• SPX
  • $5,808.12
  • -0.03 %
  • -$1.74
  • DJI
  • $42,114.40
  • -0.61 %
  • -$259.96
  • N225
  • $37,913.92
  • -0.6 %
  • -$229.37
  • FTSE
  • $8,248.84
  • -0.25 %
  • -$20.54
  • IXIC
  • $18,518.61
  • 0.56 %
  • $103.12

WTO hits road block over advancing dispute reform talks

By Reuters   |   Mar 21, 2024 at 03:00 PM EST
WTO hits road block over advancing dispute reform talks

By Emma Farge

GENEVA (Reuters) - The World Trade Organization is struggling to find an ambassador to lead negotiations on fixing its hobbled dispute system by the year-end, trade sources said, as the body's chief urged countries to keep striving for a deal.

The commitment to continue such efforts in 2024 was one of the few concrete outcomes at the WTO Abu Dhabi meeting last month which has some minor successes but failed to strike major global agreements.

The talks are aimed at agreeing reforms to the WTO's top appeals court, known as the Appellate Body, which has been idle since 2019 due to U.S. blockages of judge appointments. The lack of an Appellate Body has left dozens of trade disputes worth billions of dollars unresolved.

But days before the Abu Dhabi meeting, the talks' previous facilitator Marco Molina from Guatemala who has been widely praised for developing a new interest-based negotiating method was dismissed by his government.

The global trade watchdog had hoped to propose a replacement at its General Council meeting in Geneva on Thursday and Friday but three ambassadors declined, trade sources said.

The countries included Botswana and Honduras, they said. Their Geneva delegations did not immediately respond to a comment request.

"It's a lot of work and this is very difficult to land so it's fair enough they said no," said one WTO delegate, who is not authorised to speak publicly.

Agreements at the global body are difficult to strike since all 166 of its members must agree.

At the WTO meeting on Thursday which is the body's first major gathering since Abu Dhabi, some countries rued "abuse" of this consensus principle, referring to when just one country holds negotiations hostage by blocking a deal, sometimes in order to force progress on other topics.

However, Director-General Ngozi Okonjo-Iweala struck an upbeat tone and urged countries to keep working on talks including dispute reforms and cutting fisheries subsidies.

"We must regroup and reinvigorate how we engage in the coming weeks and months to complete the unfinished business as soon as possible," she said.

(Reporting by Emma Farge; editing by David Evans)

Did you find this insightful?


We are preparing, please wait

×
New Alert

Select an alert type

Choose sentiment spike or mentions spike or both to receive email alerts and app notification for the selected stock.
Note: Please be aware that you will receive an email only once a day, around 8:00 AM (EST), in the event of any spike.
In future if you don't want to receive any email then delete stocks added into alert section.

New Alert

Setup alert

×

Premium Content

This content is only available for premium members. Please become a paid member to access.

Download App

Currently, memberships can only be purchased through the app.

×

Log In


or

download app using google store Continue with Google download app using apple Continue with Apple

Email Verification

An email with a verification code has been sent to your email address.

Welcome to StockNews!

Create Your Account

Email Verification

An email with a verification code has been sent to your email address.