Explained: The key takeaways from the 12th Ministerial Conference of the World Trade Organization
The Ministerial Conference is the WTO’s top decision-making body and usually meets every two years. All members of the WTO are involved in the MC and they can take decisions on all matters covered under any multilateral trade agreements.
After days of protracted negotiations, the 12th Ministerial Conference of the World Trade Organization on June 17, agreed to a series of deals relating to the temporary waivers on Covid-19 vaccines, a moratorium on e-commerce trade, food security and setting limits on harmful fishing subsidies.
Claiming that the conference had yielded an “unprecedented package of deliverables,” WTO Director-General Ngozi Okonjo-Iweala said, “Not in a long while has the WTO seen such a significant number of multilateral outcomes.”
What is the WTO and the Ministerial Conference
The World Trade Organization is the only international organization that deals with the rules of trade between countries. Founded in 1995, the WTO is run by its 164 members, and according to its rules, all decisions are taken through consensus and any member can exercise a veto.
Its aim is to promote free trade, which is done through trade agreements that are discussed and signed by the member states. The WTO also provides a forum for countries to negotiate trade rules and settle economic disputes between them.
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