European Commission chief Ursula von der Leyen has proposed to EU leaders the launch of a Europe-led initiative to establish a structured trade cooperation with Asian countries, potentially laying the groundwork for an alternative to the gridlocked World Trade Organisation (WTO).

European Commission president von der Leyen proposed that Brussels team up with the 11 other global economies of the CPTPP to form an institution to replace the WTO, which is struggling to contain global tensions.

E.U. chief Ursula von der Leyen said the bloc was ready for a trade deal with Washington, but hinted at preparations for countermeasures if a July 9 deadline was not reached.