Trade Ministers from around the world gathered in the United Arab Emirates on February 26 for the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO), marking the first such meeting in two years. The conference in Abu Dhabi is taking place amidst geopolitical tensions and disagreements, with no clear prospects for significant breakthroughs.
The WTO is focusing its hopes on progress in crucial areas such as fishing, agriculture, and electronic commerce. However, achieving major agreements poses a significant challenge as WTO rules mandate full consensus among all 164 member states.
Experts express skepticism about the likelihood of substantive agreements, given the complex geopolitical climate. Marcelo Olarreaga, Professor of Economics at the University of Geneva, stated, “I don’t have hopes that a very substantive agreement will be announced.” He added that negotiators may be dealing with tactical positions to navigate the challenging negotiations.
The Ministerial Conference, scheduled to run until February 29, serves as a critical platform for discussions on global trade issues. While breakthroughs may be elusive, the conference provides an opportunity for member states to engage in dialogue and address pressing challenges facing the global trading system.
