Australian PM: WTO needs mending to keep up with the times

Australian Prime Minister Scott Morrison attends a joint press conference at the Istana or Presidential Palace in Singapore, Friday, June 7, 2019. (AP Photo/Yong Teck Lim)
Australian Prime Minister Scott Morrison attends a joint press conference at the Istana or Presidential Palace in Singapore, Friday, June 7, 2019. (AP Photo/Yong Teck Lim)
Australian Prime Minister Scott Morrison speaks during a joint press conference at the Istana or Presidential Palace in Singapore, Friday, June 7, 2019. (AP Photo/Yong Teck Lim)
Australian Prime Minister Scott Morrison, left, and Singapore Prime Minister Lee Hsien Loong shake hands at the Istana Presidential Palace in Singapore, Friday, June 7, 2019. (Wallace Woo/Pool Photo via AP)
Australian Prime Minister Scott Morrison speaks during a business lunch event hosted by the Australian Chamber of Commerce in Singapore, Friday, June 7, 2019. (AP Photo/Yong Teck Lim)
Australian Prime Minister Scott Morrison, left, speaks with his Singaporean counterpart Lee Hsien Loong during a joint press conference at the Istana or Presidential Palace in Singapore, Friday, June 7, 2019. (AP Photo/Yong Teck Lim)

SINGAPORE — Australian Prime Minister Scott Morrison said Friday that the World Trade Organization needs mending to keep up with the times.

Morrison said many leaders attending the Group of 20 summit in Osaka later this month share the view.

"There is a strong consensus about the need to modernize the WTO and its rules," he said.

"We need to mend it, we don't need to break it, and mending it requires a lot of partnership," he added. "Just now it's the technical practical things that need to get done."

Morrison, who spoke at a lunch organized by the Australian Chamber of Commerce in Singapore, didn't go into the specifics of what needed to change.

But he referred to a "very practical" speech by Singapore Prime Minister Lee Hsien Loong at an annual security conference last week.

Lee said multilateral institutions like the WTO were "far from perfect" and in need of reform.

"Multilateral global deals like the Uruguay Round are no longer practical, when agreement requires a full consensus among 164 member countries of hugely diverse interests and philosophies," he said.

"Furthermore, the WTO was designed for an agricultural and manufacturing-based world economy, but the world has moved on to services and now increasingly digital and intellectual property, which need much more complicated rules," Lee added.

Morrison is on his first overseas trip after a shock election victory in May. It includes stops at the Solomon Islands, Britain and Singapore.

Must Read

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

Asian stocks rise after Wall Street gains

Dec 21, 2016

Asian stocks are higher after U.S. stocks rose to record levels despite attacks in Germany and...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

China begins to ease its 2,000-year-old monopoly...

Jan 3, 2017

China has started an overhaul of its salt industry, easing a monopoly that has existed in some form...

Asia shares falter as investors watch dollar,...

Jan 6, 2017

Asian shares are wavering as a weaker dollar discourages investors who are shying away from risky...

Sign up now!

Advertisement