The EU has proposed giving WTO members more freedom to raise tariffs, in the bloc’s boldest move yet to deal with a creaking multilateral trade order.
Proposals to abandon the “most favoured nation” (MFN) principle, under which WTO members must treat one another equally, marks a dramatic shift in Brussels’ approach, as it has long defended the idea.
“We need a frank discussion on the link between MFN status and reciprocity, taking into account members’ actual levels of market openness, their commitment to fair competition and transparency, and their evolving weight in global trade,” Maroš Šefčovič, the EU’s trade commissioner, wrote in a piece for the FT.
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