After five days of hard-fought negotiations, the 12th Ministerial Conference (MC12) of the World Trade Organization (WTO) ended at dawn Friday.

The meeting finally delivered results on key issues such as the WTO response to emergencies, a waiver of certain requirements concerning compulsory licensing for COVID-19 vaccines, food security, World Food Programme food purchases exemption, fishery subsidies, extending the WTO Moratorium on Customs Duties on Electronic Transmissions and the WTO reforms.

Experts said at a dire moment of the global health crisis, food insecurity and regional conflicts, the outcomes of the meeting have rebuilt faith in the multilateral trading system.

HARD-FOUGHT NEGOTIATIONS

The ministerial conference is the top policy-making body of the WTO and convenes every two years. Co-hosted by Kazakhstan in Geneva, the MC12 is the first ministerial conference in four years and a half.

The MC12, scheduled to close on Wednesday, was extended to Thursday to facilitate outcomes on the main issues under discussion.

The closing announcement was originally scheduled for Thursday but was delayed multiple times. Sources revealed that certain details were only ironed out at the last minute.

At the closing press conference, WTO Director-General Ngozi Okonjo-Iweala announced the achievements with satisfaction.

Through members' efforts, the MC12 yielded unprecedented gains, demonstrating the multilateral trading system's relevance in an era of global challenges, she said.

A CHEERFUL LANDMARK

Given that the WTO has been impacted by the financial crisis, the COVID pandemic, armed conflicts and food crises and that the director-general assumed leadership for one year, the MC12 is a commendable success, said Lu Xiankun, organizer of Friends of Multilateralism Group, a Geneva-based think tank.

The MC12 made breakthroughs in areas where the WTO is most challenged, such as the pandemic response, food security, fishery subsidies and Moratorium on Customs Duties on Electronic Transmissions, said Lu.

An agreement on fishery subsidies was reached after 21 years of talks, finally meeting the requirement of the UN Sustainable Development Goals, added Lu.

However, the way ahead remains long and bumpy, as no consensus was reached in agricultural negotiations, and the WTO reforms still lack a clear roadmap.

FAITH REBUILT

The outcomes of the MC12 are proof that the WTO members can overcome geopolitical divergences and unite in the face of global challenges. The WTO director-general believed that the package of agreements will change lives across the world, and that cooperation can co-exist with competition.

During the meeting, China demonstrated its commitment to openness, and made constructive efforts while maintaining its stance.

Chinese Commerce Minister Wang Wentao said that the WTO-centered multilateral trading system is the cornerstone of international trade, and China is willing to work with all parties to promote the WTO's role in world economic recovery.

China also impressed the world with its efforts on such issues as environmental protection.

China will work closely with other members within the framework of the WTO, to promote the work related to the prevention and control of plastic pollution, said Li Chenggang, China's Ambassador to the WTO, at a press briefing of environmental initiatives of the MC12.

China is the initiator and one of the six current co-coordinators of the WTO's Informal Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade, which has attracted the participation of 72 WTO members. 

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