At a meeting held in Davos, Switzerland, the World Trade Organization (WTO) called for a stronger global trading system. This comes as countries face rising tensions and economic challenges. 23 WTO member countries met informally alongside the World Economic Forum Annual Meeting, where they discussed the importance of rules in trade.
Swiss Federal Councilor Guy Parmelin hosted the gathering, which included WTO leader Ngozi Okonjo-Iweala and representatives from private businesses. They talked about the current issues affecting global trade and stressed that clear rules and stable conditions are crucial for the economy during difficult trade times.
The ministers also looked ahead to the upcoming 14th WTO Ministerial Conference in Yaounde, Cameroon, next year. They agreed to maintain the importance of the WTO as a guiding body for international trade, especially given the growing geopolitical tensions today.
Parmelin highlighted the need to adapt WTO rules to modern challenges and ensure a working system for resolving trade disputes. Many ministers expressed the need to start significant discussions on agricultural trade and extend a ban on customs duties for electronic transactions during the next meeting.
The ministers also emphasized the link between trade and environmental issues, recognizing that a strong multilateral trading system is key to global business success and prosperity. They support initiatives to enhance trade, emphasizing cooperation in areas like e-commerce.
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