On the night of the 18th, Minister of Economy, Trade and Industry Nishimura met with the Director-General of the World Trade Organization (WTO), who is visiting Japan.
At the G7 trade ministers' meeting to be held in Osaka next year, we agreed to work together to improve the WTO's dispute settlement system, which has been pointed out to be dysfunctional.
Minister of Economy, Trade and Industry Nishimura held a meeting at a hotel in Tokyo with WTO Director General Okonjoyweala, who has been visiting Japan since the 18th.
Since 2019, the WTO has been unable to appoint the necessary members to settle trade disputes between member countries, and the need for reform has been pointed out as being dysfunctional.
At the meeting, Minister Nishimura said, "In the midst of crises such as the new coronavirus and the invasion of Ukraine, there are also protectionist movements in the world. The WTO should play a leading role in strengthening the free and fair trade system. I would like to support various issues such as reform."
In response, Secretary-General Okonjo-Iweala said, "Next year, Japan will be the chair of the G7. I would appreciate it if Japan would show leadership, including in initiatives at the WTO." The two leaders shared the view that they will work together on WTO reforms, etc., taking advantage of the opportunity of the Trade Ministers' Meeting.