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Investing.com -- UK Trade Minister Chris Bryant warned on Tuesday that the World Trade Organization faces an "existential moment" at its ministerial meeting in Cameroon next year, with a risk of dwindling into insignificance.
"We are in the business of wanting to make sure that the WTO works, but there is a danger that it will dwindle into insignificance over the coming years," Bryant told reporters at the organization’s Geneva headquarters.
The minister called for "an open and honest conversation about consensus rule at WTO," suggesting reforms may be needed to maintain the organization’s relevance.
In separate comments, Bryant stated that Brexit has negatively impacted trade, saying "Brexit has been bad for trade. Of course it has." He later clarified that these remarks were made specifically in the context of European trade.
Bryant also provided an update on UK trade negotiations, saying the country is "so close" to finalizing a free trade deal with the Gulf Cooperation Council and that an agreement will be reached "soon."
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