Challenges Ahead for Global Trade Agreements
WTO Chief Warns of Difficulties Ahead
The head of the World Trade Organization cautioned on Friday about the challenges of striking deals at an upcoming major ministerial meeting. The tough environment is attributed to elections, recessions, and conflicts in Ukraine and Gaza.
Ministerial Meeting in Abu Dhabi
Trade ministers are set to convene in Abu Dhabi from Feb. 26-29 to negotiate global trade agreements. The primary focus will be on reforming the organization’s dispute system and reducing fishing subsidies.
Obstacles in Negotiations
WTO Director-General Ngozi Okonjo-Iweala expressed concerns about the difficult conjuncture surrounding the conference. She highlighted the economic and political headwinds, emphasizing the significant gaps in negotiating positions.
Potential Outcomes
Despite the challenges, Okonjo-Iweala remains hopeful for positive outcomes. She mentioned the possibility of reaching an agreement on cutting fishing subsidies and establishing a roadmap for agriculture talks.