As the leading international organisation that establishes trade agreements and policies, the World Trade Organisation (WTO) is endorsed by most of the world’s trading nations and their parliaments.
The ongoing COVID-19 outbreak has wreaked havoc on trade operations and logistics, and WTO’s intervention became increasingly vital for moderating trade barriers and challenges across international borders.
WTO’s plans began as early as March 2020. Roberto Azevêdo, the Director-General to the WTO at the time, introduced a transparency mechanism via a notification system that induced daily interaction among WTO member countries. It enabled them to receive alerts on new product requirements, supply gaps and sustain healthy trading relationships despite the escalating pandemic tribulations.
Most recently and notably, the WTO strategically devised 03 methods for its member countries,by assisting members in aligning their trade policies,by guaranteeing transparency in pandemic-related measures, andby monitoring members’ reactions to trade during the pandemic
Publications from Observer Research Foundation pointed out how the virtual general council meetings prompted by the WTO encouraged the implementation of the above 03 methods simultaneously.
For example, the pandemic inflated the demand for essential goods, and some countries imposed limitations for exporting commodities. These barriers impacted developing countries relying on imports of food, medical supplies and pharmaceuticals. It caused massive distress when the World Health Organization (WHO) emphasised that a lack of personal protective equipment (PPE) had started to endanger the health care professionals in those countries
During the virtual council meetings, the WTO member countries discussed and urged for “temporary, targeted, proportional and transparent” strategies to provide essential goods consistently”. They also discussed agricultural concerns and policies about monitoring intellectual property rights (IPRs) during the pandemic.
The above 03 methods brought member countries together to coordinate their approaches to offer access to essential products accurately and discuss their reactions and remedies to trade during the pandemic.
The WTO had taken the initiative to regulate world trade during COVID-19. As it relentlessly proceeds to develop strategies to mitigate the adverse effects of the ongoing pandemic on world trade, the organisation unquestionably deserves more appreciation and applauseCategories
