The head of the World Trade Organization (WTO) said on Monday (02.03.2020) that he expects the coronavirus epidemic to have a "substantial" impact on the global economy, although he indicated that plans for a ministerial-level meeting in June remain in place, a trade official said in Geneva.
«The effects on the global economy are also likely to be substantial and will begin to be felt in trade data in the coming weeks."Roberto Azevedo told heads of delegations at a closed-door meeting in Geneva on Monday.
«For MC-12 we are continuing as planned. If the situation requires it, we will take any necessary action."He added, referring to The ministerial meeting scheduled for June in Kazakhstan.
The meeting, where member states will seek to close agreements on agriculture, e-commerce and fisheries subsidies, among other issues, is expected to have several thousand participants.
A successful outcome is seen as critical to the legitimacy and relevance of the world body after the WTO's appeals system for disputes collapsed due to the US blocking of appointments.
However, at the same meeting on Monday, the chairman of the fisheries subsidies negotiations, Santiago Wills, said recent progress had been “insufficient” and urged members to be “flexible and pragmatic.”
Other member states have also expressed concern about slow progress in talks aimed at ending harmful subsidies for the fishing industry that are depleting global fish stocks. Azevedo recently expressed hope that a deal was possible.
«It is up to all of us to recognize that the negotiations are in serious trouble."U.S. Ambassador to the WTO Dennis Shea told trade delegates on Monday, adding that some members were "defending fiercely» the rights to subsidize or do so in the future, without naming the countries.
Source: Reuters
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