Minister Badu urges for rule-based multilateral trading system

By TRN Online, Kathmandu, June 13: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has urged the global community to uphold the principles of a rule-based, fair, transparent, and predictable multilateral trading system, and share the prosperity from the system equitably.

Minister Badu said so while addressing the session on challenges facing the multilateral trading system in course of a formal opening session of the twelfth Ministerial Conference of the World Trade Organization (WTO) being held in Geneva.

In the address, he highlighted the current trend of the global trading system and the serious constraints of LDCs and LLDCs in realizing benefits from it. He urged all member states for a strong commitment to uphold the principles of a rule-based, fair, transparent, and predictable multilateral trading system, and share the prosperity from the system equitably, a press release issued by the Permanent Mission of Nepal to the United Nations, Geneva, read.

The Minister focused on the necessity of addressing the impacts of the global pandemic through high-level commitment, especially from the developed economies, to enhance the equitable access to vaccines and essential medical goods; benefit from the TRIPS Agreement; and provide special recovery packages for the LDCs.

Furthermore, he stated that support measures in strengthening productive capacities, bridging the digital divide, and capacity building in e-commerce should remain in priority focus, according to the press release.

On WTO reform, he stressed the necessity of making the WTO fits for its purpose. Existing gaps in the WTO laws and its functioning, especially in some WTO agreements and accession processes should also be addressed with a view to balancing the rights and obligations of the member states in an equitable manner, he highlighted.

Minister Badu urged the entire membership on the necessity of continuation of existing facilities and flexibility for graduating LDCs in order to ensure smooth and irreversible graduation.

Earlier in the morning on June 12, the Minister attended the LDC Ministerial meeting and delivered a statement. In the statement, he mainly highlighted the current context of the devastating impacts of the COVID-19 pandemic and food crisis in the LDCs. He urged for global support especially in strengthening LDCs’ health system, building productive capacity and enhancing export competitiveness for a speedy recovery and building forward better from the pandemic in LDCs. He stated that the LDCs have been experiencing multiple challenges from the multilateral trading system.

He further stressed the need for bridging the digital divide in LDCs to participate in and benefit from e-commerce and the digital economy in the changing global scenario. In the context of the twelfth Ministerial Conference, he shared Nepal’s perspectives in the main thematic areas of discussion during the event, especially on WTO reforms, e-commerce and moratorium, food crisis, and response to the pandemic.

He underscored enhanced collective efforts for the extension of all LDC-specific facilities and flexibility including duty-free quota-free market access facility and special and differential treatment provisions for a few more years after graduation.

Leading the Nepali delegation to the 12th Ministerial Conference of the WTO, Minister Badu reached Geneva on June 11 and was received by Mani Prasad Bhattarai, Ambassador/PR of Nepal. The delegation comprises Dr. Ganesh Prasad Pandeya, Secretary for Commerce and Supplies, Ambassador/PR of Nepal, and other officials from the MoICS and Mission of Nepal in Geneva.