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LATEST NEWS UPDATES | Charting a trade route after the MC12 -Biswajit Dhar

Charting a trade route after the MC12 -Biswajit Dhar

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published Published on Nov 6, 2021   modified Modified on Nov 7, 2021

-The Hindu

An upbeat global trade scenario provides an ideal setting for Trade Ministers to correct iniquitous rules and provisions

The World Trade Organization (WTO)’s 12th Ministerial Conference (MC12) is being convened in Geneva, Switzerland at the end of this month, a year-and-a-half after it was scheduled to be held in Kazakhstan (June 2020, but postponed due to the novel coronavirus pandemic). The MC12 is being held at an important juncture when the global trade scenario is quite upbeat.

The outlook

Recent WTO estimates show that global trade volumes could expand by almost 11% in 2021, and by nearly 5% in 2022, and could stabilise at a level higher than the pre-COVID-19 trend (https://bit.ly/3EQTO55). The buoyancy in trade volumes has played an important role in supporting growth in economies such as India where domestic demand has not yet picked up sufficiently. Therefore, these favourable tidings provide an ideal setting for the Trade Ministers from the WTO member-states to revisit trade rules and to agree on a work programme for the organisation, which can help maintain the momentum in trade growth. 

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The Hindu, 6 November, 2021, https://www.thehindu.com/opinion/lead/charting-a-trade-route-after-the-mc12/article37347786.ece?homepage=true


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