yeah, i think your calculations were that if these rival trading blocs emerge, it could cost the world roughly 5% of global gdp. that's an extraordinary figure. the problem you've got right now is that the mechanisms that exist here at the wto to try and enforce fair trade policy across the world, the mechanisms are paralysed, and they're paralysed chiefly because the united states has for years now refused to allow the appointment of newjudges to your appeals body. and without those judges, the appeals body cannot work. and without the appeals body, you, as the arbiter of global trade, cannot properly function. how are you going to get out of this problem? stephen, i disagree, so let me share with you what is happening. it is true that our two—tier dispute settlement system has a panel level
secondly, if the world fragments into separate trading blocs, we've actually done work here at the wto that shows it to be extremely costly for the world. yeah, i think your calculations were that if these rival trading blocs emerge, it could cost the world roughly 5% of global gdp. that's an extraordinary figure. the problem you've got right now is that the mechanisms that exist here at the wto to try and enforce fair trade policy across the world, the mechanisms are paralysed, and they're paralysed chiefly because the united states has for years now refused to allow the appointment of newjudges to your appeals body. and without those judges, the appeals body cannot work. and without the appeals body, you, as the arbiter of global trade, cannot properly function. how are you going to get out of this problem? stephen, i disagree, so let me share with you what is happening.
that's an extraordinary figure. the problem you've got right now is that the mechanisms that exist here at the wto to try and enforce fair trade policy across the world, the mechanisms are paralysed, and they're paralysed chiefly because the united states has for years now refused to allow the appointment of newjudges to your appeals body. and without those judges, the appeals body cannot work. and without the appeals body, you, as the arbiter of global trade, cannot properly function. how are you going to get out of this problem? stephen, i disagree, so let me share with you what is happening. it is true that our two—tier dispute settlement system has a panel level and an appellate body.
so, look, it is normal, it is normal that when a ruling comes, you know, it may not please the member. that does not mean that the wto or the systems, you know, don't render service and that the members don't appreciate it. they actually do. if the world didn't have the wto, it would really be problematic, because then it would be might and power. you know, there would be... trade would be a free for all. and that is why it was made in the first place. secondly, if the world fragments into separate trading blocs, we've actually done work here at the wto that shows it to be extremely costly for the world. yeah, i think your calculations were that if these rival trading blocs emerge, it could cost the world roughly 5% of global gdp. that's an extraordinary figure. the problem you've got right now is that the mechanisms that exist here at the wto to try and enforce fair trade policy across the world,
shows it to be extremely costly for the world. yeah, i think your calculations were that if these rival trading blocs emerge, it could cost the world roughly 5% of global gdp. that's an extraordinary figure. the problem you've got right now is that the mechanisms that exist here at the wto to try and enforce fair trade policy across the world, the mechanisms are paralysed, and they're paralysed chiefly because the united states has for years now refused to allow the appointment of newjudges to your appeals body. and without those judges, the appeals body cannot work. and without the appeals body, you, as the arbiter of global trade, cannot properly function. how are you going to get out of this problem? stephen, i disagree, so let me share with you what is happening. it is true that our two—tier