Global Trade Ministers Gather to Seek Direction for Accelerating WTO Reform

Trade ministers from around the world will gather in one place to discuss accelerating the reform of the World Trade Organization (WTO).

The Ministry of Trade, Industry and Energy announced on the 22nd that Jeong In-kyo, the head of the Trade Negotiations Office, will attend the 13th WTO Ministerial Conference (MC-13) held from the 26th to the 29th in Abu Dhabi, United Arab Emirates (UAE).

An official from the ministry explained, "This ministerial conference, held as the WTO marks its 30th anniversary next year, is expected to provide an indication of the direction of WTO reform."

Jung In-kyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (File photo)

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Trade ministers worldwide agreed at the 12th Ministerial Conference held in June 2022 to officially begin WTO reform efforts. Since then, various reform discussions have been underway within the WTO. With informal reform talks aiming to normalize the dispute settlement system within this year, this ministerial conference will review the progress made so far and provide political guidance to complete the reforms by the end of the year.

Strengthening the WTO’s review function in response to global trade challenges is also a key agenda item. In this regard, ministerial dialogues on the themes of "Trade and Sustainable Development" and "Trade and Inclusiveness" are scheduled. Head Jeong will emphasize that as protectionist industrial policies and subsidy competition can undermine the rules-based multilateral trading system, member countries should refrain from measures that do not comply with WTO rules.

Ministerial meetings on specific topics such as development, fisheries subsidies, e-commerce, and agriculture will also be held. Development is a major agenda at MC-13, aiming to achieve outcomes such as extending preferences for least developed countries graduating from that status. Along with efforts to bring into force the fisheries subsidies agreement concluded at MC-12, consensus will be sought on a second-stage agreement to regulate subsidies related to overcapacity and overfishing. Discussions will also cover whether to extend the duty-free treatment of electronic transmissions. In agriculture, despite ongoing differences among member countries, discussions are expected to focus on a work plan to advance future negotiations.

Additionally, at the conference, Head Jeong will officially request the WTO’s incorporation of the "Investment Facilitation for Development" agreement (concluded in July last year), for which Korea is a co-chair. To secure member countries’ support, a joint ministerial declaration event by participating countries in the investment facilitation negotiations will also be held.

Meanwhile, with Comoros and Timor-Leste joining the WTO at this ministerial conference, the number of WTO member countries will increase from 164 to 166.

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