WTO: Italy in Geneva: “far-reaching reforms are absolute priority”

GENEVA, JUNE 12 – Undersecretary of State at the Ministry of Foreign Affairs, Hon. Manlio Di Stefano, in the national statement presented during the proceedings of the 12th Ministerial Conference of the World Trade Organization (MC12), stressed the absolute priority of reforming the WTO to ensure that the organization can respond to the challenges of the 21st century.

Undersecretary Di Stefano remarked on the opportunity provided by MC12 to revitalize trade multilateralism, in the spirit of the Sorrento Declaration, taken up by the G20 under Italian chairmanship last October, to ensure that trade contributes to sustainable, equitable and inclusive growth. The message was reiterated also by the Italian Permanent Representative to the International Organization in Geneva, Ambassador Gian Lorenzo Cornado, recalling the need to reform and update the WTO’s regulatory, monitoring and dispute settlement functions to adapt them to an evolving international trading system. “Far-reaching reforms are needed to restore and revitalize the organization as a key pillar of global trade governance and as the most effective tool for inclusive growth and prosperity and sustainable development,” said the Ambassador during the Plenary Session devoted to Global Trade Challenges.

Originally scheduled in Kazakhstan in June 2020 and postponed several times due to the pandemic, the Conference began today in Geneva. MC12 is chaired by the Deputy Chief of Cabinet of the President of Kazakhstan, Timur Suleimenov, and will conclude on June 15, providing an opportunity for ministers from around the world to discuss the present and future of the multilateral trading system. The sessions will cover the role of the WTO in the current and future health crises, which also includes some aspects related to Intellectual Property. Other topics include the food crisis triggered by the conflict in Ukraine, the prohibition of certain subsidies that contribute to overcapacity and overfishing in order to protect the sustainability of oceans and fisheries resources, and the extension of the moratorium on duties on electronic transmissions of trade.

Food security, the role of the WTO in responding to the pandemic, and concluding negotiations on fisheries subsidies to ensure the sustainability of the oceans are the main objectives of the ministerial meeting outlined by Undersecretary Di Stefano, who also mentioned the importance of small and medium-sized enterprises, the need for mutual support between trade and environmental policies, the role of digital trade, and the importance of a level playing field. Di Stefano also strongly condemned Russia’s war of aggression on Ukraine and its serious consequences for food security. (@OnuItalia)