Trade ministers from almost every country worldwide are convening in Abu Dhabi for a World Trade Organization meeting to discuss setting new global commerce rules. However, even the ambitious chief, Ngozi Okonjo-Iweala, has tempered expectations for the gathering.
The 30-year-old global watchdog, which governs 75% of global commerce, works towards reaching agreements by consensus. But as the global economy shows signs of fragmenting into separate blocs, achieving consensus is becoming increasingly challenging.
Okonjo-Iweala acknowledged the difficult political climate, mentioning ongoing wars, tensions, and upcoming elections. Despite these challenges, she expressed hope that some progress could still be made at the meeting.
While obstacles hinder a deal on important internal reforms involving around 160 ministers, negotiators are optimistic about reaching an agreement to improve global fish stocks and protect fishermen by banning government subsidies.
One trade delegate emphasized the realism of the situation, stating that international cooperation is facing challenges. Success, in this case, would involve progress on the fish issue and a few other key areas.
Other expected outcomes of the meeting include the accession of new members Comoros and East Timor, as well as an agreement among 120 countries to eliminate barriers that hinder development.
Challenging areas include efforts to extend a 25-year moratorium on tariffs on digital trade, opposed by South Africa and India, as well as negotiations on agriculture trade rules that have stalled for decades.
UAE trade minister Thani Al Zeyoudi, who chairs the conference, highlighted the importance of discussing trade and sustainability to ensure the WTO remains relevant in the future.
Okonjo-Iweala’s proactive approach, including all-night meetings, played a crucial role in delivering a package of deals in Geneva in 2022. This proactive stance, along with the results-focused approach of the UAE trade minister, offers hope for progress.
Even a modest outcome, such as a forward-looking ministerial statement showing common purpose among governments, could prove valuable, according to John Denton, Secretary General of the International Chamber of Commerce. He emphasized the importance of the WTO as a public good.
Overall, there is cautious optimism surrounding the WTO meeting in Abu Dhabi, with hopes for some progress on key issues despite the challenging international environment.
(Writing by Emma Farge; Editing by Alex Richardson)
