GENEVA: The 12th Ministerial Conference (MC12) of the World Trade Organization (WTO) began today at the WTO headquarters in Geneva, Switzerland.
Members of the trade organisation will discuss issues such as the TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver for Covid-19 vaccines, pandemic response, fishery subsidies, agriculture, food security, and the WTO's reform and future work priorities during the four-day meeting, which began on Sunday.
WTO Director-General Ngozi Okonjo-Iweala said the globe is presently experiencing various crises, including the epidemic, food shortages, climate change, and regional conflicts, and she asked all parties to work together to address the challenges. "No single country can address these challenges on its own; now is the time for the entire globe to come together," she continued.
The WTO's work has progressed, and draught texts on major areas such TRIPS waiver, pandemic response, fishery subsidies, agricultural, and food security have been drafted. She hoped that the ministerial conference will yield greater results.
China's Commerce Minister Wang Wentao said that the WTO-centered multilateral trading system is the cornerstone of international trade, and China is willing to work with all parties to push the WTO to play a larger role in world economic recovery.
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