BUSINESS

‘Geneva Package shows importance of multilateral trading system’

WTO members successfully concluded the 12th Ministerial Conference (MC12) in Geneva on 17 June, securing multilaterally negotiated outcomes on a series of key trade initiatives.

The “Geneva Package” confirms the historical importance of the multilateral trading system and underlines the important role of the WTO in addressing the world’s most pressing issues, especially at a time when global solutions are critical.

Round-the-clock negotiations among delegations produced the “Geneva Package”, which contains a series of unprecedented decisions on fisheries subsidies, WTO response to emergencies, including a waiver of certain requirements concerning compulsory licensing for COVID-19 vaccines, food safety and agriculture, and WTO reform.

“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,” said WTO Director-General Ngozi Okonjo-Iweala.

“They show the world that WTO members can come together, across geopolitical fault lines, to address problems of the global commons, and to reinforce and reinvigorate this institution. They give us cause to hope that strategic competition will be able to exist alongside growing strategic cooperation.”

DG Okonjo-Iweala expressed her conviction that “trade is part of the solution to the crises of our time” and noted that the WTO “can and must do more to help the world respond to the pandemic, tackle environmental challenges and foster greater socio-economic inclusion.”

Ministers also agreed on a process for addressing longstanding calls for reform of the WTO.  The Ministerial Declaration (WT/MIN/(22)/18) commits members to an open, transparent and inclusive process overseen by the WTO’s General Council, which will consider decisions on reform for submission to the 13th Ministerial Conference (MC13).

Acknowledging the “vital importance of agriculture,” DG 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 WTO’s 12th Ministerial Conference was held in Geneva, Switzerland, from 12 to 17 June 2022.

Initially scheduled to end on 15 June, the ministerial gathering was extended by two days to allow more time for negotiations and reaching agreements. Co-hosted by Kazakhstan, the Conference was chaired by Timur Suleimenov, First Deputy Chief of Staff of the Kazakh President.

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