Fri, Jun 17, 2022
Topic: The Future of the WTO
The long-awaited MC12 conference convened global trade experts to discuss the four main “pillars” of negotiation facing the international trade sphere: fisheries subsidies, agriculture, the effects of the Covid-19 pandemic (including the waiver to the Agreement on Trade-Related Aspects of International Property Rights, or TRIPS waiver) and WTO reform, and development & Least Developed Country (LDC) issues.
At the 12th ministerial, member countries reached agreement on some of the target pillars, including a partial waiver of intellectual property rights for COVID-19 vaccines production designed to allow developing countries to produce them. The conference also achieved a limited pact concerning fisheries subsidies and food security. An important agreement on digital tariffs was also secured. A June 14th statement by the WTO emphasized that “MC12 can offer a great opportunity to reinstate trust in the multilateral trading system and should be a starting point for modernizing and reforming the WTO to ensure it can play a role in addressing the challenges of the 21st century, including issues such as climate change and sustainability and in particular today, global food security.” In your view, is this enough? Do these outcomes demonstrate the continued relevance of the WTO as a multilateral institution that can deliver substantial progress for the benefit of the international community? What are the next steps for WTO reform?
The Bretton Woods Committee Blog aims to help global leaders envision how to evolve and strengthen the multilateral financial system and encourage policymakers to recommit to the value of international economic cooperation.
BWC’s blog presents an opportunity for members to publish original works that will be shared with the BWC community and promoted on our website and social media pages. Calls for submissions vary dependent upon timely global events, but submissions are encouraged on any relevant topic on an ongoing basis. To submit a blog for consideration, please email it to Chuyun Hu ([email protected]).
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