Yeo Han-gu, Director General for Trade Negotiations - WTO Director-General Video Meeting... Discussion on Strengthening Cooperation to Restore Multilateralism

Discussion on Measures to Achieve Tangible Outcomes at the 12th WTO Ministerial Conference

Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Ye Han-gu, the head of the Trade Negotiations Department, will hold a video meeting with Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), on the 1st. This meeting was arranged at the request of the WTO to mark Ye's appointment.

The main agenda of this meeting is the preparation for the 12th WTO Ministerial Conference to be held in early December this year and plans to restore and strengthen the functions of the WTO in the future.

Ye emphasized that the ministerial conference, held for the first time in four years, should produce substantial outcomes to serve as a turning point for the restoration of the WTO and multilateralism. Ye stated, "First, in a situation where COVID-19 has had a tremendous impact on the global economy and individuals' lives, the WTO must contribute to overcoming COVID-19 as a relevant organization," and proposed, "To this end, discussions should be advanced based on the COVID-19 response measures proposed by Korea and other WTO member countries."

Furthermore, he evaluated the fisheries subsidies negotiations as meaningful since they are the only negotiations involving all WTO members, and expressed hope that the negotiations will progress by the ministerial conference so that the WTO can also contribute to environmental issues such as the protection of fishery resources.

Ye and Director-General Ngozi expressed concern over the weakening of the WTO's functions, which has hindered the smooth operation of the multilateral trade order, and agreed on the need to promptly restore a stable multilateral trade order through reforms covering the WTO's three main functions: ▲norm-setting through negotiations ▲monitoring and enhancing transparency of members' trade-related measures ▲dispute settlement.

Ye said, "The global trade environment is rapidly changing due to digitalization, climate change, COVID-19, and the spread of protectionism. The WTO must be reborn as a relevant organization capable of responding to these changes," adding, "Korea, as a beneficiary of the multilateral trade order, will actively contribute to the restoration of the WTO and multilateralism and will closely cooperate with the WTO."

This content was produced with the assistance of AI translation services.