Berliner Boersenzeitung - WTO pushes for reform, warns multilateralism 'under attack'

EUR -
AED 3.898523
AFN 71.644005
ALL 97.648604
AMD 411.303772
ANG 1.914021
AOA 969.589347
ARS 1059.019177
AUD 1.626695
AWG 1.912116
AZN 1.80447
BAM 1.955933
BBD 2.144347
BDT 126.914629
BGN 1.954472
BHD 0.400029
BIF 3075.943987
BMD 1.061402
BND 1.421364
BOB 7.364849
BRL 6.103346
BSD 1.062022
BTN 89.684337
BWP 14.448665
BYN 3.475501
BYR 20803.485902
BZD 2.140647
CAD 1.480529
CDF 3045.163175
CHF 0.936725
CLF 0.037924
CLP 1046.446944
CNY 7.676591
COP 4708.91149
CRC 543.462642
CUC 1.061402
CUP 28.127162
CVE 110.75745
CZK 25.388317
DJF 188.63237
DKK 7.459344
DOP 63.949359
DZD 141.630617
EGP 52.228957
ETB 129.544535
FJD 2.403068
GBP 0.83336
GEL 2.907944
GHS 17.422944
GMD 75.88837
GNF 9160.963762
GTQ 8.206946
GYD 222.173049
HKD 8.255656
HNL 26.609498
HTG 139.686101
HUF 410.858482
IDR 16798.071884
ILS 3.986711
INR 89.576785
IQD 1389.00842
IRR 44690.345182
ISK 147.502873
JMD 168.751502
JOD 0.752638
JPY 164.256789
KES 137.455129
KGS 91.487137
KHR 4303.986593
KMF 488.643096
KRW 1496.142353
KWD 0.326385
KYD 0.885002
KZT 527.030748
LAK 23308.395923
LBP 95101.650121
LKR 310.555796
LRD 196.730493
LSL 19.220988
LTL 3.134045
LVL 0.642031
LYD 5.1637
MAD 10.530204
MDL 19.010191
MGA 4935.52124
MKD 61.5696
MMK 3447.393404
MOP 8.50898
MRU 42.348517
MUR 50.002527
MVR 16.409566
MWK 1841.533028
MXN 21.879534
MYR 4.710487
MZN 67.850153
NAD 19.221764
NGN 1775.386729
NIO 39.027305
NOK 11.770703
NPR 143.49454
NZD 1.792862
OMR 0.408655
PAB 1.062022
PEN 4.021622
PGK 4.261796
PHP 62.358462
PKR 295.01699
PLN 4.35371
PYG 8297.565537
QAR 3.864301
RON 4.975817
RSD 116.983541
RUB 104.280832
RWF 1449.875599
SAR 3.988118
SBD 8.864043
SCR 14.393167
SDG 638.433911
SEK 11.579719
SGD 1.421722
SLE 24.195333
SOS 606.572528
SRD 37.398523
STD 21968.885515
SVC 9.293071
SZL 19.221951
THB 37.033402
TJS 11.288563
TMT 3.714908
TND 3.340765
TOP 2.485908
TRY 36.491299
TTD 7.216832
TWD 34.42106
TZS 2825.309757
UAH 43.984498
UGX 3902.449814
USD 1.061402
UYU 44.775161
UZS 13601.870796
VES 47.628304
VND 26906.549368
XAF 656.032617
XCD 2.868493
XDR 0.800092
XOF 652.762858
XPF 119.331742
YER 265.111791
ZAR 19.232187
ZMK 9553.893659
ZMW 28.913333
ZWL 341.771121
  • RBGPF

    0.0300

    60.22

    +0.05%

  • SCS

    0.0200

    13.67

    +0.15%

  • NGG

    -1.2400

    62.9

    -1.97%

  • CMSC

    -0.1800

    24.54

    -0.73%

  • RELX

    -1.2100

    46.59

    -2.6%

  • AZN

    0.4000

    65.19

    +0.61%

  • RIO

    -1.4000

    61.2

    -2.29%

  • BTI

    0.0900

    35.24

    +0.26%

  • RYCEF

    -0.1700

    7.16

    -2.37%

  • CMSD

    -0.2100

    24.75

    -0.85%

  • GSK

    -0.8300

    35.52

    -2.34%

  • BCC

    -2.0100

    141.13

    -1.42%

  • BCE

    -0.1600

    27.69

    -0.58%

  • JRI

    -0.3000

    13.22

    -2.27%

  • VOD

    -0.8500

    8.47

    -10.04%

  • BP

    -0.7600

    28.16

    -2.7%

WTO pushes for reform, warns multilateralism 'under attack'
WTO pushes for reform, warns multilateralism 'under attack' / Photo: Giuseppe CACACE - AFP

WTO pushes for reform, warns multilateralism 'under attack'

The World Trade Organization pushed for reform at a high-level ministerial meeting in Abu Dhabi Monday, warning that economic headwinds and geopolitical tensions are threatening global commerce and multilateral trading systems.

Text size:

The WTO's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the United Arab Emirates, is the first in two years.

The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce.

But big deals are unlikely as the body's rules require full consensus among all 164 member states -- a tall order in the current climate.

Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala said that "multilateralism is under attack from all sides," highlighting a need to "reform the multilateral trading system" and boost international cooperation.

"Looking around, uncertainty and instability are everywhere," the WTO chief said, adding that the world is in an "even tougher place today" compared to two years ago when WTO trade ministers last met.

Okonjo-Iweala did not name countries, but tensions have risen between the West and Russia and China in recent years.

The war in Gaza and related attacks by Yemeni rebels on ships in the Red Sea have added to the challenges.

Reiterating warnings that signs of "fragmentation" are appearing in the global economy, Okonjo-Iweala said trade volumes for 2023 likely fell below the WTO's October forecast. Trade volumes may also not reach WTO's growth estimates for this year, she warned.

Her push for reform was echoed by UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, who said he hoped MC13 would serve as a "launch pad" for necessary reforms.

"The world has changed. And institutions like the WTO need to evolve too," European Trade Commissioner Valdis Dombrovskis said on Monday, adding that "geopolitical tensions are on the rise. We are faced with crises wherever we look."

- 'Dispute settlement reform' -

During the WTO's last ministerial meeting, held at its Geneva headquarters in June 2022, trade ministers nailed down 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 which Washington had brought to a grinding halt in 2019 after years of blocking the appointment of new judges to the WTO's appeals court.

"Our challenge this week is to... demonstrate that MC12 wasn't a one-off miracle," Okonjo-Iweala said.

"I have seen the US engage more and I have to say they have been quite constructive," she told a press conference, dismissing claims of an American leadership vacuum.

The WTO faces pressure to eke out progress on reform in Abu Dhabi ahead of the possible re-election of Donald Trump as US president.

During his four years in office from 2017 to 2021, Trump threatened to pull the United States out of the trade body and disrupted its ability to settle disputes.

"There will be the US elections in November... so this is the last chance," a diplomatic source in Geneva told AFP on condition of anonymity.

On Monday, US Trade Representative Katherine Tai said "reform is squarely on the agenda for this week."

That includes "dispute settlement reform, where the goal is not just to go back to the way things used to be, but rather to provide confidence that the system is fair," she said in a statement.

But Marcelo Olarreaga, economics professor at the University of Geneva, said the other members of the WTO "cannot expect huge concessions" from the administration of US President Joe Biden in an election year.

- Fisheries deal -

While there is doubt over progress at the WTO on key issues, there is hope for advances on a new global agreement on tackling fisheries subsidies.

After striking an agreement in 2022, which banned subsidies contributing to illegal, undeclared and unregulated fishing, the WTO hopes to conclude a second deal, this time focusing on subsidies which fuel overcapacity and overfishing.

"We are within sight of ratifying the fisheries subsidies agreement," Okonjo-Iweala said on Monday.

WTO trade ministers could also make advances on facilitating aid for developing countries.

On Monday, the Comoros and East Timor were accepted as WTO members.

Their accession comes a day after more than 120 WTO member states said they finalised an agreement that aims to facilitate investment in developing countries by improving transparency and clearing bureaucratic hurdles.

Despite broad backing, some members may still oppose its integration into the WTO, including India, which typically objects to agreements that do not cover all countries.

(O.Joost--BBZ)