04 March 2024 , 12:29
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The World Trade Organisation ended its latest summit in the United Arab Emirates without reaching any major agreements after a week of talks.
The 164-member group had hoped to make progress on issues such as fishing, agriculture and the digital economy, but failed to reach a consensus. The only significant outcome was a decision to extend a pause on taxes on digital media such as movies and video games.
WTO Director-General Ngozi Okonjo-Iweala said the summit had taken place "against an international backdrop marked by greater uncertainty than at any time I can remember." She made no direct mention of the conflict between Israel and Hamas in the Gaza Strip, but had previously noted the disruptions to shipping caused by Yemen's Houthi rebels in the Red Sea.
"The beauty of the WTO is that each member has an equal voice, but that also comes at a cost," Okonjo-Iweala said. "Nevertheless, we are a unique organization, and I think the cost is worth it. Let's keep going so we can make our voices heard."
Elections involving nearly half the world's population could bring new challenges for the World Trade Organisation (WTO). The most critical of these could be the United States presidential election on Nov. 5.
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Former President Donald Trump, who once threatened to pull the U. S. out of the WTO and frequently imposed tariffs on both allies and rivals, is running again. If Trump wins, it could cause more upheaval in global trade.
However, even if current President Joe Biden is reelected, the United States still has serious concerns about the WTO. The last three U.S. administrations have blocked appointments to its appeals court, which is now non-operational. Washington argues that WTO judges have too often overstepped their authority when making rulings.
The U. S. has also criticised China for continuing to label itself as a developing country, as it did when it joined the WTO in 2001. Washington, Europe and others claim that Beijing unfairly restricts access to emerging industries and forces foreign companies to hand over technology. The U.S. also accuses China of flooding global markets with cheap steel, aluminium and other products.