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WTO Ministerial Extended by One Day

The extension has been made after Ngozi Okonjo-Iweala called on members to go the extra mile to find convergence on the various negotiations at the ministerial gathering….reports Asian Lite News

The World Trade Organization (WTO) 13th Ministerial Conference at Abu Dhabi has been extended until Friday, March 1, to allow further discussions and facilitate outcomes on main issues.

The decision was taken after WTO Director-General Ngozi Okonjo-Iweala held consultations with MC13 Chair, Thani bin Ahmed Al Zeyoudi, and the minister facilitators, WTO announced in a statement. The 13th Ministerial Conference was initially scheduled to close on February 28 at 8 pm (local time).

The extension has been made after Ngozi Okonjo-Iweala called on members to go the extra mile to find convergence on the various negotiations at the ministerial gathering.

In a statement, WTO said, “At the meeting of Heads of Delegation (HoDs) on 28 February, DG Okonjo-Iweala called on members to go the extra mile to find convergence on the various negotiations at the ministerial gathering and to be mindful that time is running out to conclude meaningful agreements.”

Ministers and delegates from across the world gathered in Abu Dhabi for World Trade Organization (WTO) meeting that began on February 26, to discuss and deliberate upon global trade rules.

WTO, a global watchdog, founded about three decades ago, now has 166 member countries, including India. This year, Timor-Leste and Comoros have been added as members of the WTO. The WTO’s 12th Ministerial Conference (MC12) was held in Geneva, Switzerland from June 12-17, 2022.

At the ongoing 13th ministerial conference of the WTO, India stressed that all policy options should be available for the WTO members to pursue for promoting digital industrialisation.

According to Ministry of Commerce and Industry press release, India stressed that currently, a few firms based in developed countries dominate the global landscape of e-commerce.India explained that there was a huge digital chasm between developed and developing countries, which makes it challenging to increase the participation of developing countries in global e-commerce.

India reiterated that with the digital revolution still unfolding and with the increasing diffusion of technologies such as additive manufacturing and 3D printing, data analytics, artificial intelligence, and the Internet of Things, there was a need for a re-examination of the implications of the moratorium on customs duties on electronic transmissions, particularly for the developing countries and the LDCs.

India said that developing countries need to focus on improving their domestic physical and digital infrastructure, creating supportive policy and regulatory frameworks, and developing digital capabilities.

India’s own digital transformation is powered by its unshakeable belief in innovation and its commitment to speedy implementation.Through the Digital Public Infrastructure (DPI) approach, India is promoting innovation, democratising technology and fostering a competitive ecosystem for digital businesses.

DPI has spurred a national technology revolution in areas like commerce, credit, healthcare, payments, e-governance, citizen services among others. India’s own experience shows that a broad thrust on digital infrastructure, skills, education and enabling policies has spurred rapid, population-scale digitalization. (ANI)

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India Tells WTO to Act on Past Decisions

India stated that the multilateral trading system stands at a crossroads today….reports Asian Lite News

India insisted that new issues should not be considered for ministerial mandates unless past decisions and unfulfilled mandates were acted upon.

India, during the discussions on Wednesday, stressed that the draft Abu Dhabi ministerial declaration that issues relevant to developing countries should find focus and prominence.

In the working session on development, India highlighted that historically, on the issue of development, there has been no dearth of promises made by developed countries, with each ministerial churning out lofty ideas.

“There have been many promises, but very little action, on account of which the vulnerabilities of the developing countries including the LDCs have only amplified further,” as per the official statement.

India stated that the multilateral trading system stands at a crossroads today. While the world is battling multiple crises such as debt and balance of payment, the WTO itself is confronting serious challenges both from within and outside.

“As a consequence, the developing countries, including the LDCs, are not only expending their limited resources fighting these global challenges but also defending their interests in this multilateral forum,” as per an official statement.

India emphatically stated that development is the goal and in fact, the very reason, why the developing countries, including LDCs, have joined this institution in the first place.

“Thus, it was imperative that the WTO prioritize, deliberate, and deliver solutions to the several challenges faced by developing countries, including LDCs. India recalled that the principles of special and differential treatment, which were facing attack from the developed members, were no exceptions to the general WTO rules, and in fact they were the inherent objectives of the Multilateral Trading System,” the statement mentions.

India asserted that in their journey of industrialisation, the developed countries have used and benefitted from all policy tools available and are still utilising them for their new industries, where many industrial policy measures are being taken. The irony was that now, these very same members were kicking the ladder away.

India said that developing countries urgently needed flexibilities in existing rules. Infant and young industries in developing countries needed support through conducive policies, incentives, subsidies and level playing field. (ANI)

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Al Zeyoudi: WTO Ensures Trade Stability

The opening session saw the adoption of the accessions of the Comoros and Timor-Leste, both least-developed countries….reports Asian Lite News

In his welcoming speech to the 13th WTO Ministerial Conference (MC13), Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of MC13, stressed the historically important role the WTO has played to provide “stability, transparency and predictability for international trade,” contributing to “raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services” around the world.

The opening session saw the adoption of the accessions of the Comoros and Timor-Leste, both least-developed countries.

The President of Comoros, Azali Assoumani, and the President of Timor-Leste, José Manuel Ramos-Horta, signed the respective Protocols of Accession to the WTO, which were also signed by WTO Director-General Ngozi Okonjo-Iweala. Both governments will now submit their protocols for ratification by their legislative assemblies. In keeping with WTO rules, Comoros and Timor-Leste will become members of the WTO 30 days following the deposit of their respective instruments of acceptance of the Protocol.

Dr Al Zeyoudi said, “The decisions we have just taken on the accession of the Comoros – an island LDC in Africa – and the accession of Timor-Leste – an island LDC in Asia – testify to the world’s confidence in the WTO and the multilateral trading system. I strongly believe that through their future membership in the WTO, Comoros and Timor-Leste will have stable and predictable frameworks for economic engagement with other nations which will boost trade, growth and prosperity.”

The MC13 opening ceremony also saw a wave of acceptance of the Agreement on Fisheries Subsidies. Eight members deposited their instruments of acceptance of the Agreement, putting the historic agreement for ocean sustainability on track for entry into force at a record pace. Ministers of Brunei Darussalam, Chad, Malaysia, Norway, Rwanda, Saudi Arabia, Togo and Türkiye presented their instruments of acceptance to Director-General Okonjo-Iweala.

The MC13 Chair added, “This is a testament to your governments’ commitment to the sustainability of our oceans and to ensuring that multilaterally negotiated outcomes in the WTO are not only agreed – but implemented. As one of the early ratifiers, the United Arab Emirates welcomes the new ratifications as a reaffirmation of this collective commitment.”

ALSO READ: WTO Hails UAE’s Trade Liberalisation

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WTO Chief Asks Members to “Roll Up Sleeves”

Ministers and delegates from across the world gathered in Abu Dhabi for a four-day World Trade Organization (WTO) meeting that began…reports Asian Lite News

World Trade Organization (WTO) Director- General Ngozi Okonjo-Iweala on Monday hoped that participating members of the global organisation will have to “roll up their sleeves” to show the world that it is a forum where members deliver new benefits for people through trade.

Ministers and delegates from across the world gathered in Abu Dhabi for a four-day World Trade Organization (WTO) meeting that began yesterday, to discuss and deliberate upon global trade rules.

WTO is a global watchdog, founded about three decades ago now has 166 member countries, including India.

Speaking at the opening session of 13th Ministerial Conference of the WTO today, Okonjo-Iweala, said she hoped that this year’s conference would be a success which countries across the globe “deserve” during these uncertain and difficult times.

“We will always have naysayers and detractors but there is no doubt that members have shown that we can deliver when members roll up their sleeves and must have the requisite political will,” she said.

She said the atmosphere in the preparatory discussions in the run to the conference was “more constructive and conducive” than it was in the last ministerial conference.

“But there’s still a considerable amount of work to do. Ministers will have to roll up their sleeves once more to complete the work leftover from Geneva,” the WTO director general said.

The World Trade Organization’s (WTO) 12th Ministerial Conference (MC12) was held in Geneva, Switzerland from June 12-17, 2022.

During the Geneva conference, trade ministers secured a historic deal banning fisheries subsidies harmful to marine life and agreed to a temporary patent waiver for COVID-19 vaccines. They also committed themselves to re-establishing a dispute settlement system

In her inaugural address, the Director-General sid that the challenge this week is to prove that the global body can “still deliver” and demonstrate that the preceding conference was not just a “one-off miracle”.

“We need to show the world that not only does the WTO underpin three quarters of global goods trade, but it also a forum where members deliver new benefits for people through trade,” Okonjo-Iweala added.

Okonjo-Iweala is the seventh Director-General of the WTO. She took office on March 1, 2021, becoming the first woman and the first African to serve as Director-General. Her term of office will expire on August 31, 2025.

This year, Timor Leste and Comoros have been added as members of the WTO.

The DG in her opening session intervention welcomed Timor-Leste and Comoros to the WTO family and commended for their hard work in joining the organization. (ANI)

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WTO Hails UAE’s Trade Liberalisation

He lauded the success of the WTO Ministerial Conference in Geneva, MC12, affirming the organisation’s plans “to build on this momentum here in Abu Dhabi”…reports Asian Lite News

Ralph Ossa, Chief Economist at the World Trade Organisation (WTO), has praised the UAE’s commitment to trade liberalisation, including development of green and digital trade globally, citing the country’s focus on low tariffs, export diversification, and active participation in the multilateral trading system, and joint statement initiatives.

In statements to the Emirates News Agency (WAM), Ossa said that the UAE is a natural fit for hosting the ministerial conference, noting the country’s focus on low tariffs, export diversification, and active participation in the multilateral trading system, and joint statement initiatives.

He lauded the success of the WTO Ministerial Conference in Geneva, MC12, affirming the organisation’s plans “to build on this momentum here in Abu Dhabi”.

“There are many important items on the agenda where we are hoping to make significant progress. Agenda items include, for example, the reform of our dispute settlement system, constraints on subsidies that lead to harmful overfishing and also e-commerce.”

The WTO chief economist highlighted the great importance of green and digital trade and service, describing these sectors as “the future of trade”, especially in light of the current boom in digital trade and the promising growth of green trade globally.

The WTO’s 13th Ministerial Conference (MC13) will take place from 26 to 29 February 2024 in Abu Dhabi. Ministers from across the world will attend to review the functioning of the multilateral trading system and to take action on the future work of the WTO.

ALSO READ-WTO Ministerial Kicks Off in Abu Dhabi

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WTO Urges Re-globalisation Amid Early Signs of Fragmentation

Nigeria's Ngozi Okonjo-Iweala proposed as new WTO chief (Photo credit: twitter/NOIweala)

Despite increasing trade policy tensions and early signs of geopolitical fragmentation, global trade remains robust, suggesting that concerns about de-globalization are exaggerated….reports Asian Lite News

Re-globalization, which means increased international cooperation and broader integration, can support security, inclusiveness and environmental sustainability, the World Trade Organization (WTO) said in a flagship report published on Tuesday.

In the 2023 edition of the “World Trade Report”, the trade organization presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.

“The post-1945 international economic order was built on the idea that interdependence among nations through increased trade and economic ties would foster peace and shared prosperity. For most of the past 75 years, this idea guided policymakers, and helped lay the foundation for an unprecedented era of growth, higher living standards and poverty reduction,” WTO Director General Ngozi Okonjo-Iweala said in her foreword to the report, Xinhua news agency reported.

“Today this vision is under threat, as is the future of an open and predictable global economy,” she added, calling on the international community to strengthen the trading system.

“Globalization is really at a crossroads,” WTO Chief Economist Ralph Ossa told Xinhua. The tide is turning against globalization, but there’s still time to act, he said.

Trade policy tensions are on the rise and the first signs of fragmentation along geopolitical lines are already visible, but overall trade is holding up strong, hence the talk of de-globalization is certainly exaggerated, he noted.

According to the report, geopolitical tensions are beginning to affect trade flows, including in ways that point towards fragmentation of trading relationships. Calculations carried out by the WTO Secretariat show that goods trade flows between two hypothetical geopolitical blocs have grown 4-6 per cent more slowly than trade within these blocs.

Despite these findings, international trade continues to thrive, implying that talk of de-globalization is still not supported by the data, the report said.

The report showed that trade openness is strongly linked with a reduced likelihood of conflict and has led to sharp declines in poverty for over four decades. Also, technological improvements enabled by trade have had a strong impact on reducing carbon emissions.

The report demonstrated that “re-globalization”, which is the renewed drive towards integrating more people, economies and pressing issues into world trade, is a more promising solution to these issues than fragmentation.

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WTO Calls for Strengthening Global Trading System

Trade policy tensions are on the rise and the first signs of fragmentation along geopolitical lines are already visible, but overall trade is holding up strong, hence the talk of de-globalization is certainly exaggerated, he noted…reports Asian Lite News

Re-globalization, which means increased international cooperation and broader integration, can support security, inclusiveness and environmental sustainability, the World Trade Organization (WTO) said in a flagship report published on Tuesday.

In the 2023 edition of the “World Trade Report”, the trade organization presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.

“The post-1945 international economic order was built on the idea that interdependence among nations through increased trade and economic ties would foster peace and shared prosperity. For most of the past 75 years, this idea guided policymakers, and helped lay the foundation for an unprecedented era of growth, higher living standards and poverty reduction,” WTO Director General Ngozi Okonjo-Iweala said in her foreword to the report, Xinhua news agency reported.

“Today this vision is under threat, as is the future of an open and predictable global economy,” she added, calling on the international community to strengthen the trading system.

“Globalization is really at a crossroads,” WTO Chief Economist Ralph Ossa told Xinhua. The tide is turning against globalization, but there’s still time to act, he said.

Trade policy tensions are on the rise and the first signs of fragmentation along geopolitical lines are already visible, but overall trade is holding up strong, hence the talk of de-globalization is certainly exaggerated, he noted.

According to the report, geopolitical tensions are beginning to affect trade flows, including in ways that point towards fragmentation of trading relationships. Calculations carried out by the WTO Secretariat show that goods trade flows between two hypothetical geopolitical blocs have grown 4-6 per cent more slowly than trade within these blocs.

Despite these findings, international trade continues to thrive, implying that talk of de-globalization is still not supported by the data, the report said.

The report showed that trade openness is strongly linked with a reduced likelihood of conflict and has led to sharp declines in poverty for over four decades. Also, technological improvements enabled by trade have had a strong impact on reducing carbon emissions.

The report demonstrated that “re-globalization”, which is the renewed drive towards integrating more people, economies and pressing issues into world trade, is a more promising solution to these issues than fragmentation.

ALSO READ-Jaipur G20 trade ministerial may brainstorm on WTO

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Jaipur G20 trade ministerial may brainstorm on WTO

Mehta, who is also an NGO Adviser to the Director General of the WTO, Dr. Ngozi OkonjoIweala, observed that, “Multilateralism is in peril…reports Asian Lite News

The Jaipur G20 Trade Ministerial must restore faith in trade multilateralism and the WTO. The minister must not shirk from tackling contentious issues where significant differences exist between G20 countries. These include greater mainstreaming of development concerns, revival of the Appellate Body, and arriving at a shared understanding of the nexus between trade and climate change mitigation policies, according to Pradeep S. Mehta, Secretary General, CUTS International.

However, given the prevailing trust deficits in trade multilateralism, all eyes will be on the G20 Trade Ministers’ vision for addressing the systemic issues plaguing the World Trade Organization (WTO).

In this context, Mehta, who is also an NGO Adviser to the Director General of the WTO, Dr. Ngozi OkonjoIweala, observed that, “Multilateralism is in peril. With just around six months to go for the WTO’s 13th Ministerial Conference (MC13), there have been limited breakthroughs in fresh negotiations, and the second-tier of the WTO’s dispute settlement arm, the Appellate Body, remains inoperative.”

The stage is set for the final G20 Trade and Investment Working Group (TIWG) meeting, followed by the Ministerial meeting of G20 Trade Officials and Ministers, which will be held over the course of next week (August 21-25, 2023) in Jaipur.

The G20 Trade Ministers will cement the work undertaken by the TIWG, particularly on the focus areas of India’s G20 Presidency- trade and development, better integration of developing countries and MSMEs in Global Value Chains, dispersed and resilient supply chains, and trade facilitation &logistics.

G20 Policy Priorities are likely to be identified in these areas, which will be a part of the Meeting’s outcome documents. These will then be presented to G20 Leaders next month for their consideration and inclusion in the G20 New Delhi Leaders’ Declaration.The G20 has in the past led discussions on WTO reform, most notably under the auspices of the Riyadh Initiative on the Future of the WTO, which was launched in 2020 by the Saudi G20 Presidency as part of the TIWG. Its outcomes were reaffirmed in the G20 Bali Leaders’ Declaration in 2022. Mehta called on the G20 Trade Ministers to deliver an outcome document which outlines a clear path towards how G20 countries will work together on these issues and advance the multilateral trade agenda at the WTO.

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Al Zeyoudi elected chair of WTO conference

The announcement was made during the WTO General Council in Geneva, Switzerland, where he met with the WTO Director-General, Ngozi Okonjo-Iweala….reports Asian Lite News

The General Council of the WTO has elected Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as Chair of the World Trade Organisation’s 13th Ministerial Conference (MC13).

The Ministerial Conference, attended by leading representatives from the 164 countries and customs blocs that make up the WTO, will take place in Abu Dhabi in February 2024.

MC13 comes at a critical time for world trade, and the conference will build on the outcomes of MC12, review the performance of the multilateral trading system, make decisions on the future work of the WTO, and set up the roadmap for MC14.

“This is a pivotal moment for world trade,” commented Al Zeyoudi. “As a Ministerial Conference, we have to tackle pressing issues and challenges, consider all the forces shaping the future of trade and come up with clear solutions, and challenge ourselves to take actionable decisions that move the needle on making trade more efficient, inclusive and sustainable.

“At the heart of all of this is the need to modernise trade and embed technology across supply chains, and we look forward to working closely with all the members of the WTO to make real progress at MC13. Our goal must be driving forward momentum for more change at the conference in Abu Dhabi next year, but also in the years to come, and I have the utmost confidence in our collective ability to make this happen.”

The announcement was made during the WTO General Council in Geneva, Switzerland, where he met with the WTO Director-General, Ngozi Okonjo-Iweala.

During their meeting they discussed the preparations for MC13, in addition to the landmark inclusion of trade as a thematic day at COP28, which is set to take place in Dubai later this year.

Dr. Thani delivered his first address as Chair at the General Council, where he stressed the importance of building resilient trade frameworks to tackle today’s challenging landscape.

In his address, he called for focused and decisive deliberations amongst WTO members ahead of MC13, and commented, “Trade policy extends far beyond the scope of trade itself; it is about shaping our common future. It is our collective responsibility to contribute to a predictable, rules-based, and open trade and investment environment that creates prosperity for all – and this is precisely why the success of MC13 is so imperative.”

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Global trade growth to slow to 1.7%, says WTO

Nigeria's Ngozi Okonjo-Iweala proposed as new WTO chief (Photo credit: twitter/NOIweala)

According to the report, global trade growth should rebound to 3.2% in 2024, as global GDP growth picks up to 2.6%…reports Asian Lite News

Global trade growth in 2023 is still expected to be subpar despite a slight upgrade to GDP projections since last fall, WTO economists said in a new forecast on 5th April.

Weighed down by the effects of the crisis in Ukraine, stubbornly high inflation, tighter monetary policy and financial market uncertainty, the volume of world merchandise trade is expected to grow by 1.7 per cent this year, following 2.7 per cent growth in 2022, a smaller-than-expected increase that was pulled down by a sharp slump in the fourth quarter.

The WTO’s trade projections, set out in the new “Global Trade Outlook and Statistics” report, estimate real global GDP growth at market exchange rates of 2.4 per cent for 2023.

Projections for both trade and output growth are below the averages for the past 12 years of 2.6 per cent and 2.7 per cent respectively. WTO Director-General Ngozi Okonjo-Iweala said: “Trade continues to be a force for resilience in the global economy, but it will remain under pressure from external factors in 2023. This makes it even more important for governments to avoid trade fragmentation and refrain from introducing obstacles to trade. Investing in multilateral cooperation on trade, as WTO members did at our Twelfth Ministerial Conference last June, would bolster economic growth and people’s living standards over the long term.”

The 2.7 per cent increase in world trade volume in 2022 was weaker than the WTO’s October forecast of 3.5 per cent, as a sharper-than-expected quarter-on-quarter decline in the fourth quarter dragged down growth for the year. Several factors contributed to that slump, including elevated global commodity prices, monetary policy tightening in response to inflation, and outbreaks of COVID-19 that disrupted production and trade in China.

Notably, trade growth last year turned out to be in line with the 2.4 per cent to 3.0 per cent baseline scenario in the WTO’s March 2022 initial report on the war in Ukraine, and well above its more pessimistic scenario in which trade would have grown just 0.5 per cent as countries started to split into competing economic blocs. In the event, international markets remained broadly open. A follow-up study the WTO released last month documented how vulnerable economies were able to compensate for essential food supplies cut off by the war by finding alternative products and suppliers.

The 1.7 per cent forecast for trade growth in 2023, meanwhile, is up from the previous estimate of 1.0 per cent from last October. A key factor here is the relaxation of COVID-19 pandemic controls in China, which is expected to unleash pent-up consumer demand in the country, in turn boosting international trade.

WTO Chief Economist Ralph Ossa said: “The lingering effects of COVID-19 and the rising geopolitical tensions were the main factors impacting trade and output in 2022 and this is likely to be the case in 2023 as well. Interest rate hikes in advanced economies have also revealed weaknesses in banking systems that could lead to wider financial instability if left unchecked. Governments and regulators need to be alert to these and other financial risks in the coming months.”

Looking ahead to 2024, trade growth should rebound to 3.2 per cent, as GDP picks up to 2.6 per cent, but this estimate is more uncertain than usual due to the presence of substantial downside risks, including geopolitical tensions, food supply shocks, and the possibility of unforeseen fallout from monetary tightening.

Interest rate hikes in advanced economies have also revealed weaknesses in banking systems that could lead to wider financial instability if left unchecked, he said.

“Governments and regulators need to be alert to these and other financial risks in the coming months,” he added.

“Trade continues to be a force for resilience in the global economy, but it will remain under pressure from external factors in 2023. This makes it even more important for governments to avoid trade fragmentation and refrain from introducing obstacles to trade,” WTO Director-General Ngozi Okonjo-Iweala said.

“Investing in multilateral cooperation on trade, as WTO members did at our Twelfth Ministerial Conference last June, would bolster economic growth and people’s living standards over the long term,” she stressed.

According to the report, global trade growth should rebound to 3.2 percent in 2024, as global GDP growth picks up to 2.6 percent.

The estimate is more uncertain than usual due to the presence of substantial downside risks, including geopolitical tensions, food supply shocks, and the possibility of unforeseen fallout from monetary tightening, the report added.

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