The Director General of World Trade Organisation (WTO) Roberto Azevedo on 31st of August said that there was no reason to “panic” over United States President Donald J. Trump‘s threat to withdraw from the global trade body.
Azevedo further said, “The United States concerns about areas in the World Trade Organisation that they would like to improve are not new. And I think what he said is consistent with what they have expressed before.”
Trump, who has previously called the WTO a “disaster” and a “catastrophe”, on 30th of August said, “If they don’t shape up, I would withdraw from the World Trade Organisation.”
The WTO officially began on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.
It is the largest international economic organization in the world.