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Issue No.716 (1-15 Feb 2021) Sdrs to The Third ECONOMICSThird World ECONOMICS No. 716, 1-15 February 2021 World Trends and Analysis No. 716 1-15 February 2021 e-ISSN : 2716-5388 SDRs to the financial rescue? Developing countries are in dire need of fiscal resources to tackle the raging COVID-19 pandemic. Special Drawing Rights (SDRs), the reserve currency created by the International Monetary Fund, may provide just the infusion of liquidity they so urgently require. l SDRs as a response to fiscal SOS – p14 .......... ALSO IN THIS ISSUE .......... New WTO Director-General leans towards Northern trade agenda Developing countries call for text-based negotiations on TRIPS waiver Expert cautions against JSI e-commerce negotiations East Asian economies leading global trade recovery 1 THIRD WORLD CURRENT REPORTS I WTO Third World ECONOMICS No. 716, 1-15 February 2021 Economics Tren d s & A n a l y s i s New WTO Director-General leans 131 Jalan Macalister towards Northern trade agenda 10400 Penang, Malaysia Tel: (60-4) 2266728/2266159 Ngozi Okonjo-Iweala has taken the helm of the WTO amid concerns Fax: (60-4) 2264505 over her stance on some contentious issues facing the trade body. Email: [email protected] Website: https://twn.my by D. Ravi Kanth C O N T E N T S GENEVA: Several developing countries one WTO member (i.e., the United States) CURRENT REPORTS are alarmed over the trade agenda through its blocking of appointments to unveiled by the new Director-General the Appellate Body – the new DG turned New WTO Director-General leans of the World Trade Organization, Ngozi the problem into one for all members, Okonjo-Iweala, that seeks, among others, towards Northern trade agenda suggesting that members can agree on to accelerate work on the non-mandated, a work programme at the WTO’s 12th — p2 informal Joint Statement Initiatives (JSIs) Ministerial Conference (MC12) due to on electronic commerce and investment take place later this year, said trade envoys Developing countries call for text- facilitation, trade envoys told the South- who asked not to be quoted. based negotiations on TRIPS waiver North Development Monitor (SUNS). — p4 In her acceptance speech delivered at New DG’s priorities a special WTO General Council meeting Agriculture talks in disarray over on 15 February immediately after being At the special General Council assault on development, S&DT appointed as the new DG, Okonjo- meeting, the Council chair, Ambassador issues — p6 Iweala has also signalled that developing David Walker from New Zealand, countries that currently avail of special provided an account of the DG selection Work begins on G90 proposals on and differential treatment (S&DT) in process and explained the process the WTO should consider withdrawing improvements in S&DT provisions adopted by the three-member “troika” – voluntarily from their S&DT entitlements, the General Council chair; the chair of the — p8 as done by some developing countries Dispute Settlement Body, Ambassador such as Singapore, South Korea and Dacio Castillo from Honduras; and the Expert cautions against JSI Brazil, said a trade envoy who asked not chair of the Trade Policy Review Body, e-commerce negotiations — p10 to be quoted. Ambassador Harald Aspelund from In addition, she suggested that the Iceland – that had reached the decision to East Asian economies leading global WTO’s Ministerial Conference, which recommend the appointment of Okonjo- trade recovery — p12 takes place biennially, can be held annually, Iweala. WTO members unanimously and argued for reforms to strengthen confirmed Okonjo-Iweala as the new DG. ANALYSIS the WTO secretariat. She praised the In her acceptance speech, Okonjo- secretariat for its high-quality work, Iweala highlighted her priorities, suggesting that it could play an important SDRs as a response to fiscal SOS including advancing the informal JSI role in the regular monitoring work. work on electronic commerce, investment — p14 Okonjo-Iweala has also expressed facilitation and domestic regulation concern over the application of the on trade in services. As regards WTO consensus principle in arriving at decisions reforms, she suggested that the special at the WTO, said another trade envoy who and differential treatment for developing THIRD WORLD ECONOMICS asked not to be quoted. countries based on self-designation is is published fortnightly by the Third The first woman and the first African a “divisive” issue. She echoed the US World Network (TWN), an independent Director-General of the WTO, Okonjo- stand that S&DT should be voluntarily non-profit international research and Iweala said she will not adopt a business- withdrawn by developing countries like advocacy organization involved in bringing about a greater articulation of as-usual approach, indicating that her some developing countries have done, the needs, aspirations and rights of the immediate work priorities include said a trade envoy who asked not to be peoples in the South and in promoting addressing the COVID-19 pandemic and quoted. just, equitable and ecological what the WTO can contribute, galvanizing Okonjo-Iweala also thanked the new development. the fisheries subsidies negotiations, and administration in Washington for clearing restarting work on reforming the two- the path for her appointment. Without the Editor: Chakravarthi Raghavan stage dispute settlement system, said trade recent “swift” action by the Biden-Harris Editorial Assistants: Lean Ka-Min, envoys who took part in the meeting. administration, it would not have been T. Rajamoorthy, Chee Yoke Heong On reforming the dispute settlement possible to become the DG, she said. Visit our website at https://twn.my/ system – which has been paralyzed by only The previous Trump administration 2 CURRENT REPORTS I WTO Third World ECONOMICS No. 716, 1-15 February 2021 had blocked her selection last year, despite protection of undisclosed information negotiate on trade and environment, the maximum support that she had in order to scale up production of including an agreement on green goods received from other WTO members. diagnostics, therapeutics and vaccines to (an initiative which is currently promoted It is a “dawn of a new day”, Okonjo- combat the COVID-19 pandemic. by the EU along with other members of Iweala said, adding that the “real work can However, she lent her support to the Ottawa Group of countries). now begin” without any further delay. the trade and public health initiative Further, she proposed negotiations on Okonjo-Iweala, who will take office being promoted by the Ottawa Group of non-mandated issues such as disciplines on 1 March, will have four years to steer countries led by Canada and the European on industrial subsidies and state-owned the 164-member trade body, which is Union on grounds that it could address enterprises as promoted by the United currently engulfed in a morass of systemic some main challenges in providing States, the EU and Japan among others. crises, said trade envoys. medicines and vaccines affordably and On the revival of the dispute Okonjo-Iweala said the DG leads from equitably across countries. settlement system, she said that members behind to achieve results, promising that At the press conference after her must address the issues raised about the she will remain proactive and will sustain confirmation, she was asked pointedly functioning of the Appellate Body. members’ trust in her. She said the WTO about her stand on the TRIPS waiver. She Effectively, there is no prospect for an is about people, and addressing their said that she was aware of the proposal, early restoration of the Appellate Body, concerns remains a main challenge. suggesting that she would hold meetings said a trade envoy who asked not to be She spoke about the underlying crises with trade envoys for “brokering” an quoted. that the WTO is facing at this juncture, agreement on this issue. “She is suggesting a work programme including the sudden drop in global trade to be agreed at the WTO’s 12th Ministerial due to the COVID-19 pandemic. Conference, and that could include a She said that she would strive hard to Okonjo-Iweala will payment to the US to revive the Appellate strengthen the “monitoring” function of Body,” suggested a negotiator who asked the WTO. have four years to not to be quoted. She said removing export restrictions is her top priority so as to enable the smooth steer the WTO, Members’ welcome functioning of global supply chains. Okonjo-Iweala also called for rejecting which is currently Almost all countries which took the the unfolding phenomenon of “vaccine floor during the General Council meeting nationalism” globally, emphasizing that engulfed in a morass praised Okonjo-Iweala, saying they hoped the facilitation of technology transfer for resolution of outstanding issues under within the multilateral trade rules must of systemic crises, her leadership. be explored. She made repeated mention said trade envoys. The US praised her as the first woman in her address and at a subsequent press and the first African candidate to be conference of the licensing decision by the appointed as the WTO DG, expressing AstraZeneca pharmaceutical company to When asked about the unfinished and confidence in her leadership and that it share its COVID-19 vaccine know-how unresolved Doha Development Agenda will not be business as usual. and technology with the Serum Institute (DDA) trade negotiations that were India welcomed the new DG and of India. started 20 years ago, Okonjo-Iweala said reminded her of Mahatma Gandhi’s She praised the World Health some issues are still relevant, pointing famous comment made in South Africa: Organization’s Access to COVID-19 Tools in particular to the issue of agricultural “Whenever you are in doubt, or when the Accelerator (ACT-A) and the COVAX domestic support. self becomes too much with you, apply facility being implemented by WHO and She argued that the WTO rulebook the following test.
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