WTO’S MINISTERIAL CONFERENCE (Syllabus: GS Paper 3 - Economy & Trade)

Context:  Developing countries like India will flag serious concerns over the impact of European Union’s (EU) regulations on climate change and trade such as carbon tax, on their domestic industry, during WTO ministerial meeting next year. 

• The four-day 13th ministerial conference (MC) of the World Trade Organization (WTO) is scheduled for 26 February 2024 in Abu Dhabi. 

WTO’s Ministerial Conference

• The Ministerial Conference is the WTO’s top decision-making body 
• It usually meets every two years.
• All members of the WTO are involved in the Ministerial Conference and they can take decisions on all matters covered under any multilateral trade agreements.
• The WTO’s 12th Ministerial Conference was held in Geneva from 12-17 June. Key Outcomes:
• Curtailing harmful fishing subsidies: The WTO passed a multilateral agreement that would curb ‘harmful’ subsidies on illegal, unreported and unregulated fishing for the next four years, to better protect global fish stocks. 
• Global Food Security: Members agreed to a binding decision to exempt food purchased by the UN’s World Food Programme (WFP) for humanitarian purposes, from any export restrictions.
• E-commerce transactions: All members agreed to continue the long standing moratorium on custom duties on e-commerce transmissions until the subsequent Ministerial Conference or until March 31, 2024, depending on whichever comes first.
• Covid-19 vaccine production: WTO members agreed to temporarily waive intellectual property patents on Covid-19 vaccines without the consent of the patent holder for 5 years, so that they can more easily manufacture them domestically.