WTO talks run into overtime

THE world’s trade ministers entered another stretch of talks yesterday following overnight negotiations as a major World Trade Organization (WTO) conference postponed its closing session for a third time.

The WTO’s 13th ministerial conference (MC13) in Abu Dhabi was initially scheduled to wrap up on Thursday but it was extended beyond its scheduled deadline three times amid rifts between the body’s 164 members who must reach a unanimous consensus to chalk up any deal as per WTO rules.

A closing conference previously scheduled for 10am yesterday was pushed back, as trade ministers negotiated deadlocks on fisheries and agriculture with new draft texts on the table after all-night talks.

The WTO is under pressure to secure some wins at MC13 to prove its relevance. After a 2022 deal which banned subsidies contributing to illegal, undeclared and unregulated fishing, the WTO hopes to conclude a second package focusing on subsidies which result in reducing overcapacity and overfishing.

With farmer protests sweeping Europe and India, agriculture agreements have emerged as a particularly sensitive topic of debate.

A key sticking point is a demand by India and other member states for permanent rules governing public stockholding of food reserves to replace temporary measures adopted by the WTO.

Also at stake is the fate of an e-commerce customs moratorium. Since 1998, WTO members have agreed not to impose customs duties on electronic transactions. One proposal on the table suggests taking a step in that direction, but a timetable and other details still need to be defined. |