World News | World Trade Organisation to Open Biennial Meeting in the United Arab Emirates as Challenges Loom
Get latest articles and stories on World at LatestLY. The World Trade Organisation will open its biennial meeting Monday in the United Arab Emirates as the bloc faces pressure from the United States and other nations ahead of a year of consequential elections around the globe.
Abu Dhabi (UAE), Feb 26 (AP) The World Trade Organisation will open its biennial meeting Monday in the United Arab Emirates as the bloc faces pressure from the United States and other nations ahead of a year of consequential elections around the globe.
The WTO's 164 member nations will discuss a deal to ban subsidies that contribute to overfishing, extending a pause on taxes on digital media like movies and video games, and agricultural issues.
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But headwinds remain for the organisation and the world's economy, particularly as the recovery from the coronavirus pandemic remains uneven across nations. Meanwhile, there are more than 50 elections affecting half the planet's population planned for this year — perhaps none more critical for the WTO than the US presidential election on November 5.
Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs — taxes on imported goods — on perceived friends and foes alike. A Trump win could again roil global trade.
WTO Director-General Ngozi Okonjo-Iweala, a dual Nigerian and American citizen, has pushed to insist the organisation remains vital as 75 per cent of the world's trade is done on its terms.
“What we are focused on at the WTO are what are the appropriate reforms we need to do — no matter who comes into power, when,” Okonjo-Iweala earlier this month, insisting that the trade body remains relevant. ”If we get to what you're saying — that the WTO becomes irrelevant — everyone, including you and me, will be in trouble.”
But even if President Joe Biden is re-elected, the US has deep reservations over the WTO. The United States under the past three administrations has blocked appointments to its appeals court, and it's no longer operating. Washington says the judges have overstepped their authority too often in ruling on cases.
The US also has criticised China for still describing itself as a developing country as it did when it joined the WTO in 2001. Washington, Europe and others say that Beijing improperly hampers access to emerging industries and steals or pressures foreign companies to hand over technology. The US also says China floods world markets with cheap steel, aluminum and other products.
Then there's the voting format of the WTO itself. Major decisions require consensus. That means countries must actively vote in favour for proposals to take effect. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)