YAOUNDÉ: Negotiations towards launching much-needed reform of the World Trade Organization appeared to be heading towards an agreement on the last day of talks in Yaounde Sunday, although nothing was yet finalised.
The conclusion of the agreement will depend on the outcome of another, thorny negotiation between India and the United States over duties on e-commerce, experts and diplomats said.
Over four days of intense negotiations in the Cameroonian capital, trade ministers and delegates have been heavily focused on developing an action plan to revitalise a WTO weakened by geopolitical strains, stalled negotiations and rising protectionism. The talks, taking place against a backdrop of heightened trade tensions and global economic turmoil linked to the Middle East war, were wrapping up Sunday with negotiators emerging from an all-night session with a text in hand.
In the draft declaration, seen by AFP, trade ministers “commit to work urgently and in good faith … to advance reforms”, following the WTO’s 14th ministerial conference (MC14) — its biennial decision-making ministerial meeting.
“We instruct our officials to intensify their work with a view to providing concrete and substantive recommendations for action by MC15,” the draft declaration said. WTO’s ministerial meetings are typically held every two years, but no date or location have yet been set for the next one.
So far, only Saudi Arabia has put itself forward as a candidate to host MC15.
‘Horse-trading’
The 166-member WTO, which struggles to reach agreements because of the requirement for consensus, must undergo far-reaching reforms to emerge from a deep crisis that has raised questions over its central role in regulating international trade.
The draft text does not specify what the reform should do.
It only indicates that countries preparing the ministerial conference had discussions in various areas, including on decision-making, special treatment for developing countries, and ensuring a level playing field for trade.
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