Trade Minister Don Farrell says agreement on fishing subsidies shows the World Trade Organisation can still deliver.
Australian officials played a key role in salvaging an agreement on fishing subsidies at last week’s World Trade Organisation, landing the first major multilateral agreement out of the trade umpire in years.
The closing session of the conference proved to be an all-night affair where delegates danced and dosed on caffeine to stay awake.Trade ministers agreed to launch talks on reforming the WTO, including the revival of its moribund dispute settlement process following marathon ministerial consultations in Geneva.provided a significant boost to confidence in the rules-based multilateral trading system on which Australia relied for stability and prosperity.
“Australia worked closely with our Pacific neighbours to secure an outcome that enhances the sustainability of our oceans in line with the United Nations Sustainable Development Goals,” Senator Farrell said. Decisions over agricultural subsidies were kicked down the road to the next meeting despite an Indian push for changes.
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