Davos: The World Trade Organisation on Friday pitched for strengthening the rule-based multilateral trading system in view of increasing geopolitical tensions, economic fragmentation and threats of unilateral measures.
As many as 23 members of the WTO took part in the informal ministerial meeting organised by Switzerland here on the sidelines of the World Economic Forum Annual Meeting.
Switzerland Federal Councillor Guy Parmelin hosted the meeting, which was attended by WTO Director-General Ngozi Okonjo-Iweala and selected representatives of the private sector.
The meeting emphasised the important role of the WTO and the rule-based international trading system and discussed the current challenges facing the WTO and the priorities in the organisation’s activities.
The private sector representatives presented the current challenges of global trade from their perspective in the first part of the event.
“The dialogue with the private sector focused on the importance of the rule-based multilateral trading system underpinned by the WTO, emphasising that stable regulatory conditions and legal certainty are paramount for the economy during periods of trade tensions,” a Swiss government statement said.
In the second part of the meeting, the ministers exchanged views on the WTO’s most urgent tasks and the priorities for the 14th WTO Ministerial Conference, which will take place in Yaounde, the capital of Cameroon, in just over a year’s time.
Switzerland said it is closely integrated into global value chains and benefits greatly from smooth cross-border trade.
In his concluding remarks, Parmelin said the meeting underlined the significance of the WTO and the rule-based, transparent and predictable multilateral trading system.
Building on the achievements at MC13, ministers reaffirmed their commitment to delivering a successful result at the next Ministerial Conference.
Ministers also declared their determination to preserve and strengthen the rule-based multilateral trading system, especially now, in view of increasing geopolitical tensions, economic fragmentation and threats of unilateral measures.
At the same time, ministers pointed to the need to adapt the WTO’s instruments and rules to the current challenges in global trade and also reiterated the importance of having a fully functional dispute settlement system.
Ministers stressed the need to launch substantive negotiations on agricultural trade, while some ministers called for a comprehensive or balanced treatment of all relevant negotiation topics.
Others argued that priority should be given to the topics mandated in earlier ministerial decisions and ministers expressed their willingness to further engage in this matter.
Many ministers also called for a further extension of the moratorium on customs duties on electronic transmissions at MC14.
The conclusion of the extension on the Agreement on Fisheries Subsidies was also mentioned as a key deliverable for the organisation.
Multilateral outcomes remain the preferred option, but for many ministers, plurilateral initiatives are an important tool for the WTO to tackle the pressing current challenges, Parmelin said.
In this context, many ministers welcomed the finalisation of the negotiations of the Joint Statement Initiatives on E-commerce and Investment Facilitation for Development, he added.
They called to find a solution for their integration into the WTO framework.
The close interlinkage between trade and environmental sustainability and climate issues was highlighted by many ministers as a topic highly relevant to the WTO.
In light of an exchange with invited representatives from the private sector at the beginning of today’s gathering, ministers underlined the importance of the multilateral trading system for business and prosperity for all, the Swiss Federal Councilor said.
