Trade minister leads WTO reform talks, discusses trade issues with member states at MC-14

The opening ceremony of the 14th WTO Ministerial Conference (MC-14) kicks off in Cameroon, Thursday. Courtesy of Ministry of Trade, Industry and Resources

Korean Trade Minister Yeo Han-koo led discussions on the World Trade Organization's (WTO) needed reform amid growing uncertainties in the global trade environment during the ongoing WTO ministerial conference in Cameroon, his office said Friday.

Yeo chaired four sessions on WTO reform measures related to the organization's decision-making process, creation of a fair competition environment and others as the minister facilitator in discussions on WTO reform during the 14th WTO Ministerial Conference (MC-14), according to the Ministry of Trade, Industry and Resources.

The conference, the WTO's highest decision-making body, kicked off Thursday (local time) for a four-day run in Yaounde, Cameroon, with the attendance of representatives from more than 160 member countries.

The Korean delegation, led by Yeo, also facilitated discussions on WTO's adoption of the investment facilitation for development agreement (IFDA) as a co-chair of IFDA negotiations, seeking to change the stance of those who have been opposed to the agreement, such as India and Turkey, the ministry said.

In his opening remarks for the MC-14, Yeo stressed that the IFDA, designed to promote more transparent and efficient investment-related administrative processes within the WTO, could promote foreign direct investment flows despite global trade uncertainties, fostering international cooperation for economic development.

"At a time of mounting uncertainties in the global trade environment, the multilateral trading system is being put to the test over whether it can deliver tangible results," Yeo was quoted as saying.

"As a facilitator of WTO reform discussions and the co-chair of the IFDA, Korea will continue its efforts to advance related talks in a bid to produce meaningful outcomes at the MC-14," he added.

Meanwhile, Yeo held separate talks with trade representatives of like-minded countries, including New Zealand, the Netherlands, France and Britain, to discuss digital trade regulation issues while discussing supply chains and non-tariff trade barriers with representatives of Paraguay, Uruguay, Argentina and other countries, according to the ministry.