World Trade Organization members meeting in Abu Dhabi agreed to extend the suspension of e-commerce tariffs for another two years in an effort to support global trade growth.
The two countries also agreed to accelerate discussions on dispute resolution reform at the trade body, according to a WTO document released late Friday.
“We agree to maintain the current practice of not imposing tariffs on electronic transmissions until the 14th Ministerial Conference.” [in 2026]. The suspension and work plan will expire on that date,” the document reads.
The WTO is accelerating discussions on dispute resolution reform in a comprehensive and transparent manner, and “builds on the progress already made and aims to improve outstanding issues, including appeals and review and accessibility issues, to achieve the goal by 2024.” We will address the issue.”
The biennial conference was attended by thousands of delegates from more than 160 member states.
The two leaders focused on reaching agreement on some of the key issues affecting global trade, including reforming the WTO's dispute settlement system, extending the ban on e-commerce tariffs, and reducing subsidies to fishing and agriculture. Ta.
The meeting was scheduled to end on Thursday, but was extended until Friday to give member countries more time to resolve differences and reach agreement on issues affecting global trade.
The 13th WTO Ministerial Conference will see trade headwinds as global economic growth slows amid rising interest rates and geopolitical tensions, while Houthi rebels continue to attack ships in the Red Sea, which connects Europe and Asia. It was held against the backdrop of
WTO Director-General Ngozi Okonjo-Iweala said global trade is expected to fall below growth forecasts in 2024 as downside risks persist.
On October 5, the WTO predicted global trade growth of 3.3% in 2024, a significant improvement from last year's 0.8%, but this forecast was made before the Israel-Gaza war began two days later. It is something that
“The Red Sea crisis and Panama Canal drought are new sources of delays and inflationary pressures, and serve as a timely reminder of the risks to global trade and climate change,” Okonjo-Iweala said at a cabinet meeting on Monday. “There is,” he said.
India, along with other countries such as China and Indonesia, oppose moves to reduce fishing subsidies to protect local fishing communities.
The world's fifth-largest economy also opposes extending the current grace period for e-commerce tariffs, as it seeks to raise revenue and support domestic industry.
Updated: March 1, 2024, 7:14 p.m.
