• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

WTO approves package of trade deals on multiple issues

17 Jun '22
2 min read
Pic: WTO
Pic: WTO

The World Trade Organisation (WTO) today approved a package of trade deals at the 12th Ministerial Conference (MC12) in Geneva. Termed the ‘Geneva Package’, the agreements include responses to food insecurity and the COVID-19 pandemic, World Food Programme purchase exemptions, extension of a moratorium on e-commerce and fisheries subsidies.

The moratorium on customs duties on electronic transmissions (the e-commerce moratorium) was extended. WTO members agreed to maintain the current practice of not imposing customs duties on electronic transmissions until MC13. The members also agreed to reinvigorate their work under the Work Programme on Electronic Commerce, including challenges and opportunities affecting the developing countries and LDCs.

"Not in a long while has the WTO seen such a significant number of multilateral outcomes," WTO director general Ngozi Okonjo-Iweala said.

"The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is, in fact, capable of responding to the emergencies of our time," she said in a press release.

In addition, ministers adopted two decisions, one on the work programme on small economies and on the TRIPS non-violation and situation complaints, and the second was a a Sanitary and Phytosanitary Declaration.

Acknowledging the vital importance of agriculture, Okonjo-Iweala noted that differences on some issues, including public stockholding for food security purposes, domestic support, cotton and market access “meant that we could not achieve consensus on a new roadmap for future work”.

However, she added, "members found a renewed sense of purpose: they are determined to keep at it on the basis of existing mandates, with a view to reaching positive outcomes at MC13".

The Ministerial Conference concludes today.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search