One of the ways out of this pickle is to reform the World Trade Organization, opined French finance minister Bruno Le Maire.

On Friday, French Finance Minister Bruno Le Maire stated, the world is facing a cold war over trade. Economic ties between the United States and China have flared up in recent months. One of the ways, these threats can be countered is by reforming the World Trade Organisation.

“The real risk now is that we enter into a cold war between China and the United States in which all countries, including Europe, come out losing,” said Le Maire. “This open war in trade will be an economic suicide for the whole world. It (the trade war) is quite simply stupid,”

Le Maire made these remarks at the opening of a trade conference at the ministry. He went on to add, the WTO needed to get out of “paralysis of the consensus” which is currently holding up its work and needs to ensure that global trade rules are respected by signatory member countries.

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