GPCA calls for modernization of WTO to support chemical trade

GPCA calls for modernization of WTO to support chemical trade

DUBAI — The Gulf Petrochemicals and Chemicals Association (GPCA) issued a list of recommendations for the modernization of the World Trade Organization (WTO) in line with supporting free and fair trade and enabling the regional chemical industry's growth.In a position paper released Tuesday GPCA praised the WTO's vital role in supporting trade in commodities and goods across the world. However, it highlighted that the organization needs to do more to achieve multilateral commitments from its members on further trade liberalization and emerging trade rules.GPCA went on to recommend that the WTO, of which all GCC states are members, should take proactive steps towards its modernization in several key areas, including: process (reform) and substance (negotiations); regulatory cooperation on chemical substances to prevent barriers to trade; trade agendas to support sustainability; improved transparency, and effective enforcement of commitments.GPCA estimates that regional chemical export volume declined by 15% - 20% to 66-70 million tons in 2020, due to significant demand disruptions in chemical supply markets as a result of the coronavirus pandemic. Off the