The World Trade Organization (WTO) must inject more certainty in the global trading environment while addressing and minimizing barriers to trade in the long run. American businesses need this certainty not just to operate, but to invest, innovate, hire, and grow.
ACC and our global chemical industry partners in the International Council of Chemical Associations (ICCA) support a WTO with three strong legs:
- implementation and monitoring
- dispute settlement
To help jumpstart WTO modernization, ACC and ICCA are together urging the Biden Administration to:
- Facilitate an update of the WTO dispute settlement process by identifying and promoting a package of reforms that can generate consensus within WTO membership on restoring the Appellate Body;
- Advance negotiations on digital trade and investment facilitation;
- Enhance WTO operational/procedural transparency and stakeholder engagement, with:
- Full notification of proposed and final measures; and
- Greater opportunities for chemical industry stakeholder input and participation in WTO meetings and events.
- Explore how trade relates to climate change, circular economy, plastic pollution, biodiversity, fossil fuel subsidies, decarbonizing supply chains, and carbon border adjustment;
- Ensure regulatory cooperation is an integral part of WTO modernization;
- Seek tariff elimination/reduction for chemicals via appropriate mechanisms, such as:
- Accessions to Chemical Tariff Harmonization Agreement (e.g., Argentina, Brazil, Chile, Colombia, select ASEANs); and
- Plurilateral initiatives on sustainable materials and environmental goods.