Escalating trade tensions between China and the US have attracted attention around the world and sparked discussions about the role of the World Trade Organization. Against this backdrop, a meeting organized by the Center for China and Globalization and the International Center for Trade and Sustainable Development was held in Beijing On Thursday. CGTN's Gary Anglebrandt has more.

On May 31st, the US, the EU and Japan proposed a number of WTO reforms covering areas such as state industrial subsidies, technology transfer and intellectual property protection. Structural issues caused by rapid global development have presented the rules-based multilateral trading mechanism with its most serious crisis since it was established.

LI SIQI, ASSISTANT PROFESSOR CHINA INSTITUTE FOR WTO STUDIES UNIVERSITY OF INTERNATIONAL BUSINESS AND ECONOMICS "Nowadays, the WTO faces multiple challenges due to the stagnation of multilateral negotiations, the rejection from the US on the appointment of body members and the new emerging issues that cannot be tackled by multilateral rules."

Some are suggesting that nations try another approach -- what's known as plurilateralism. This is where countries talk to each other outside the traditional multilateral mechanisms when those platforms fail.

LI SIQI, ASSISTANT PROFESSOR CHINA INSTITUTE FOR WTO STUDIES UNIVERSITY OF INTERNATIONAL BUSINESS AND ECONOMICS "The WTO members should take more open attitude towards plurilateral negotiations and discuss how to cooperate on plurilateral negotiations into the framework of the WTO, besides, China could respond positively to the general statement made by the US, EU and Japan and discuss the issues of industrial subsidies, technology transfer and the state-owned enterprises in the  WTO framework and strongly reject the unilateral measures taken by the US."

In fact, the WTO has been trying to modernize itself for more than 20 years, but the reform process is complicated. And authorities note that it requires contributions by all member states.

Trade is not a zero-sum game. A trade war will hurt not only both economies but likely also the rest of the world. Reform of the WTO might be just what member states need to put the free trade system back on a healthy track. Gary Anglebrandt, CGTN.