Trade ministers from across the globe are gathering in Abu Dhabi for a World Trade Organization (WTO) meeting, seeking to establish new global trade rules. However, WTO Director-General Ngozi Okonjo-Iweala has cautioned against expecting too much from the meeting, given the challenging geopolitical landscape.
The WTO, established nearly three decades ago, plays a crucial role in governing 75% of global commerce. Yet, reaching a consensus on trade agreements has become increasingly difficult as the world economy shows signs of fragmentation into regional blocs.
Despite these challenges, Okonjo-Iweala remains hopeful of achieving some positive outcomes from the meeting.
While negotiations face obstacles, there is optimism surrounding potential agreements to enhance global fishery sustainability by curbing harmful government subsidies.
Additionally, discussions are underway to remove investment barriers that impede development in around 120 countries. However, contentious issues such as extending the tariff moratorium on digital trade and reaching an agreement on agricultural trade rules remain unresolved.
The meeting also aims to address the future relevance of the WTO in the context of evolving trade dynamics and sustainability concerns. Thani Al Zeyoudi, the UAE’s trade minister and conference chair, emphasizes the importance of adapting to future trade ecosystems to prevent the organization from becoming outdated.
Despite the challenges, there is some optimism fueled by Okonjo-Iweala’s proactive approach and the results-oriented mindset of UAE’s trade minister.
Even a modest outcome, such as a joint ministerial statement demonstrating unity among governments, would signify progress in preserving the WTO as a vital global institution.
