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Incoming EU trade commissioner seeks to revamp WTO by 2022

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Incoming EU trade commissioner seeks to revamp WTO by 2022

The EU's incoming trade chief, Phil Hogan, said he will seek to reach a "comprehensive agreement" on a deal to revamp the Geneva-based World Trade Organization by 2022, Bloomberg News reported, citing Hogan's written remarks to the European Parliament's trade committee.

Hogan, who is set to take over from Cecilia Malmstrom as European trade commissioner on Nov. 1, noted that he plans to launch a broad initiative on the matter by 2020-end and ensure that the WTO enough power to confront industrial subsidies, forced technology transfers and electronic commerce.

The initiative also aims to revise the organization's dispute-settlement system, which is being threatened by the U.S., Hogan added.

The EU is looking to strengthen the WTO by delegating it authority to tackle controversial issues around the globe, according to the newswire. The European Parliament's trade committee is scheduled to hold a hearing with Hogan Sept. 30.