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“Trade is facing very challenging times right now and it is
quite difficult,” she said. “We should try to use this crisis as
an opportunity to solve the challenges we have and take
advantage of new trends in trade.”
Japan, as “a champion of the multilateral trading system” must
help maintain, strengthen and reform the WTO, the Japanese
Foreign Ministry cited her as saying.
They met a day after the United States and China said they had
agreed to slash recent sky- high tariffs for 90 days to allow
time for negotiations.
Japan is among many countries yet to reach a deal with the Trump
administration on hikes to U.S. tariffs, including those on
autos, steel and aluminum.
The WTO played a pivotal role in past decades as the U.S. and
other major economies championed the trade liberalization that
facilitated the growth of global supply chains, many of which
are anchored in China.
By dismantling many protectionist barriers to trade, it has
aided the ascent of Japan and China, and many other countries,
as export manufacturing hubs.
Since taking office for a second time, Trump has prioritized
higher tariffs to try to reduce U.S. imports and compel
companies to locate factories in the United States, doubling
down on a trade war that he launched during his first term.
The two leaders agreed that WTO member countries should unite to
restore the organization's capacity to address challenges.
Okonjo-Iwaela was visiting Japan to strengthen cooperation
between Japan and the WTO to maintain and reinforce the
multilateral trading system, Japanese officials said.
She also was scheduled to meet with Foreign Minister Takeshi
Iwaya, Finance Minister Katsunobu Kato and Economy, Trade and
Industry Minister Yoji Muto.
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