WTO’s ministerial conference under way in Abu Dhabi
WTO’s 13th ministerial conference in Abu Dhabi seeks progress amidst tough negotiations, facing challenges from global economic and political uncertainties, including the war in Ukraine and rising tensions
The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) is currently under way in Abu Dhabi, UAE until Thursday. This event represents the organization’s first gathering of this scale in two years.
Within the WTO’s agenda, advancements will be discussed, particularly in areas such as fishing, agriculture, and electronic commerce.
However, major agreements are unlikely due to the requirement of full consensus among all 164 member states, a challenging task given the current global atmosphere.
WTO Director-General Ngozi Okonjo-Iweala anticipates a difficult meeting due to various “economic and political headwinds,” citing the war in Ukraine, Red Sea attacks, inflation, rising food prices, and economic challenges in Europe and China.
Early Monday, over 120 countries and regions, including China and the European Union but excluding the U.S., issued a ministerial declaration, finalizing an agreement aimed at facilitating international investments for development.
Pressure on WTO
In the previous WTO ministerial meeting held in June 2022 at its Geneva headquarters, trade ministers achieved significant milestones. This included a historic agreement banning harmful fisheries subsidies and a temporary patent waiver for COVID-19 vaccines.
They also pledged to reinstate a dispute settlement system that had been stalled since 2019 when Washington obstructed the appointment of new judges to the WTO’s appeals court.
Nevertheless, the WTO faces pressure to make progress on reform during the Abu Dhabi conference, especially with the potential reelection of former U.S. President Donald Trump.
During his tenure from 2017 to 2021, Trump had threatened to withdraw the U.S. from the WTO and disrupted its dispute settlement mechanisms.
Source: Newsroom
#haber#
