![]() ![]() The WTO also provides a forum for countries to negotiate trade rules and settle economic disputes between them. #WTO NEXT MEETING FREE#Its aim is to promote free trade, which is done through trade agreements that are discussed and signed by the member states. Currently, it has 164 members and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc).Īccording to its rules, all decisions are taken through consensus and any member can exercise a veto. The WTO officially commenced in 1995 under the Marrakesh Agreement signed by 124 nations, replacing the General Agreement on Tariffs and Trade (GATT). The World Trade Organization is the only international organization that deals with the rules of trade between countries. However, certain long-standing issues in the WTO need to be addressed in order for it to regain its dwindling stature, especially after the growing focus towards regional agreements and groupings. India played a significant role in developing consensus on these deals. This includes temporary waivers on COVID-19 vaccines, a moratorium on e-commerce trade, food security and setting limits on harmful fishing subsidies. #WTO NEXT MEETING SERIES#The members of the World Trade Organization agreed to a series of deals the Conference. The 12th Ministerial Conference (MC) of the WTO concluded recently. What are other issues surrounding the WTO?.Why are the current agreements being criticized?.What is the significance of the recent agreements?.What are the key takeaways from the 12th Ministerial Conference of the WTO?.About the World Trade Organization (WTO). #WTO NEXT MEETING PDF#Monthly Current Affairs For UPSC PDF Download.Prelims 2022 Study Material- Learn with ForumIAS.Government | Bills | Acts | Laws | Regulations.Bills and Acts Tracker for UPSC IAS Examination.Analyse trade policies of Member countries such as anti-dumping measures, subsidies, market access, agricultural policies, etc.Main purposes or objectives of the conference are listed below: So far, 11 ministerial conferences have been held. This conference is usually held every two years. WTO Ministerial Conference is the highest decision-making body of the WTO. Two members of WTO will also issue a joint declaration on improving gender-disaggregated data, for ensuring gender-mainstreaming and better trade policymaking in WTO’s development work.Īround 50 civil society from 22 countries are representing in person at MC12 namely Indonesia, India, Philippines, Pakistan, Ghana, Pacific Islands, Morocco, Malawi, Uganda, South Africa, Argentina, Zimbabwe, USA, Brazil, Uruguay, France, Belgium, Norway, Germany, Switzerland, Netherlands, and the UK.Developed countries are likely to push a “WTO reform” agenda, which threatens the basis of WTO namely multilateralism and consensus.Prohibitions (Temporary in nature) on customs duties on electronic transmissions will also be discussed.Saving Fish Stock- Apart from that, ministers would also take up the issue of fisheries sector, where there is anti-development text in fisheries subsidies.They will discuss about vaccine distribution, trade facilitation, export restrictions, and improved transparency in medical supply chains.Chief of World Trade Organization, Ngozi Okonjo-Iweala, expressed optimism that over 100 trade ministers would be achieving one or two global deals this week.It was due to take place in 2021 but got postponed due to covid-19 pandemic.The conference will be concluded on June 15, 2022.It is being held at WTO headquarters in Geneva, Switzerland. ![]()
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