Key Points
WTO member countries are unlikely to reach a consensus next month on reforming the dispute settlement system of the global trade body as there are wide differences over the issue between developed and developing countries, a GTRI report said on Sunday..
The trade minister of the 164-member World Trade Organisation (WTO) will gather in Abu Dhabi in February for the 13th ministerial conference (MC) to resolve different issues such as reforms in dispute settlement mechanisms, agriculture-related matters and a moratorium on customs duties on e-commerce trade...
"Reaching a consensus on reform of the dispute settlement system is complex, with developed and developing countries holding different priorities and concerns," economic think tank Global Trade Research Initiative (GTRI) said...
In contrast, India and South Africa, referencing data from the UN Conference on Trade and Development, claimed that the moratorium leads to a global loss of USD 10 billion per year in potential customs duties, with 95 per cent of this loss borne by developing countries...
"As the longest-running moratorium in WTO history, India argues that its continued extension without concrete progress on resolving underlying concerns is detrimental to developing countries seeking to leverage digital trade for development," the report said...
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