WTO Director-General Calls For Global Cooperation At Abu Dhabi Conference

The World Trade Organisation's (WTO) Director-General, Ngozi Okonjo-Iweala, called for enhanced cooperation among member countries during the 13th Ministerial Conference (MC13) in Abu Dhabi. She stressed the critical role of trade in overcoming global challenges such as geopolitical tensions, rising inflation, and economic uncertainty. Despite these hurdles, Okonjo-Iweala highlighted the resilience of global trade and the WTO's pivotal role in fostering stability and addressing issues like poverty and climate change.

At the opening of MC13, Okonjo-Iweala pointed out that global goods and services trade remains robust, maintaining record highs despite numerous global shocks. She underscored the importance of a rules-based global trading system in keeping international markets open, which aids businesses, households, and economies in adapting to various challenges. The Director-General also reflected on the achievements of the previous Ministerial Conference (MC12) in 2021, where members reached ten consensus agreements. She urged for a similar spirit of leadership and compromise at MC13 to address key issues such as finalising the Fisheries Subsidies Agreement, tackling development concerns of least-developed countries, and advancing WTO reform.

Key issues on the agenda for MC13 include addressing the estimated $22 billion in annual harmful subsidies through the Fisheries Subsidies Agreement, focusing on development concerns of least-developed countries, and making progress on WTO reform, including dispute settlement mechanisms. Okonjo-Iweala also highlighted the Secretariat's efforts in supporting member countries through research, capacity building, and promoting inclusivity in trade.

The Director-General expressed her gratitude towards a recent small budget increase for the Secretariat, which had faced funding constraints for over a decade. She emphasised the need for leadership and compromise from all members to secure broader gains and strengthen the WTO. Okonjo-Iweala quoted US Treasury Secretary Henry Morgenthau to underscore the importance of international cooperation and shared purpose in achieving common goals. She concluded her address with a call to action for members to "get to work!" in delivering concrete results at MC13.

The ongoing Ministerial Conference in Abu Dhabi serves as a crucial platform for WTO member countries to collaborate and address pressing global trade issues. With trade playing an essential role in tackling global challenges, the outcomes of MC13 are eagerly awaited by the international community. The emphasis on leadership, compromise, and international cooperation sets a hopeful tone for achieving meaningful progress in strengthening global trade relations and advancing shared objectives.

With inputs from WAM