Home Futures and Commodities Recap: Summary of outcomes from recent WTO talks in Abu Dhabi, focusing on key agreements reached.

Recap: Summary of outcomes from recent WTO talks in Abu Dhabi, focusing on key agreements reached.

0
Recap: Summary of outcomes from recent WTO talks in Abu Dhabi, focusing on key agreements reached.

Summary of WTO Negotiations in Abu Dhabi

Failed Breakthrough on Major Reforms

In Abu Dhabi, WTO negotiators faced a deadlock in major reforms, with talks going into overtime. Delegates noted a focus on national interests over collective responsibility, leading to no breakthrough.

Agreements on E-Commerce

Countries agreed to extend a moratorium on tariffs on digital goods until the next ministerial conference in two years. However, some nations, like India and South Africa, opposed the extension. Despite this, a draft program for future work was established.

Challenges in Dispute Settlement

Countries committed to continuing negotiations in 2024 to resolve the crisis in the dispute settlement system. The U.S.’s opposition has hindered the system for four years, leaving many trade disputes unresolved.

Stalemate in Agriculture

No agreement was reached on agriculture in Abu Dhabi. India, seeking a permanent solution on public stockholding, rejected alternative proposals. Discussions aimed at reaching a consensus remained inconclusive.

Fisheries Agreement Stalls

Efforts to agree on curbing government subsidies for industrial fishing fleets faced challenges. The chair issued a new draft agreement with unresolved sections, indicating hurdles in rules for developing countries’ phase-in periods.

These negotiations highlight the complexities and challenges faced by countries in reaching consensus on crucial trade issues.