World Trade Organization
Recent News About World Trade Organization
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DG Okonjo-Iweala urges revision of food and agriculture rulebook at workshop
"There is an urgent need to ensure that trade in food and agriculture contributes to ensuring everyone can access sufficient, safe, and nutritious food at all times," DG Okonjo-Iweala said in her opening remarks to participants.
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WTO reviews four key regional trade agreements enhancing global economic cooperation
The Committee on Regional Trade Agreements of the World Trade Organization (WTO) recently considered four significant regional trade agreements. These agreements, involving multiple countries, aim to enhance economic cooperation and liberalize trade in goods and services.
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Global goods trade sees modest growth amid price declines
Goods trade posts 1% growth in the first quarter of 2024 after 2023 plateau
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Kazakhstan accepts agreement on fisheries subsidies
Kazakhstan has formally accepted the Agreement on Fisheries Subsidies, as announced on July 1, 2024. Director-General Okonjo-Iweala commented, “I welcome Kazakhstan's Acceptance of the Agreement on Fisheries Subsidies. This action demonstrates Kazakhstan's commitment, even as a landlocked nation, to responsible fisheries resource management. It underscores the need for global cooperation in safeguarding the shared marine ecosystem upon which all of us depend. I commend Kazakhstan for taking this step, which brings us closer to this Agreement's entry into force."
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WTO releases documents on Mozambique's trade policy review
The World Trade Organization (WTO) has made available several documents related to the Trade Policy Review of Mozambique, conducted on July 1, 2024. The review includes a detailed Secretariat report and a government report.
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Working group discusses future topics for small business initiatives
The Coordinator of the Group, Ambassador Matthew Wilson (Barbados), highlighted the results of the Small Business Champions initiative, which were announced during last week's Aid for Trade Global Review. One of the winners is the Latin American and Caribbean Network of Fairtrade Small Producers and Workers of El Salvador (CLAC), a network representing 1,000 Fairtrade-certified organizations in 24 economies in Latin America and the Caribbean. The winning project will survey existing products in Latin America that can benefit indigenous producers, provide training and...
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WTO members advance sixth review of SPS agreement amid rising trade concerns
Every four years, WTO members review their implementation of the SPS Agreement. The proposed process for the Sixth Review was discussed and adopted by members at an SPS Committee meeting in November 2023.
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WTO signs MoU with Afreximbank for enhanced cooperation
The Memorandum of Understanding (MoU) was signed by World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala and African Export-Import Bank (Afreximbank) President Benedict Okey Oramah during the 9th Global Review of Aid for Trade, held from June 26-28 in Geneva. The agreement seeks to enhance cooperation between the two entities in food, trade, and fisheries sectors in Africa.
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Finland commits EUR 700K to strengthen trade capacities of least developed countries
Finland has committed EUR 700,000 to the Enhanced Integrated Framework (EIF) Interim Facility, a mechanism designed to bridge the gap between the conclusion of Phase Two of the EIF and the establishment of a new multilateral support system for Least Developed Countries (LDCs). This interim facility aims to ensure continued assistance while discussions on a future support mechanism are underway within a taskforce at the World Trade Organization (WTO).
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EIF reports progress on aiding disadvantaged nations
Also attending the meeting were Djibouti's Minister of Commerce and Tourism, Mohamed Warsama Dirieh, Finland's WTO Ambassador Heidi Schroderus-Fox, who also chairs the EIF Steering Committee, Togo's WTO Ambassador and chair of the EIF Board, Kokou Yackoley Johnson, Djibouti's WTO Ambassador and Coordinator of the WTO LDC Group, Kadra Ahmed Hassan, and the EIF Executive Director Ratnakar Adhikari.
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WTO concludes advanced course on economic analysis of trade policy
Participants received training on various aspects of trade data analysis, learning how to calculate trade flows and trade policy indicators, and conduct trade policy analysis and simulation. Hands-on exercises formed a significant part of the program, enabling participants to use statistical software to construct tariff profiles, build datasets, and conduct trade policy analysis. The objective was to deepen the participants' understanding of the impact of trade policy, with the ultimate aim of supporting more effective participation in trade negotiations.
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Aid-for-Trade vital in seizing clean-energy transition opportunities says WTO
The report cites that clean energy adoption is surging, with energy sources such as wind, solar, hydropower, hydrogen, and nuclear power now generating nearly 40% of global electricity. This share is expected to rise at an accelerated pace as the cost of these technologies falls and economies ramp up action to meet their net-zero greenhouse gas emission targets. The report notes that this transition to clean energy presents an opportunity for developing economies and least-developed countries (LDCs) to expand trade volumes and achieve export diversification objectives.
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WTO concludes Aid for Trade Global Review with focus on evolving needs
The Aid for Trade Global Review concluded on June 28, 2024, with a commitment to continue adapting to the changing needs of developing economies and least-developed countries (LDCs). The event focused on three main themes: food security, digital connectivity, and integrating trade into development agendas.
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WTO reviews achievements at Global Review of Aid for Trade amid challenging times
Minister Symmonds, Secretary-General Cormann, Excellencies, Ladies and Gentlemen,
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Food security issues dominate discussions at Aid for Trade event
Drawing attention to how political conflicts, value chain disruptions, and mounting inflation are compromising food security in developing economies, a session entitled “Strengthening food security through trade” explored how the international trade community can act to enhance access to safe, nutritious, and affordable food. Special emphasis was placed on helping small farmers gain more from trade by boosting their productivity and amplifying their voices in international fora. The importance of multi-stakeholder cooperation was also highlighted, notably public-private...
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Global push for sustainable fisheries spotlighted at Aid for Trade Global Review
The Aid for Trade Global Review recently highlighted the global push for sustainable fisheries, focusing on the WTO Agreement on Fisheries Subsidies. This agreement aims to prohibit harmful fisheries subsidies and promote sustainability.
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WTO panel discusses leveraging opportunities from growing global digital economy
The challenges and opportunities for developing economies, particularly African countries, in exploiting their digital trade potential were discussed at a high-level panel. Speakers emphasized the need for improved digital connectivity, a supportive regulatory environment, and trade capacity building.
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WTO committee adopts key report on implementing Sanitary Phytosanitary Measures Agreement
The MC12 SPS Declaration instructed the SPS Committee to launch a Work Programme to identify challenges in the implementation of the SPS Agreement, the mechanisms available to address them, and the impact of emerging challenges on its application. The Committee established five thematic groups to undertake this work.
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WTO’s aid initiative boosts global trade with $648B since inception
The WTO-led Aid for Trade initiative has contributed US$ 648 billion since 2006 to strengthen the export potential of developing economies and least-developed countries (LDCs). The impact of the initiative in improving these economies' capacity to trade is revealed in a new publication — “Aid for Trade at a Glance 2024” — launched by the WTO and the Organisation for Economic Co-operation and Development (OECD) on June 26.
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Challenges faced by least developed countries discussed at high-level session
Warsama Dirieh Mohamed, Minister of Trade and Tourism of Djibouti, emphasized the potential of Least Developed Countries (LDCs) in global trade during a high-level session. "It is undeniable that LDCs have significant potential in all fields to cement their development. All the same, despite the natural wealth in LDCs, we can observe a sad reality which is illustrated by the following data: 14% of the global population, 1.3% of global GDP, and less than 1% of goods exports," he stated.