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Trade update | 24 June 2022
23 Jun 2022
MC12 an “unprecedented package of deliverables”
After years of delays and a one day extension, the WTO 12th Ministerial Council Meeting has concluded with positive outcomes achieved for business and the multilateral trading system. WTO director General Ngozi Okonjo-Iweala has described the meeting as an “unprecedented package of deliverables”. Business welcomes the outcomes achieved at MC12 with two headline items. First is a deal on fisheries subsidies prohibiting support for illegal, unreported and unregulated fishing, and overfished stocks. Second is the extension of the memoratorium banning duties on e-commerce transmissions.
Outcomes were also made on the intellectual property (IP) waiver for COVID-19 vaccines known as the TRIPS waiver, boosting global food security, and securing widescale reforms for the WTO.
MC12 failed to deliver an outcome on agriculture reform despite strong advocacy by economies including Australia, with agricultural subsidies now deferred to MC13. Australia will continue to work with the Cairns Group to reduce distortive trade practices in the agricultural sector.
Australian Trade Ministers have welcomed the strong outcomes from MC12 and their strengthening of the rules-based multilateral trading system Australia relies on and trusts.
On the side of MC12, Minister for Trade Senator the Hon Don Farrell and Assistant Minister for Trade Senator the Hon Tim Ayres had several side meetings including on IPEF, the EU-Australia FTA, India ECTA and market access for Timor-Leste’s accession to the WTO which is expected in 2023.
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