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WTO Ministerial Meeting Declared a Failure, No Agreement on Reform Plan
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According to a Reuters report, the World Trade Organization (WTO) ministerial meeting on Monday (30th) was declared a failure, with no agreement reached on a reform plan, and even an extension of the e-commerce tariff moratorium could not be agreed upon. The four-day ministerial meeting held in Yaound? the capital of Cameroon, concluded in the early hours, with Brazil blocking the proposal by the US and other countries to extend the tariff exemption on digital downloads and streaming. Expectations for progress were low before the meeting, but there was still hope for at least extending the moratorium. Ultimately, this goal was not achieved due to Brazil's opposition. The report cited diplomatic sources saying that trade ministers could not agree to an extension beyond two years, which did not meet US demands. US officials and the business community expressed disappointment over the deadlock. UK Secretary of State for Business and Trade Peter Kyle described the failure to reach a common resolution as a "significant setback for global trade." This meeting was seen as a test of the WTO's relevance after last year's major trade turmoil and recent disruptions caused by the US-Israel conflict with Iran. Reaching an agreement on the e-commerce moratorium was seen as key to securing US support for the WTOunder President Donald Trump's "America First" agenda, the US has gradually withdrawn from global multilateral institutions. WTO Director-General Ngozi Okonjo-Iweala stated that the organization hopes to restore the moratorium, and Brazil and the US are trying to reach an agreement on this. The WTO stated that progress has been made on a reform roadmap before time ran out, with discussions expected to continue in Geneva in May on related issues, including amending rules to make subsidy use more transparent and decision-making more streamlined. (da/a) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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