Thread by @bbaschuk

Next week the @WTO will hold its 12th ministerial conference.

Here's a thread w/ (most) everything you need to know about #MC12 🧵

1/16

@wto What is the WTO?

The WTO is a UN-affiliated organization of 164 members.

It has 3 functions:
- Negotiate trade deals
- Monitor trade practices
- Settle disputes

A well-functioning WTO provides businesses w/ certainty & predictability to invest & operate abroad.

2/16

@wto What's happening?

On Nov. 30 some 4,000 trade officials will gather in Geneva for a meeting of the WTO's highest decision making body.

The aim is to agree to common rules to ease the burdens of cross-border trade.

Schedule:
bit.ly/3l98k0K

3/16

@wto Why is this meeting important?

#MC12 is viewed by many as a critical moment for the relevance of the WTO.

The organization has failed to address big shifts in the global trading system & its dispute settlement function can't enforce trade rules.

4/16

@wto Why is this happening now?

MC12 has already been delayed for 2 years b/c of the pandemic.

It's still not a great time to hold an international conference.
The pandemic is still raging in many parts of the globe, including in 🇨🇭

Details here:
bit.ly/3CUQ7dw

5/16

@wto Who's leading the meeting?

The meeting will be the first under the leadership of WTO Director-General @NOIweala

Trade officials have praised @NOIweala for bringing a boost of energy to the battered @wto.

You can read about her background here:
bloom.bg/39YFMSr

6/16

@wto @NOIweala What are the objectives?

.@NOIweala has identified three potential areas for agreement:

-an agreement to curb harmful fishery subsidies

-a framework to expand global trade in vaccines

-a pledge to reduce trade-distorting agricultural policies

7/16

@wto @NOIweala What's the goal of a fisheries deal?

WTO members want to set curbs on state subsides that threaten global fish stocks.

These talks are seen as a litmus test for the WTO, which hasn’t reached a multilateral accord since 2015.

Negotiating text:
bit.ly/3cShryt

8/16

@wto @NOIweala What's the goal of a trade and health agreement?

This is an opportunity for global trade ministers to support a common response to the pandemic.

If WTO members can’t agree, it would mark a clear failure that may cement the WTO’s irrelevance in the minds of many.

9/16

@wto @NOIweala What's a TRIPS waiver?

🇮🇳 🇿🇦 & other nations want to waive IP rights for vaccines:
bit.ly/3hUwFH4

🇪🇺 🇬🇧 🇨🇭 oppose it & offered a separate proposal:
bit.ly/312nCNv

There is also a process to cut red tape for medical trade:
bit.ly/3FMoB3E

10/16

@wto @NOIweala What's the goal of an agriculture agreement?

These negotiations center on the contentious question of whether and to what extent nations should reduce their subsidies for farmers.

Draft text here:
bit.ly/3oVtgt6

11/16

@wto @NOIweala Is there anything else under consideration?

Yes.
- a @wto reform work program

- a rollover of the WTO e-commerce moratorium

- a moratorium on TRIPS non-violation complaints

- various accessions and housekeeping items

Here's a bingo card to help keep track 👇

12/16

@wto @NOIweala What about plurilateral agreements?

There is a separate track of talks among groups of like-minded nations that are seen as a possible way to break the WTO's negotiating logjams.

You can learn more about these negotiations here:
wtoplurilaterals.info

13/16

@wto @NOIweala Will there be any agreements at MC12?

That is the big question.

There will be at least one agreement produced by 🇺🇸, 🇪🇺 & a group of like minded nations to ✂️ red tape on cross-border trade in services.

As for everything else under consideration -- 🤷

14/16

@wto @NOIweala Why is there doubt?

WTO decisions must be adopted by a consensus, which means any one member can block an agreement.

This dynamic has prevented the WTO from setting new rules on e-commerce & other big developments that emerged in the 21st century global economy.

15/16

@wto @NOIweala What happens if members can't reach agreements this week?

Nations & businesses may conclude the WTO is not a credible forum for addressing shared challenges.

That could result in a more balkanized global economy w/ less efficiency, greater uncertainty & higher costs.

/END