERLIN – The seven leading industrialized nations (G7) aim to have a functioning dispute settlement system under the World Trade Organization (WTO) by 2024, said G7 trade ministers in a joint statement on Thursday.

In the final communique from their meeting in Germany, the ministers committed to work constructively on reform of the WTO.

“The WTO needs to reflect our shared values such as openness, transparency, fair competition, and the rule of law,” they wrote.

The G7 trade ministers also pledged support to Ukraine and condemned Russia’s attack in February. “Trade can be an important driver for Ukraine’s economic recovery,” they said.