World Trade Organization on Polycrisis
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “World Trade Organization on Polycrisis“
The big discussion:
The World Trade Organization in Geneva is going to organizing a conference for the first time in more than four years from June 12-15 on request from ministers from across the globe. It is an opportunity for the 27-year-old body to show it can demonstrate to what Director-General Ngozi Okonjo-Iweala has described as a “polycrisis” of economic, health, environmental and security challenges.
What is Polycrisis?
Polycrisis is defined as a global polycrisis as any combination of three or more interacting systemic risks. It is a risk on Earth’s natural and social systems that affect to endanger the functionality of one or more other systems.
WTO on Overfishing:
Separate negotiations are directed at removing subsidies that leading to overfishing, a step that environmentalists say is important to help fish stocks recover. Talks on this issue have been continuing on for 20 years but nothing has turn out of it so far. WTO deputy head Xiangchen Zhang said the fisheries consequence would be “critical test” of the WTO’s credibility. India is one of the biggest critics from starting.
Okonjo-Iweala has yelled COVID-19 vaccine inequity “unconscionable” and given top priority to a deal to alleviate the flow of vaccines more widely. Even though demand for COVID-19 shots has fizzled out, India, South Africa and others are seeking a potential waiver of intellectual property rights for vaccines and treatments.
Food security high priority:
The WTO chief is defying private consultations with a group of key economies aiming for a response to the food crisis driven partly by export disruptions from major wheat exporters Ukraine and Russia.
A ban on import duties or so-called “electronic transmissions” worth hundreds of billions of dollars a year is up for renewal. This has been in set since 1998 but South Africa and India have established a separate proposal to lift it. They have defended an extension in the past, citing lost customs revenues, but have not so far closed up it.
Reforms by WTO:
All WTO members mentioned that the rule book of organization needs to be updation. Its dispute appeals court has been removed with its power and control for two years since then-US president Donald Trump stopped new adjudicator appointments.
Main focus on environment:
Negotiations commenced in 2020 and are still in a preliminary phase, but some experts think the environment has the power to give the body a new purpose. New Zealand presented a fossil fuel phase-out proposal which most delegates see as much ambitious.
Question & Answer:
Q1. Which organisation will hold a conference to resolve ‘Polycrisis’?
Ans. World Trade Organisation
Q2. What is the short description of Polycrisis?
Ans. Issue which relates to economic, health, environmental and security challenges is known as Polycrisis
Q3. Who is the Director-General of WTO?
Ans. Ngozi Okonjo-Iweala
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