On 26th February 2024, The Union of the Comoros and the Democratic Republic of Timor–Leste have formally became the members of the World Trade Organisation (WTO).
The signing ceremony was held during the WTO’s 13th Ministerial Conference (MC13) hosted by the United Arab Emirates (UAE) in Abu Dhabi.
- With the accession of Comoros and Timor-Leste, the total number of WTO members becomes 166.
Key People: President Azali Assoumani of Comoros and President José Ramos-Horta of Timor-Leste and Ngozi Okonjo-Iweala, Director general (DG) of WTO attended the signing ceremony.
About MC13:
i.The MC13 was held from 26th to 29th February 2024 and the conference was chaired by H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade.
ii.Ministers from several countries participated in the conference to review the functioning of the multilateral trading system and to take action on the future work of the WTO.
Note: WTO’s 14th session of the Ministerial Conference (MC14) will be hosted by Cameroon in 2026.
Points to note:
i.The government of Comoros of Timor-Leste will submit Protocols for ratification by their legislative assemblies.
ii.Comoros and Timor-Leste will join the WTO 30 days after depositing their acceptance instruments, in accordance with WTO rules.
iii.Both Comoros and Timor-Leste are least-developed countries(LDCs).
WTO implements New Services Rules pact between 72 members
WTO implemented an agreement on new disciplines on domestic services regulations benefiting all members, including non-signatories like India.
- The disciplines will be applied on a “most-favoured nation” principle, meaning that they will benefit all WTO members.
- It was signed by 72 members, including the United States of America (USA), 28 members of the European Union (EU), China, and Japan.
Key points:
i.It aims to reduce administrative costs for service providers by easing licensing, qualification requirements, and related procedures.
- It will reduce services trade costs by 10% for lower-middle income economies and 14% for upper‑middle income economies.
ii.It will streamline and simplify procedures, and lowers trade costs by an estimated USD 127 Billion annually.
iii.It also includes the first-ever commitment in a WTO agreement ensuring non-discrimination between men and women when seeking permits to supply services.
Adoption of Abu Dhabi Ministerial Declaration
i.During the meet, members adopted the Abu Dhabi Ministerial Declaration to preserve and strengthen multilateral trading system.
ii.Declaration emphasizes development dimension, including contribution to the United Nations (UN) 2030 Agenda and women’s economic empowerment.
iii.Members recognize significance of services sector, generating over two-thirds of global economic output and half of all jobs.
iv.Encouragement given to relevant WTO bodies to review lessons from COVID-19 pandemic for future solutions.
Click Here for Official Declaration
Recent Related News:
i.On 28th August 2023, The United Nations (UN) Committee on the Rights of the Child issued new guidelines,formally known as “General Comment No. 26(2023),” which calls for the governments of the member states to take action to protect the children’s rights against the increasing climate crisis.
ii.The United Nations World Food Programme (WFP) and the Indian Institute of Technology, Bombay (IITB)in Mumbai( Maharashtra) have signed a Memorandum of Understanding (MoU) to improve food security,nutrition, climate resilience, and livelihoods in India.
About World Trade Organization (WTO):
Director-General– Okonjo-Iweala
Headquarters– Geneva, Switzerland
Establishment– 1995
