From 26 to 29 March, the 14th Ministerial Conference of the World Trade Organization (WTO) was held in Yaoundé, Cameroon, where the future of the international trading system was discussed.
“It is regrettable that no consensus was reached during the conference on several key issues, including digital trade rules, investment facilitation and concrete steps for WTO reform. We call for negotiations to continue in Geneva and for results to be achieved as soon as possible,” said Kenneth Kopamees, Director General of the Department for External Economic Policy and International Economic Organisations at the Ministry of Foreign Affairs, who represented Estonia at the ministerial conference.
One of the key issues discussed was the continuation of the so-called moratorium on digital trade, which keeps digital trade and services (such as software downloads, e-books, digital music and cloud services) free from customs duties. This makes international business more affordable and predictable, and supports innovation and economic growth.
Estonia has one of the most open economies in the world, with exports accounting for nearly 80% of GDP, significantly higher than the European and global averages. “Estonia’s trade covers almost all countries in the world and is conducted mainly under WTO rules. As a small country, we do not have the capacity to conclude trade agreements separately with all partners – therefore we rely on the European Union’s common trade policy and actively participate in shaping it in order to protect the interests of Estonian businesses,” Kopamees explained.
He illustrated the importance of the WTO by noting that the production of a single semiconductor can involve up to 25 countries, cross more than 70 borders and cover 40,000 kilometres. “Without common rules, such a supply chain would be practically impossible. Even in today’s uncertain environment, approximately 75% of global trade still takes place under WTO rules,” Kopamees said.
On the margins of the conference, a solidarity event in support of Ukraine was also organised with Estonia as a co-host, attended by numerous countries and with Ukraine represented by Deputy Prime Minister Taras Kachka.
The Ministerial Conference is the WTO’s highest decision-making body and is held every two years. The WTO has 166 members, and its main objective is to develop and safeguard the rules of international trade.
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