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Liam Fox warns WTO is ‘in crisis’ as businesses told to brace for no-deal Brexit

Liam Fox warns WTO is ‘in crisis’ as businesses told to brace for no-deal Brexit

The US-China trade war, industrial strife and political deadlock all threaten to overwhelm the World Trade Organization, putting the future of the institution and the system of free trade in mortal danger, Liam Fox has warned.

World leaders need to “seize the opportunity” to resolve the crisis, opening up trade rapidly to boost economic growth and spread prosperity, the International Trade Secretary said.

He criticised the G20 for failing to address the “scale [and] urgency of the challenges facing the global trading system” and warned “the WTO could be facing an existential crisis”.