WTO haggles over food, fishing, vaccines ahead of deadline

The global trade watchdog WTO has debated through the night as it struggles to secure various deals. One country in particular has thrown a wrench in the negotiations. Ministers from 164 member states of the World Trade Organization negotiated in Geneva overnight to Thursday on deals on food security, fishing and fighting COVID-19 as an afternoon deadline loomed. It is the first conference in nearly five years for the organization, whose members represent 98% of global trade and global GDP. An extra fifth day of negotiations was added in a bid to break a deadlock.

What is being discussed?

The issues at stake have included how to curb fishing subsidies, introducing a temporary waiver on COVID-19 vaccine patents and agreements on food security. Also under discussion were topics connected with agriculture, e-commerce, the WTO’s general response to pandemics, and reforms to the organization itself. A Geneva trade official told reporters that concessions were traded past dawn in a bid to secure deals. They’re looking at a broad package: what can be achieved, trade-offs in different areas, the official said. The negotiations come as Russian Interfax news agency cited a deputy foreign minister as saying that Moscow was not considering leaving the body, despite tensions over its invasion of Ukraine.

Why is it difficult?

The problem on reaching agreement is that all 164 members must all agree for new global trade rules to be passed. That means that just one member can block deals. This time round, India has been blocking negotiations by insisting on maintaining subsidies for fisheries and agriculture, and pushing for extra concessions. Indian Commerce Minister Piyush Goyal said on Twitter that India is strongly representing its perspective at the WTO to protect the future of every Indian and that of the marginalized. The negotiation situation at the WTO has drawn criticism from trade experts. The ministerial [conference] laid bare the increasing dysfunction that inhibits collective action at the WTO, said Jake Colvin, president of the National Foreign Trade Council. However, WTO officials have been more upbeat about the possibility of reaching deals, saying that negotiations often seem fruitless until the very last minute.

The WTO, headquartered in Geneva, Switzerland, was established in 1948 and is the world’s largest international economic organization. In recent years, it has faced criticism for being too unwieldy to cope with growing global challenges.