WTO's 12th Ministerial Conference Opens with Focus on Global Crises

The World Trade Organization's (WTO) 12th Ministerial Conference (MC12) has opened in Geneva, Switzerland, with participants from 164 member countries gathering to discuss pressing issues such as the pandemic, food security, and climate change. WTO Director-General Ngozi Okonjo-Iweala emphasized the need for international cooperation to overcome these global crises, citing the inability of individual countries to solve them alone. The conference is expected to result in key agreements on issues like TRIPS waiver, pandemic response, and fishery subsidies.

Key Takeaways:

• The WTO's 12th Ministerial Conference (MC12) focuses on addressing global crises such as the pandemic, food shortage, climate change, and regional conflicts.
• WTO Director-General Ngozi Okonjo-Iweala called for international cooperation to overcome these challenges, stating that no one country can solve them alone.
• The conference will discuss key issues such as TRIPS waiver, pandemic response, fishery subsidies, agriculture, and food security.
• China's Commerce Minister Wang Wentao emphasized the importance of the WTO-centered multilateral trading system and pledged to continue safeguarding it.
• The reform of the WTO needs to reinforce its functions and promote economic globalization to benefit all members, according to Minister Wang.
• Kazakhstan was originally scheduled to host MC12 in June 2020 but was postponed due to the pandemic.
• The MC12 is the WTO's highest decision-making body and is held every two years.

Statistics:

• 164 member countries are participating in the WTO's 12th Ministerial Conference (MC12).
• The conference will last for four days.
• 12 issues are on the agenda for discussion, including TRIPS waiver, pandemic response, and fishery subsidies.
• 72% of the world's trade takes place within the framework of G20 economies.
• $1 trillion in global GDP is lost due to trade restrictions.

Sources:

• Xinhua via COMTEX
• WTO