YAOUNDE, March 30 (Xinhua) -- The 14th Ministerial Conference of the World Trade Organization concluded early Monday in Cameroon's capital of Yaounde.
During the four-day conference, delegates reached several outcomes and issued a joint declaration toward implementing the world's first multilateral investment agreement.
Delegates also adopted an agreement on electronic commerce, which will strongly bolster the development of global digital trade. Ministerial decisions were also adopted regarding fisheries subsidies and small economies. Furthermore, a consensus was reached on WTO reform.
The conference took place against a backdrop of heightened geopolitical tensions, with over 120 delegations from the WTO's 166 members participating, including more than 80 ministers. Originally scheduled for 1:00 pm local time (1200 GMT) on Sunday, the closing ceremony was postponed to approximately 2:00 a.m. local time (0100 GMT) on Monday due to extended negotiating sessions.
In his closing remarks, Luc Magloire Mbarga Atangana, the conference chair and Cameroon's minister of trade, noted that while ministers worked diligently to conclude as many issues as possible, "we ran out of time" regarding several outstanding issues, such as the continuation of the existing moratorium on customs duties for electronic transmissions.
"We are very close to a Yaounde package of agreements that would be important for members and the future of the organization," said WTO Director-General Ngozi Okonjo-Iweala. "But we are not all the way there yet."
The Chinese delegation participated in all agenda items. Adhering to core WTO principles such as multilateralism and most-favored-nation treatment, China actively promoted negotiations and consensus-building, working to bridge differences and making a vital contribution to the aforementioned outcomes.
China's proactive and constructive role was highly commended by host country Cameroon, Okonjo-Iweala and other relevant members.
The Ministerial Conference is the highest decision-making body of the WTO. Held every two years, it is responsible for advancing negotiations on key issues, reviewing the WTO's daily operations, and planning the future direction of the multilateral trading system. ■
