WTO Seals Global Trade Deals On Food Security, Fisheries Subsidies Deep Into Overtime

With more than 100 trade ministers, the deals were ground out over five days after bargaining that was seen as a test of the ability of nations to strike multilateral trade deals amid the ongoing war

The accord to curb fishing subsidies is only the second multilateral deal setting new global trading rules struck in the WTO’s 27-year history and is far more ambitious than the first, which was designed to cut red tape. ( Image Source :Getty )

After more than five gruelling days of negotiations, the 164 members of World Trade Organization (WTO) early on Friday sealed a series of trade agreements, which included commitments on fish and pledges on health and food security, Reuters reported.

In the conference with more than 100 trade ministers of different countries, the deals were ground out over five days after bargaining that was seen as a test of the ability of nations to strike multilateral trade deals amid the ongoing Ukraine-Russia war.

According to the report, delegates cheered after they passed the package of six agreements just before dawn on Friday.

Director-General Ngozi Okonjo-Iweala said, "The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time."

Earlier she had appealed to WTO members to consider the "delicate balance" required after nearly round-the-clock talks that were extended for an extra two days and have at times been charged with anger and accusations.

Quoting sources the news agency said that at one stage, a series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared set to paralyse talks but accommodations were found.

The WTO's rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto.

The package, which Okonjo-Iweala called "unprecedented", included the two highest profile deals under consideration - on fisheries and on a partial waiver of intellectual property (IP) rights for Covid-19 vaccines.

The accord to curb fishing subsidies is only the second multilateral agreement setting new global trading rules struck in the WTO’s 27-year history and is far more ambitious than the first, which was designed to cut red tape.

The fishing subsidies deal has the potential to reverse collapsing fish stocks. Though pared back significantly, it still drew approval.

Isabel Jarrett, manager of The Pew Charitable Trusts’ campaign to reduce harmful fisheries subsidies, said, “This is a turning point in addressing one of the key drivers of global over-fishing.”

The deal on a partial IP waiver to allow developing countries to produce and export Covid-19 vaccines has divided the WTO for nearly two years, but finally passed. It has also drawn the fiercest criticism from campaign groups that say it barely expands on an existing exemption in WTO rules and is too narrow by not covering therapeutics and diagnostics.