After nine years, the WTO has reached an agreement on all matters, including fishing subsidies.
The agreements were hammered out during five days of negotiations at a summit of more than 100 trade ministers, which was considered a test of nations’ capacity to reach multilateral trade agreements amid the Russia-Ukraine conflict
WTO members are expected to unveil a package of actions, including an answer to COVID and measures to curb damaging fishing subsidies, on Friday, sources said.
WTO members have agreed to a fishing subsidy accord after a nine-year stalemate. They wrapped up their four-day meeting early Friday morning.
The Bali ministerial session of the World Trade Organization (WTO) was the venue for the signing of the trade facilitation agreement in 2013.
“All of the agreements were signed by unanimous consent.” A ruling on a temporary patent waiver is likely soon. Currently, we are only awaiting US permission to
Just before midnight on Friday, delegates celebrated as the six agreements were ratified.
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DG Ngozi Okonjo-Iweala informed them thus in a statement: “People throughout the globe will benefit from the bundle of agreements you have secured.”
To put it another way, the results show that the WTO is capable of responding to current crises.
“The careful balance” required by virtually round-the-clock negotiations, which were prolonged for an additional two days and at times fraught with fury and accusations, was already urged by her.
Sovereignty is proven in India’s case of EEZ (Exclusive Economic Zones).
Many people have profited from these “historic choices.” According to this reliable source, “fishermen and farmers, food security, multilateralism, as well as trade and business, in particular, digital economy and MSMEs, have been discussed during the WTO’s 12th ministerial conference.”
Additionally, the WTO resolved to find a solution to the problem of extending the moratorium on charging customs charges on electronic transmission of products by the next WTO ministerial meeting or not later than March 2024.
Both the fishing arrangement and the partial waiver of IP rights for COVID-19 vaccinations were part of this package, which Okonjo-Iweala dubbed “unprecedented.”
It is just the second multilateral agreement in the WTO’s 27-year history to define new global trading rules, and it is significantly more ambitious than the first, which aimed to remove red tape.
It is possible that the agreement on fishing subsidies would stop the decline of fisheries. Even though it had been severely trimmed, it was nevertheless well received.
According to Isabel Jarrett the manager of the Pew Charitable Trusts initiative to decrease damaging fishing subsidies, “This is a turning moment in tackling one of the primary causes of worldwide overfishing.”
After over two years of debate, the WTO has finally agreed to a partial IP waiver enabling developing countries to make and sell COVID-19 vaccines.
Campaign organizations have also slammed it, saying that it just builds on an existing exception under WTO standards and excludes pharmaceuticals and diagnostics.
People’s Vaccine Alliance Co-Chair Max Lawson called it “a technocratic fudge” meant to save reputations rather than lives.
“There was a great deal of cooperation among the participants.” At every stage of the fishery decision, consideration was given to regional concerns raised by ACP nations.
Defending the rights of fishermen and farmers was a top priority for the Indian delegation. Also, these actions convey a strong message that the world can work together to address vital issues like food security and humanitarian catastrophes.
The narrative has been flipped on its head, and many who felt India was blocking the process have realized that India was the driving force behind establishing a common agenda and bringing cohesiveness to a wide range of issues.
On Thursday, a deal was made to keep a moratorium on e-commerce tariffs, which is deemed essential to ensure the free movement of data throughout the world. The more you read, the better.
According to a majority of analysts, the agreements will help to strengthen the World Trade Organization, which has been damaged by the departure of the United States as a member.
The US Trade Representative’s capacity to engage in trade disputes has been severely limited by President Trump’s actions.
The International Chamber of Commerce (ICC) Secretary General John Denton remarked before the package passed, “There’s now a package (on the table) that would offer a tremendous boost to the WTO system.”
