13th Ministerial Conference (MC13) of the World Trade Organization (WTO)

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Context

• The World Trade Organization (WTO) held its 13th Ministerial Conference (MC13) in Abu Dhabi in the UAE.

Details

• Location and Dates: Held in Abu Dhabi, UAE, between February 26 and March 2, 2024.
• Attendance: Attended by 166 member countries.
• Ministerial Declaration: Adopted at the conclusion, setting a forward-looking, reform agenda for the WTO.

Key Decisions

• Dispute Settlement System: A renewed commitment to have a fully functioning system by 2024.
• Special and Differential Treatment (S&DT): Resolved to improve its use for developing and least developed countries (LDCs).

Challenges to the Multilateral Trading Order

• Inward Turn in Developed Economies: Vocal movement seeking to move away from a globalized and harmonized tariffs approach.
• Conflicts and Sanctions: Threatening supply chains and the smooth flow of goods and services worldwide.
• Development Disparities: Highlighting the need to avoid a 'one-size-fits-all' approach to norms.

India's Approach

• Public Stockholding (PSH) Programme: Focus on resolving concerns regarding food security.
• Fisheries Sector: Advocated for developing countries to subsidize poor fishermen within their exclusive economic zones (EEZs).
• E-commerce: Pushed for an end to the moratorium on customs duties on cross-border e-commerce.

Outcomes at MC13

• Agriculture: First time in over two decades a text was agreed upon, signifying progress.
• Fisheries: Consensus close to being reached by mid-year.
• E-commerce: Disappointingly for India, the exemption from customs duties continues for at least two more years.

READ ALL ABOUT WTO: https://www.iasgyan.in/daily-current-affairs/world-trade-organization#:~:text=It%20was%20established%20on%20January,its%20working%20is%20Consensus%2Dbased.

WTO Reforms: https://www.iasgyan.in/daily-current-affairs/wto-reforms#:~:text=India%20has%20maintained%20that%20it,intact%2C%20it%20needs%20to%20change.