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Thursday, May 23, 2024

Okonjo-Iweala says WTO members pushing to address unfinished business from MC13

“I was encouraged to hear members express determination to find pathways that allow us to do as much as possible here in Geneva,” she stated.

• May 22, 2024
Ngozi Okonjo-Iweala (Credit: Twitter)
Ngozi Okonjo-Iweala (Credit: Twitter)

In a bid to address lingering issues from the 13th Ministerial Conference (MC13) held in Abu Dhabi earlier this year, World Trade Organisation (WTO) members are rallying to complete pending tasks, Director-General, Ngozi Okonjo-Iweala, announced.

In a statement released by the WTO, Mrs Okonjo-Iweala, who chairs the WTO’s Trade Negotiations Committee, revealed that consultations conducted since the last General Council meeting in March showcased a “constructive spirit” among members eager to tackle the outstanding matters from MC13.

“I was encouraged to hear members express determination to find pathways that allow us to do as much as possible here in Geneva,” she stated.

Highlighting upcoming initiatives, Ambassador Petter Ølberg of Norway, chair of the General Council, disclosed plans for a members retreat on July 8-9.

The retreat aims to “ensure the WTO remains a forward-looking Organisation — mindful of the pending, long overdue workstreams that require our attention and breakthrough of longstanding stalemates,” he said.

The DG outlined four priority areas gleaned from recent consultations: fisheries subsidies, agriculture, dispute settlement reform, and investment facilitation for development.

Members are particularly focused on finalising negotiations on fisheries subsidies, with hopes of achieving significant progress before the WTO’s summer break.

“Members said we must get this done as soon as possible. So, this is a top priority, and we are going to have to work very hard to complete” before the WTO’s summer break, the goal indicated by many members, she said.

Regarding agriculture, she welcomed Brazil’s proposals for advancing negotiations and emphasised the need for a breakthrough in this critical sector. Additionally, dispute settlement reform remains a key area of focus, with Ambassador Usha Dwarka-Canabady of Mauritius appointed as facilitator for the multilateral process.

Referencing data from a World Bank Group agency that highlights a significant drop in capital flows to developing economies, she stressed the importance of welcoming any tools that can help attract investment and create jobs in these regions.

She underscored the importance of building on the momentum achieved at MC13, particularly regarding proposals benefiting least developed countries and other developing economies.

During the General Council meeting on 22 May, negotiating chairs provided updates on deliberations in their respective areas, signalling ongoing efforts to advance discussions since March.

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