ABU DHABI: As the World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi later this month is set to hold crucial global trade talks, Singapore has urged WTO members to take a consensual approach.
‘To secure meaningful deliverables at MC13, members must exercise ‘responsible consensus’, by seeking mutually beneficial approaches, showing openness to trade-offs, and approaching negotiations in an objective and evidence-based manner,’ Jane Lim, Deputy Secretary for Trade at the Ministry of Trade and Industry of Singapore, said in an email interview with Emirates News Agency (WAM).
Crucial global meet after COP28
She made these remarks as MC13 aims for pivotal reforms into the global trading system, spanning from expanding WTO membership to strengthening dispute resolution mechanisms and adopting digital trade frameworks.
The WTO ministerial meeting also aims to address challenges such as supply-chain disruption, inflation, protectionism, and climate change. In addition, MC13 will exp
lore ways to boost investments in trade technologies for sustainable and resilient supply chains.
Lim underscored that as a small and open economy, Singapore is a strong supporter of the rules-based multilateral trading system, with the WTO at its core.
After successfully organising COP28, the UN Climate Conference in Dubai in December 2023, the UAE is set to host MC13 from 26th to 29th February 2024 in Abu Dhabi.
The WTO ministerial meeting will convene representatives of 164 nations and trading blocs.
UAE’s constructive role
The Singapore official stressed that the UAE has been a constructive player in global trade and is well-placed to facilitate meaningful outcomes at MC13.
The Chair of MC13, Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, has been consulting members extensively in the lead-up to MC13, Lim noted.
‘Under the able Chairmanship of Dr Thani, we look forward to working closely with the UAE to secure meaningful outcomes at the Conference. It is paramount fo
r members, both big and small, to work closely to strengthen the rules-based multilateral trading system.’
Singapore’s priorities at MC13
About Singapore’s key priorities at MC13, the official said progress on WTO reforms, including consensus on an effective dispute settlement system, is the first one.
Extension of the moratorium on customs duties on electronic transmissions is the next. Meaningful measures to address the pressing food security challenges as well as those relating to sustainability and the environment are the third priority, Lim explained.
‘We are hopeful that a realistic and balanced package can be achieved at MC13.’
Digital trade
As one of the co-convenors of the Joint Statement Initiative on E-Commerce, Singapore welcomes the substantial conclusion of negotiations on a set of digital trade rules in December 2023 and look forward to the conclusion of negotiations this year, the official explained.
A successful outcome on the extension of the moratorium on customs duties on electronic
transmissions is also critical to further promote digital trade, she stressed.
Aside from digital trade issues, Lim suggested, the WTO must, in the longer run, remain relevant by addressing contemporary challenges such as food security, supply chain resilience, and climate change. In this regard,
Members should exercise ‘flexible multilateralism’ and explore creative modalities, such as through plurilaterals like the Joint Statement Initiatives (JSIs), she added.
‘We must also look beyond MC13 to chart a forward-looking agenda for the WTO, to ensure it remains relevant and well-equipped to deal with evolving challenges of the global landscape.’
For example, the WTO is well positioned to address important environmental issues through the Committee on Trade and Environment (CTE) as well as Member-driven initiatives such as the Trade and Environmental Sustainability Structured Discussions (TESSD) and the Informal Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade (DDP), given the g
rowing nexus between trade and the environment, Lim explained.
Singapore-UAE trade ties
Singapore has consistently had strong trade and investments with the UAE, she said.
Both countries have been free trade agreement partners since 2013, as part of the Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA). Bilateral cooperation spans across areas such as food security, digital and green, which are also key contemporary issues in the global economy today, Lim noted.
Given its rising role as a global logistics hub, the UAE has taken the initiative to host MC13, a prominent global meeting. The Emirates, a champion for greater engagement of the Global South, advocates for a more inclusive global trading system.
UAE’s CEPA initiative
In 2021, the UAE started forging the Comprehensive Economic Partnership Agreement (CEPA) with major partners worldwide. The CEPAs aim to establish more open, sustainable and mutually beneficial trading relations by removing barriers to trade in goods and services, sim
plifying customs procedures and streamlining supply chains.
UAE has concluded CEPA with 11 countries such as India, Indonesia, Israel, Trkiye, Cambodia, South Korea, Colombia, Georgia, Mauritius, Congo-Brazzaville and Costa Rica. The first five agreements have already come into effect.
Source: Emirates News Agency