World Trade Organization (WTO) MC13 Review
- The Thirteenth Ministerial Conference (MC13) took place in Abu Dhabi, UAE (February 2024).
- Key Discussions & Outcomes:
- Public Stockholding (PSH): Negotiations continued for a permanent solution regarding PSH programs in developing countries for food security purposes. No final permanent solution was reached.
- Digital Trade Moratorium: A contentious issue regarding the extension of the moratorium on imposing customs duties on electronic transmissions. The extension was agreed upon until MC14 or March 31, 2026.
- Fisheries Subsidies: Progress was made on the Agreement on Fisheries Subsidies (AFS), focusing on reducing subsidies contributing to overfishing and IUU (Illegal, Unreported, Unregulated) fishing. The focus shifted to securing the two-thirds ratification needed for full implementation.
Climate Action: Key Global Pacts
| Pact/Body | Venue/Date | Key Outcome | Financial Mechanism |
|---|---|---|---|
| COP28 | Dubai, UAE (2023) | Included language calling for "transitioning away from fossil fuels" in energy systems (a major first). | Operationalized the Loss and Damage Fund (LDF) to assist climate-vulnerable nations. |
| Global Methane Pledge (GMP) | Ongoing | Voluntary target to reduce global methane emissions by 30% by the year 2030 (relative to 2020 levels). | Collaborative investment from participating nations and multilateral development banks. |
- Methane Impact: Methane is noted for having a significantly higher Global Warming Potential (GWP) than carbon dioxide over a 20-year timescale.
- The Loss and Damage Fund is initially hosted by the World Bank, though this arrangement is temporary.
Geopolitics: BRICS Expansion and Economic Strategy
- BRICS officially expanded its membership effective January 1, 2024, increasing the bloc from five founding members to nine.
- New Members Admitted:
- Egypt
- Ethiopia
- Iran
- Saudi Arabia
- UAE (United Arab Emirates)
- The primary stated goal of the expansion is to increase the collective economic and geopolitical leverage of the Global South within international forums.
- Economic Goals (De-dollarization):
- The bloc continues to explore mechanisms to increase local currency trade.
- Discussions are ongoing regarding the potential framework for a common BRICS reserve currency (sometimes referred to as the R5/R5+ concept, based on the first letter of member currencies).