Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

WTO postpones major meeting after new variant outbreak

Published 11/26/2021, 04:22 PM
Updated 11/26/2021, 06:55 PM
© Reuters. FILE PHOTO: A sign of the 12th Ministerial Conference (MC12) is pictured at the World Trade Organization (WTO) headquarters in Geneva, Switzerland, November 25, 2021. REUTERS/Denis Balibouse

GENEVA (Reuters) - The World Trade Organization (WTO) became the first major diplomatic casualty of the new coronavirus variant on Friday when it postponed its first ministerial meeting in four years due to the deteriorating health situation.

Ministers from WTO members were due to have gathered next week for a meeting widely seen as a test of the WTO's relevance.

The WTO said that its members had agreed late on Friday to postpone the ministerial conference after the new variant outbreak led to travel restrictions that would have prevented many ministers from reaching Geneva.

No new date has been set for a rescheduled meeting.

The World Health Organisation has classified the B.1.1.529 variant detected in South Africa as a "variant of concern", saying it may spread more quickly than other forms of the virus. Scientists are also seeking to find out if it is vaccine-resistant.

Switzerland, home to the WTO, on Friday banned direct flights from South Africa and the surrounding region, and imposed test and quarantine requirements on travel from other countries, including Belgium, Hong Kong and Israel.

The Geneva-based trade body had planned a meeting in person, but the new restrictions meant delegations of large players such as South Africa and the Brussels-based European Commission would have been limited to a largely virtual presence.

Even before the postponement the prospects were not bright.

The WTO has only managed one update of its global rules in its near 27-year history, the red tape-cutting Trade Facilitation Agreement, and its 164 members looked far from agreement in its most active talks - on curbing fishing subsidies and spreading COVID-19 vaccines more widely.

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

India, South Africa and other developing countries are calling for a waiver of intellectual property (IP) rights for vaccines and other COVID-19 treatments. U.S. President Joe Biden said on Friday he supported a waiver for vaccines.

WTO Director-General Ngozi Okonjo-Iweala said the postponement did not mean negotiations should stop.

"On the contrary, delegations in Geneva should be fully empowered to close as many gaps as possible. This new variant reminds us once again of the urgency of the work we are charged with," she said in a statement.

Santiago Wills, the Colombian WTO ambassador who chairs the fishing subsidy talks, said the news was "deflating, to say the least", but pledged to keep working towards an agreement to save global fish stocks.

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.