NEWS

Rumen Radev: Bulgaria Supports the European Commission’s Idea for Modernization of the World Trade Organization

Bulgaria fully supports the idea promoted by the European Commission for modernization of the World Trade Organization (WTO) vis-à-vis updating the rules for international trade, providing greater opportunities for monitoring and unleashing the arbitration mechanisms.  This is what President Rumen Radev told journalists in Geneva. The Head of State is visiting Switzerland to take part in the 41^st session of the UN Council on Human Rights.  During his visit Rumen Radev also held a meeting with Roberto Azevedo, Director General of the World Trade Organization.  

In the President’s words, the WTO is facing critical challenges and needs the member states’ decisive support. “The violation of the international trade rules, the excessive subsidies and protectionism and the almost full blocking of the organization’s appellate body risk not only slowing down the world economic growth and economic development, but they also already risk and challenge the established political order,” Rumen Radev said.

The Head of State noted that Bulgaria has an open economy and half of the Bulgarian GDP is formed as a result of foreign trade and every problem related to trade has an impact also on economic growth, the opportunities for the development of the economy and investments. “I hope we will have a quicker result. If we fail to achieve progress in this direction, this will certainly have an impact on the Bulgarian economy as well,” Rumen Radev further emphasized.

In Geneva the Head of State also held a meeting with Tedros Ghebreyesus, Director General of the World Health Organization. The prospects for reforming Bulgarian healthcare so that it provides timely and high-quality health services for the citizens was among the issues the meeting focused on. President Radev invited the World Health Organization to provide expert support for Bulgaria in this regard.