World Trade Organisation Concludes UAE Meeting Without Major Agreements
Representatives participating in a World Trade Organization conference in the United Arab Emirates concluded their summit ahead of schedule on Saturday. Unfortunately, they were unable to reach agreements on crucial initiatives, underscoring the ongoing challenges within the global organization.
The highly anticipated closing ceremony of the WTO in Abu Dhabi was postponed for over a day due to challenges faced by the 166-nation bloc in reaching a consensus on crucial matters such as fishing, agriculture, and other key issues.
During the recent discussions, the highlight was the decision to extend the pause on taxes for digital media like movies and video games. The WTO has agreed to continue this pause until their next biennial meeting.
WTO Director-General Ngozi Okonjo-Iweala noted that the summit took place “against an international backdrop marked by greater uncertainty than at any time I can remember.”
Like in the summit’s opening on Monday, she made no direct mention of Israel’s war in the Gaza Strip. However, she had noted previously the ongoing disruptions to shipping caused by Yemen’s Houthi rebels in the Red Sea over the conflict.
“The beauty of the WTO is that each member has an equal voice, but that also comes at a cost,” Okonjo-Iweala said. “Nevertheless, we are a unique organization, and I think the cost is worth it. Let’s keep going so we can make our voices heard.”
Elections across nearly half the world’s population could bring new challenges for the WTO. None are perhaps more critical for the WTO than the United States presidential election on November 5.
Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs — taxes on imported goods — on perceived friends and foes alike. A Trump win could again roil global trade.
But even if President Joe Biden is reelected, the United States has deep reservations over the WTO.
The US under the past three administrations has blocked appointments to its appeals court, and it’s no longer operating. Washington says the WTO judges have overstepped their authority too often in ruling on cases.
The US also has criticized China for still describing itself as a developing country, as it did when it joined the WTO in 2001.
Washington, Europe and others say that Beijing improperly hampers access to emerging industries and steals or pressures foreign companies to hand over technology. The US also says China floods world markets with cheap steel, aluminum and other products.
