🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

US trade chief looks for incremental reform at WTO meeting

Published 02/14/2024, 07:13 PM
Updated 02/14/2024, 07:21 PM
© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo

By David Lawder

WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai said on Wednesday that she is taking a "pragmatic" approach to the World Trade Organization's next ministerial meeting, aiming for incremental but meaningful improvements that sustain the trade body's reform momentum.

Tai told reporters ahead of the WTO's 13th Ministerial Conference (MC13) in Abu Dhabi that she did not anticipate a massive reform agreement that addressed all of the institution's shortcomings at once.

"We’re looking for success," she said of the Feb. 26-29 conference. "The Athena coming out of the brain of MC13, it’s not going to happen. So why would we set ourselves up for that?"

Instead, she said that during conversations with MC13's host, United Arab Emirates Trade Minister Thani Al Zeyoudi, a prominent word was "pragmatic. And frankly, I think that, in the context of the global economy right now, that pragmatism is what is going to save us."

The WTO faces a large number of difficult issues among its 166 members, including reforming its hobbled dispute settlement system, cutting fishing subsidies, resolving disagreements over agriculture subsidies and deciding whether to extend a 25-year-old ban on duties on electronic commerce data transmissions.

Ministers from the WTO's 166 member states are due to meet at a time of growing trade restrictions driven by national security interests and heightened geopolitical tensions, including from Russia's invasion of Ukraine and U.S. curbs on exports of high-technology items to China.

WTO ministers in 2022 agreed the body's first reforms in years, clinching deals to ban fishery subsidies for over-fished stocks and creating a partial intellectual property waiver to allow developing countries to produce COVID-19 vaccines.

© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo

Asked during a briefing what would make a successful MC13, Tai responded: "It would be an MC13 that meaningfully builds on this reform program and an MC13 where people come away and they feel hopeful and determined, and smarter, about preparing for MC14."

"It is incremental," Tai added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.