Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

WTO hits road block over advancing dispute reform talks

Published 03/21/2024, 03:00 PM
Updated 03/21/2024, 03:16 PM
© Reuters. FILE PHOTO: World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala attends a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo

By Emma Farge

GENEVA (Reuters) - The World Trade Organization is struggling to find an ambassador to lead negotiations on fixing its hobbled dispute system by the year-end, trade sources said, as the body's chief urged countries to keep striving for a deal.

The commitment to continue such efforts in 2024 was one of the few concrete outcomes at the WTO Abu Dhabi meeting last month which has some minor successes but failed to strike major global agreements.

The talks are aimed at agreeing reforms to the WTO's top appeals court, known as the Appellate Body, which has been idle since 2019 due to U.S. blockages of judge appointments. The lack of an Appellate Body has left dozens of trade disputes worth billions of dollars unresolved.

But days before the Abu Dhabi meeting, the talks' previous facilitator Marco Molina from Guatemala who has been widely praised for developing a new interest-based negotiating method was dismissed by his government.

The global trade watchdog had hoped to propose a replacement at its General Council meeting in Geneva on Thursday and Friday but three ambassadors declined, trade sources said.

The countries included Botswana and Honduras, they said. Their Geneva delegations did not immediately respond to a comment request.

"It's a lot of work and this is very difficult to land so it's fair enough they said no," said one WTO delegate, who is not authorised to speak publicly.

Agreements at the global body are difficult to strike since all 166 of its members must agree.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

At the WTO meeting on Thursday which is the body's first major gathering since Abu Dhabi, some countries rued "abuse" of this consensus principle, referring to when just one country holds negotiations hostage by blocking a deal, sometimes in order to force progress on other topics.

However, Director-General Ngozi Okonjo-Iweala struck an upbeat tone and urged countries to keep working on talks including dispute reforms and cutting fisheries subsidies.

"We must regroup and reinvigorate how we engage in the coming weeks and months to complete the unfinished business as soon as possible," she said.

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.