Minister of Economy and Industry Bogdan Bogdanov took part in the official opening of the 13th Ministerial Conference of the World Trade Organization (WTO), which is being held in Abu Dhabi, United Arab Emirates. The conference is the WTO’s highest decision-making body and serves as a key event for the organisation’s member states to address trade challenges, improve trade rules and set the global trade policy agenda. The event was also attended by the Deputy Minister of Economy and Industry Nikolay Pavlov.
This week, representatives from more than 170 countries, economic ministers and other representatives from WTO member states around the world will discuss policies related to multilateral agreements and multilateral trade negotiations.
Decisions are to be taken on the reform of the WTO dispute settlement system, issues related to the development of least developed countries, fisheries subsidies, e-commerce, trade and environmental sustainability, accession of new countries and other important issues.
In the framework of yesterday’s meeting, ministers also endorsed a declaration marking the finalisation of the Investment Facilitation for Development (IFD) Agreement.
The agreement will help signatories attract foreign direct investment to stimulate growth, support productivity gains, job creation and integration into global supply chains. The agreement will also contribute to making the global economy more sustainable and inclusive.
Minister Bogdanov commented that it is of utmost importance for the credibility of the WTO that the 13th Ministerial Conference reaches a meaningful package of agreements that will cover the most pressing issues to be addressed, as well as set the necessary political guidelines for future work on reforming and modernising the organisation.
The Ministerial Conference is the supreme executive body of the World Trade Organisation. It shall convene at least once every two years. The Ministerial Conference is attended by ministers, senior officials and other representatives from WTO member countries (currently there are 164 member states) and observer countries (25 such countries), international intergovernmental organisations with observer status, and non-governmental organisations.