The 13th WTO Ministerial Conference sees significant developments including the extension of customs duties exemption on electronic transmissions, progress in dispute settlement restoration, addition of new members, and the finalisation of the IFD Agreement.
The 13th World Trade Organization (WTO) Ministerial Conference (MC13), hosted in Abu Dhabi, United Arab Emirates, from February 25 to 27, 2024, concluded with several pivotal outcomes. Singapore’s Minister for Trade and Industry, Gan Kim Yong, played a crucial role at the conference, including chairing the first Ministerial Conversation on Trade and Sustainable Development. Key achievements of MC13 include the extension of the moratorium on customs duties for electronic transmissions until MC14 or March 31, 2026, supporting digital trade and benefiting businesses, especially small and medium-sized enterprises. Additionally, members agreed to fast-track the revival of an effective dispute settlement mechanism by 2024, crucial for WTO’s functionality.
Further successes encompassed the approval of special treatment reviews and transition support for developing and least developed countries, alongside the adoption of new regulations to simplify services trade. Notably, the conference welcomed Comoros and Timor-Leste as new WTO members, with Singapore anticipating strengthened economic cooperation. The conference also marked the finalisation of the Investment Facilitation for Development (IFD) Agreement, backed by over 120 members, signifying a commitment to enhancing global investment flows.
Minister Gan emphasized Singapore’s dedication to a rules-based multilateral trading system and the importance of collective efforts to maintain the WTO’s relevance. The conference also provided a platform for discussions on climate change, digital economy, and multilateral trade rules, reflecting Singapore’s broader engagement in global trade and sustainability issues.
Source : MTI
