The World Trade Organization, which had produced only one new multilateral agreement between its members in its 27-year existence, finally broke its negotiating slump with a package of deals.
“The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time,” WTO Director General Ngozi Okonjo-Iweala said during a closing ceremony where members approved the agreements. “They show the world that WTO members can come together across geopolitical fault lines to address problems of the global commons and to reinforce and reinvigorate the institution.
The international trade body also has struggled with rising tensions between two of its most important members, China and the United States. And critics say the WTO has failed to keep pace with the rapidly changing global economy in areas like crafting digital trade rules and protecting workers rights and the environment.
However, pharmaceutical companies fought hard to kill the provision, which they argued was not needed and would undermine the profit incentives that strong intellectual property protections provide to develop new drugs. “WTO members have for the first time concluded an agreement with environmental sustainability at its heart” Okonjo-Iweala said. “This is also about the livelihoods of the 260 million people who depend directly or indirectly on marine fisheries.”
India had also blocked progress in the talks by demanding that developing nations be given a 25-year transition period to get rid of subsidies that contribute to overfishing and overcapacity in the fishing sector, instead of the seven year figure contained in the draft text of the deal.continue a longtime moratorium
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