IP waivers fall under trade talks because the WTO has an agreement requiring countries to adopt and enforce these rules domestically.Īround 34% of global fish stocks are overfished compared with 10% in 1974. Temporary intellectual property (IP) waivers have been debated. Negotiations are ongoing for a trade policy response to the pandemic, potentially addressing vaccine distribution, export restrictions, trade facilitation and improved transparency in medical supply chains. WTO members have been engaging in dialogue in preparation for MC12, and some negotiations will continue into the conference. So, what will happen at the WTO Conference? Many experts consider multilateral outcomes on trade and health, agriculture trade and harmful fisheries subsidies – the latter mandated by the Sustainable Development Goals – essential to demonstrate relevance and responsiveness, but consensus could prove elusive. While there is more likely to be success in the plurilateral arenas, some issues need multilateral consensus to deliver tangible progress. Some are “multilateral”, meaning all members are involved, and others are “plurilateral”, meaning some countries move forward based on common interests. These differences play out in negotiations happening in different tracks. Yet governments are divided on how to update trade rules to ensure they are relevant to current challenges, from COVID-19 and digital commerce to climate change, food security and fair competition. MC12 preview: Trade has been relatively resilient through the pandemic. Trade also played an important role during the pandemic, supporting development, production and distribution of personal protective equipment, vaccines and therapeutics. Merchandise trade has now stabilised at pre-pandemic levels and services trade continues to recover, though global supply chains are logjammed. Trade and investment are strong drivers of economic growth and development and have important roles in the global recovery. The pressure is on for governments to agree on outcomes. Trade ministers generally meet at the Ministerial Conference every two years, but MC12 has been postponed due to COVID-19 and will be the first since the appointment of the new WTO Director-General Dr. The Ministerial Conference is the highest decisionmaking body of the WTO. The WTO is an inter-governmental organization for negotiating trade agreements, settling trade disputes, monitoring trade policies and delivering technical assistance on trade to developing countries. What is the WTO Conference (MC12) – and why does it matter? Delegations in Geneva have been urged to continue to work towards consensus on various issues explained below. However, the meeting has been indefinitely postponed due to new travel restrictions that would prevent ministers from travelling to Switzerland. Trade ministers from 164 member economies of the World Trade Organization (WTO), representing 98% of global trade, were expected to meet for the WTO’s 12 th Ministerial (MC12) in Geneva for the first time in four years. There are several multilateral and plurilateral trade discussions to watch.MC12 will provide a forum for WTO members to ensure trade rules are relevant to today’s challenges.The World Trade Organization’s 12th Ministerial Conference (MC12) was to take place 30 November to 3 December 2021 but has been postponed indefinitely due to COVID-19 travel restrictions.This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.Īuthor: Aditi Sara Verghese, Policy Lead, World Economic Forum & Kimberley Botwright, Community Lead, Global Trade and Investment, World Economic Forum
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