The Geneva Package has been agreed upon after a long and painful debate and sleepless nights overrunning more than 48 hours on June 17, 2022. World Trade Organisation (WTO) Director General Ngozi Okonjo-Iweala termed it an unprecedented package of deliverables.  

The outcome document emphasised the need for the proper functioning of the WTO, reaffirmed its fundamental principle and envisioned reforms to improve its functions. It may throw in to the resurrection of the multilateral trading system. However, the expectation of graduating least-developed countries (LDCs) remained almost unmet.   

The second part contains nine declarations: agreement of fisheries subsidies; work programme on electronic commerce; Covid-19 pandemic and preparedness for future pandemics; TRIPS agreement; food purchases exemption from export prohibitions or restrictions; emergency response to food insecurity; Sanitary and Phytosanitary (SPS) Declaration; TRIPS (Trade-Related Aspects of Intellectual Property Rights) non-violation and situations complains; and a work programme on small economies.

Bangladesh needs to be committed to developing the capacities of the multilateral trading system. A specific task force can be framed for better preparation in future

Services waiver and improved data on LDC services export, services suppliers and consumers of LDC services in the markets of members that notified preferences were discussed. The General Council will report it to the next ministerial conference, the MC13.  

A similar is the case for preferential rules of origin and the implementation of the Nairobi Ministerial decision. It instructed the Committee on Rules of Origin to report to the General Council ahead of the MC13.

In regard to the implementation of the Trade Facilitation Agreement (TFA), all members were called upon to assist LDCs to help them meet their definitive category commitments within deadlines. The trade facilitation committee will review it on an annual basis.

Members acknowledged the environmental challenges and climate change implications and endorsed the importance of the contribution of the multilateral trading system to the UN 2030, and the Sustainable Development Goals. 

LDCs need support for technological innovation and in that respect, the role of trade and environment as a standing forum is dedicated to dialogue among members to understand the relationships between trade measures and environmental measures.

Fisheries subsidies, the most debated issues, agreed to prohibit granting subsidies to the vessels engaged in illegal, unreported and unregulated fishing, overfishing, and other subsidies relating to fishing outside the jurisdiction of a coastal member or a non-member and outside the competence of the Regional Fisheries Management Organisation/Arrangement.

The agreement is specifically meant for marine wild capture fishing and fishing-related activities at the high sea and does not concern aquaculture and inland fishing. Developing countries have been granted two years after their entry into force. LDCs will get further extended time for notification obligations.

About 30 per cent of the estimated annual global catch (109 million tonnes annually) remain unreported. The Food and Agriculture Organisation (FAO) estimated that 70 per cent of the fish population is fully used, overused or in crisis.

Among all the countries, China catches the fish most. The FAO also mentioned that a third of the world's assessed fisheries have currently been pushed beyond their biological limits. Developing countries requested a 25-year transition. LDCs exemption can be continued for some years, meaning graduating time plus 25 years.

Developed countries were extending subsidies for fishing, fuel, vessels and many other areas for long amounting to trillions of dollars.  However, the text does not create disciplines on certain forms of fisheries subsidies that contribute to overcapacity and over-fishing.

In the regard to illegal, unreported and unregulated fishing, some agreement has been reached.  But the texts are rather unclear and the issue has been left for the MC13. However, Article 12 of the agreement has given a deadline of four years after its entry into force to agree on the above comprehensive discipline. Unless otherwise decided by the general council, the agreement shall stand immediately terminated.

The decision on the TRIPS waiver to be used by the eligible developing countries to authorise the use of certain patented Covid-19-related products without the prior consent of the right holder and to address the Covid-19 pandemic. Covid-19 diagnostics and therapeutics are not eligible. 

The waiver is agreed for five years, irrespective of whether a compulsory licence regime is in place. The authorising members may allow the resulting products to be exported to other developing countries eligible for the TRIPS waiver.

The importing countries will prevent re-export unless exceptional humanitarian and not-for-profit purposes. The transparency mechanism is included to communicate any measures related to the implementation of the decision to the TRIPS Council.  Some developing countries like India with the capacity of producing vaccines will benefit. Bangladesh has better capacities in the pharmaceutical sector. However, substantial efforts have not been visible so far in producing vaccines.

The decisions acknowledge for not imposing WTO-inconsistent export prohibitions or restrictions on agri-food trade and ensuring that any emergency measures to address food security will be ensured.

For electronic commerce, the current practice of not imposing customs duties on electronic transmissions until MC13 will remain. However, if the MC13 is delayed beyond March 31, 2024, the moratorium will expire on that date unless the Ministers or the General Council take a decision to extend it. 

The SPS committee will continue to undertake valuable work and members remain committed to the continued enhancement of the implementation of the SPS agreement. The SPS committee will report to the MC13 on the key findings and actions undertaken.

The WTO has a big role to deal with the challenges of trade-related issues.  A number of countries have been pre-empting and establishing rules that are sometimes beyond WTO rules, such as e-commerce, leaving others with genuine development concerns. The outcome remains silent in this respect.

The extension of LDC exemption even after graduation was the number one agenda for graduating LDCs. The United States outright rejected the issue while the director-general of the WTO seemed to be a bit patient in the town hall meeting.

Bangladesh would need to handle these issues with utmost importance bilaterally before the next multilateral negotiation. This is not easy but possible.

Dispute settlement issues for safeguarding the interest of a country, trade-related legal capacities to work as a practitioner, and professionalism in trade law have to be developed. Bangladesh needs to be committed to developing the capacities of the multilateral trading system. A specific task force can be framed for better preparation in future.

The author is chief executive officer of the Business Initiative Leading Development.