WTO Celebrated For Fostering Stability And Transparency In Global Trade

In a significant development at the 13th WTO Ministerial Conference (MC13), Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of MC13, highlighted the pivotal role of the World Trade Organization (WTO) in fostering global economic stability, transparency, and predictability. This event marked a milestone with the adoption of the accessions of Comoros and Timor-Leste, both classified as least-developed countries (LDCs), into the WTO.

The Presidents of Comoros and Timor-Leste, Azali Assoumani and José Manuel Ramos-Horta respectively, alongside WTO Director-General Ngozi Okonjo-Iweala, signed the Protocols of Accession. This step necessitates both governments to seek ratification from their legislative bodies. According to WTO regulations, both nations will officially join the WTO 30 days after their acceptance of the Protocol is formally submitted.

Dr. Al Zeyoudi expressed his firm belief in the positive impact that membership in the WTO will have for both Comoros and Timor-Leste. He emphasized that their inclusion would provide a stable and predictable economic framework, thereby enhancing trade, growth, and prosperity for these island LDCs in Africa and Asia respectively.

The MC13 opening ceremony also witnessed a significant stride towards ocean sustainability with several countries accepting the Agreement on Fisheries Subsidies. This agreement is crucial for the sustainable management of ocean resources. Ministers from Brunei Darussalam, Chad, Malaysia, Norway, Rwanda, Saudi Arabia, Togo, and Türkiye presented their instruments of acceptance to Director-General Okonjo-Iweala.

Dr. Al Zeyoudi lauded this move as a demonstration of the global commitment to ocean sustainability and the effective implementation of multilaterally negotiated outcomes within the WTO framework. He proudly noted that the United Arab Emirates was among the early ratifiers of this agreement, underscoring its dedication to collective environmental responsibilities.

This series of events at MC13 underscores the ongoing efforts to enhance global trade frameworks and environmental sustainability through multilateral cooperation. The accession of Comoros and Timor-Leste to the WTO not only signifies a leap forward for these nations but also reinforces the global confidence in the WTO and its multilateral trading system.

With inputs from WAM