Stock Groups

WTO seeks deals in early 2022 despite postponing major meeting -Breaking


GENEVA (Reuters), Despite postponing their ministerial meeting, the World Trade Organization said Tuesday that it should be able wrap up negotiations regarding fishing subsidies and a solution to the COVID-19 Pandemic by early 2022.

Ngozi Okonjo–Iweala spoke at a briefing the day before its ministerial conference, (MC12), was to begin. He stated that momentum had been disrupted for 48 hours and that the Geneva-based trade group was now back at work.

After MC12 was delayed by coronavirus travel restrictions, the WTO may reconsider rescheduling MC12 for March. Members will meet this week to decide what next.

The two most important negotiations are reducing fishing subsidies to protect global fish stocks, and providing trade responses to the COVID-19 Pandemic. These include how to increase vaccine supply to low and middle income countries.

South Africa and India proposed to waive intellectual property rights in COVID-19 vaccines. However, they face resistance from countries such as Britain, the European Union, and Switzerland. They argue it would be more beneficial to utilize flexibilities found in WTO rules that allow countries to issue licences to producers local to their products.

Okonjo Iweala stated, “Hopefully, we work now. We come back after holidays.

It was necessary for the WTO to change how it operates and that its directors-general stated that ambassadors should be empowered to take more decisions. Virtual meetings could be used by ministers to bless the texts once they are completed.

Okonjo Iweala stated that “We don’t know where this pandemic will lead, so we need to re-examine how we do business… and not just wait for ministerial to start work and get results.”

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most risky forms of investment.