WTO can reach deals on 'difficult' topics by early 2024 - WTO chief
Reuters
Published Sep 27, 2022 11:49
Updated Sep 27, 2022 21:00
By Emma Farge
GENEVA (Reuters) - The head of the World Trade Organization said on Tuesday the 164-member body can negotiate more ambitious deals, such as on agriculture, climate change and internal reform by its next major meeting, after concluding a series of trade deals in June.
The agreements were the first for the trade watchdog in years and included a fishing deal and one to boost supplies of COVID-19 vaccines, although there were many compromises and some areas remain unresolved.
"I do believe that this (the Geneva package) will provide a basis for more confidence that we can do multilateral work together," Ngozi Okonjo-Iweala told Reuters at the opening of a forum at the WTO's Geneva headquarters.
"(This) provides a basis for hope that we can move forward and look at other difficult issues," she said, adding that she hoped for deals on some topics by the next ministerial meeting (MC13), due no later than March 2024.
One of these areas is an update to the WTO's own rule book.
The WTO's top dispute settlement body has been paralysed since 2019 when Washington blocked the appointment of new judges. Talks are ongoing about rebooting it.
"I hope at MC13 we will be able to deliver slices of the WTO reform agenda," Okonjo-Iweala said.
Delegates say one of the toughest areas of future negotiations will be the extension of a hard-won deal on a partial waiver of intellectual property rights for COVID-19 vaccines to drugs and tests as sought by India and others.
"What I'm sensing is its going to be difficult but we do have a deadline to deliver and we are working hard," she said.
WTO members struck an agreement to cut subsidies that contribute to over-fishing but it will require two-thirds of countries to ratify it. Okonjo-Iweala said she was hoping this could be done within six to nine months.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.