From 12-17 June, trade ministers gathered in Geneva for the long-awaited 12th WTO Ministerial Conference (MC12) and achieved agreement on a series of reforms after several years of deadlock. These include an intellectual property waiver for covid-19 vaccines, the WTO response to the pandemic, a moratorium on e-commerce duties, and the partial elimination of fisheries subsidies. But will the MC12 outcomes save the WTO from its existential crisis? What will be their long-term impact on the organisation’s dealmaking function?
This week on the podcast, GC’s Senior Adviser Tiffany McDonald gives us insight on the politics behind MC12, while trade and manufacturing Associate Yi-Fang Lee provides us with a deep-dive on the TRIPS waiver. They are joined by John Cooke, Co-Chair of the Liberalisation of Trade in Services (LOTIS) Expert Advisory Group at TheCityUK, who sheds light onto MC12’s implications for businesses.