Muted Outcome Of WTO Talks Throws Trade Body Into 'crisis'

Abu Dhabi, (APP - UrduPoint / Pakistan Point News - 2nd Mar, 2024) A high-level WTO conference ended Saturday with the extension of an e-commerce moratorium but no deals on agriculture and fisheries, throwing into doubt the effectiveness of the multilateral trade body.

The outcomes of the World Trade Organization's 13th ministerial conference in Abu Dhabi highlighted the sharp divisions between the body´s 164 members amid geopolitical tensions and economic headwinds that are threatening global commerce.

"The WTO needed a good crisis and perhaps this will lead to a realization that we cannot continue like this," said a senior European Union official participating in the talks.

"We will have to see how we pick up the pieces," the official said, on the condition of anonymity.

Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings.

"Despite our best efforts, we failed to agree on some texts which are of great importance to many of our members," said Al Zeyoudi, who also serves as the UAE's foreign trade minister.

For her part, WTO Director-General Ngozi Okonjo-Iweala said the talks came up "against an international backdrop marked by greater uncertainty than at any time I can remember".

"We have achieved some important things and we have not managed to complete others," she said.