(Worthy News)—Preparations are underway to establish a European Union-led alternative to the World Trade Organization (WTO) as part of a new global marketplace that would challenge America’s economic clout.
The EU’s executive, European Commission President Ursula von der Leyen and German Chancellor Friedrich Merz, say the WTO, founded in 1995, is broken.
“You all know that the WTO doesn’t work anymore,” Merz told the media, adding that a “new kind of trade organization” could gradually replace “what we no longer have with the WTO.”
The German chancellor referred to the WTO’s dispute resolution mechanism’s “near-total breakdown.”
Yet questions remain about how to replace the world’s largest international economic organization, which has 166 members representing over 98% of world trade and global Gross Domestic Product (GDP).
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