A rules-based international trading system is essential to the success of Canadian businesses exporting on the world stage. Institutions such as the World Trade Organization have been instrumental in establishing binding rules of global trade and reducing tariffs, which creates predictable market conditions for businesses to be able to grow and succeed.
Today in Davos, Switzerland, on the margins of the World Economic Forum, Canada and 16 other members of the WTO committed to work together to put in place an interim arrangement for appealing trade disputes. This arrangement will be open to all WTO members and will benefit Canadian companies by restoring access to a dispute-resolution system for international trade with the participating countries.
The announcement today builds on the pioneering work of Canada and the EU, which resulted in the July 2019 Canada-EU bilateral interim appeal arbitration arrangement for WTO disputes. Canada's participation is a reflection of the country's commitment to reform and modernize the WTO and to make the international trading system more stable. This will help attract investment to Canada and improve Canadian businesses' access to the world.
Finding a long-term solution for appointments to the WTO Appellate Body remains a key priority for Canada. The multi-party interim arrangement will remain in place only until the WTO Appellate Body is able to resume its work.
Canada is committed to finalizing this interim arrangement with its partners as quickly as possible and will work to secure broad support and participation from the WTO membership.
