Introduction: Recently, the World Trade Organization (WTO) concluded its 12th Ministerial Conference, also known as the "Geneva Package."
Key Outcomes of the 12th Ministerial Conference
The recent Ministerial Conference witnessed notable achievements in several crucial areas:
- Curtailing Harmful Fishing Subsidies
- Global Food Security: In a binding decision, the conference exempted food purchased by the UN's World Food Programme (WFP) for humanitarian purposes from any export restrictions.
- This commitment underscores the importance of trade in addressing global food security challenges, while also discouraging bans on food exports.
- E-commerce Transactions: Discussions revolved around the realm of electronic transactions (ETs), encompassing online deliveries such as music, e-books, films, software, and video games and foster a conducive environment for digital trade.
- The 12th Ministerial Conference of the WTO presented both achievements and challenges. While progress was made in curbing harmful fishing subsidies, ensuring global food security, addressing e-commerce transactions, and COVID-19 vaccine production, concerns regarding the scope of agreements and the impact on developing economies remain.