WTO Ministerial Conference Held for the First Time in 5 Years... Strengthening Response to Food Crisis

12th WTO Ministerial Conference Held... First in 5 Years Since 2017
Discussion on Food Crisis, COVID-19... WTO Reform Also on Agenda
Resumption of Fisheries Subsidy Negotiations... Attention on Declaration Adoption

[Image source=EPA Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] The World Trade Organization (WTO) Ministerial Conference was held in Geneva, Switzerland, for the first time in five years. Key agenda items included food security, COVID-19, and fisheries subsidies.

The Ministry of Trade, Industry and Energy announced that the 12th WTO Ministerial Conference (MC-12) took place in Geneva, Switzerland, from the 12th to the 15th. The WTO Ministerial Conference is the highest decision-making body of the WTO, attended by trade ministers from all 164 member countries. Although the Ministerial Conference is normally held every two years, it was postponed twice due to the COVID-19 pandemic, making this the first meeting in five years since 2017. Korea was represented by Ahn Deok-geun, the Ministry’s Chief Trade Negotiator, as the head of the delegation.

Trade ministers from WTO member countries focused on major issues such as the food crisis, COVID-19, and WTO reform. In particular, food security is expected to be a core agenda item at this meeting. Since the geopolitical conflicts triggered by the Ukraine situation, major countries have successively restricted agricultural exports, causing prices of key grains such as wheat, corn, and barley to surge.

The disruption of agricultural trade caused by COVID-19 has also heightened concerns about food security. A Ministry official stated, "There is growing demand for the WTO, which governs international trade, to play a role in stabilizing disruptions in agricultural supply chains," adding, "We are discussing measures such as refraining from unnecessary export restrictions, recognizing exceptions for export restrictions for humanitarian purposes, and enhancing transparency."

Andeok Geun, Director General, Meets with Xing Haiming, Chinese Ambassador to Korea
(Seoul=Yonhap News) Andeok Geun, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy (left), is meeting with Xing Haiming, Chinese Ambassador to Korea, on May 30 at the Government Seoul Office Annex VIP Reception Room. 2022.5.30 [Provided by Ministry of Trade, Industry and Energy. Redistribution and DB prohibited]
Photo by Yonhap News
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‘Temporary Waiver of Vaccine Intellectual Property Rights’ Also Discussed

COVID-19 is also a major agenda item. According to the Ministry, the WTO is internally discussing adopting a response plan aimed at promoting trade in medical supplies such as vaccines and treatments to end the COVID-19 pandemic. The "temporary waiver of vaccine intellectual property rights," which developing countries have requested, is also on the COVID-19 related agenda. The WTO response plan is expected to include measures that provide direction necessary for global economic recovery.

Fisheries subsidies are also expected to be discussed. Originally, WTO-level negotiations on fisheries subsidies began in 2001 to protect fishery resources. However, due to disagreements among member countries, no significant progress has been made for 21 years. Therefore, trade ministers attending the 12th Ministerial Conference plan to use this meeting as an opportunity to resume negotiations on fisheries subsidies.

However, it is unlikely that fisheries subsidies negotiations will conclude at this Ministerial Conference. The United States, China, as well as groups of developed and developing countries, have yet to narrow differences on key issues regarding fisheries subsidies. In particular, there are significant differences in positions concerning the beneficiaries and duration of exemptions from fisheries subsidy restrictions for developing countries.

[Image source=EPA Yonhap News]

Declaration May Fail Due to Ukraine Situation

Discussions on WTO reform are also underway. The WTO is already conducting behind-the-scenes work to include a joint declaration expressing the will of all 164 member countries regarding WTO reform.

Attention is also focused on whether a ministerial declaration will be adopted. The ministerial declaration is the final outcome of the Ministerial Conference, adopted based on the support of all WTO member countries. At the 11th Ministerial Conference held in 2017, the adoption of the ministerial declaration failed due to differences between developed and developing countries.

Accordingly, the WTO Secretariat is considering creating a separate section in the ministerial declaration related to the Ukraine situation. This is to prevent the failure to adopt the declaration due to differences in member countries’ positions on the Ukraine issue. The Ministry believes that if a joint declaration is adopted at the 12th Ministerial Conference, it will provide momentum for restoring the multilateral trading system amid the WTO crisis.

Chief Negotiator Ahn said, "This Ministerial Conference, held for the first time in five years, should be an important opportunity to normalize WTO functions," adding, "We will do our best to restore the multilateral trading system and maximize national interests."

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