At the World Trade Organization’s 13th Ministerial Conference at AbuDhabi, Director-General Ngozi Okonjo-Iweala sounded an alarm about the challenges facing the global trading system. While highlighting the system’s resilience and recent successes, she emphasized a crucial point: “Multilateralism is under attack.”
Okonjo-Iweala acknowledged the rising tide of criticism against open trade and multilateral institutions like the WTO. She warned against complacency, emphasizing the importance of cooperation and the potential dangers of fragmentation. A study mentioned by the Director-General suggests that a lack of global cooperation could lead to a 5% loss in global GDP in the long term.
Instead of taking the system for granted, Okonjo-Iweala called for continued efforts to reform and strengthen the multilateral trading system. She stressed that international cooperation, including strategic collaboration, remains crucial for tackling global challenges.Okonjo-Iweala expressed optimism regarding MC13, citing the enthusiasm surrounding new accessions and the potential ratification of the fisheries subsidies agreement, which stands to be the quickest in WTO history. This is particularly significant as India advocates for the principles of common but differentiated responsibilities and respective capabilities, proposing a 25-year transition period for developing countries while addressing livelihood and food security concerns for fishermen. She underscored the importance of finalizing negotiations on this agreement to promote ocean sustainability and support livelihoods. Additionally, she noted ongoing efforts on other notable deliverables, including the inaugural joint ministerial statement on agriculture and an e-commerce agreement with wide-ranging participation.
Vinod Kumar (UAE)
