A statement issued by the International Chamber of Commerce (ICC) on 12 December 2017 at the close of the Business Forum held alongside the World Trade Organization (WTO) Ministerial Conference set out business priorities for the WTO agenda. The statement contained recommendations to members of the WTO in relation to the future world trade agenda.
Role of the WTO
The statement acknowledged the gains made by the progressive rounds of global trade integration and emphasized the role the trading system has made in lifting people out of poverty. The ICC affirmed the support of business for the objectives of the UN Sustainable Development Goals and the significance of the global trading system in meeting the targets. The statement urged WTO members to revitalize the multilateral negotiations on market access, environmental goods, services and other areas.
The ICC statement also emphasized the importance of upholding the existing WTO agreements and commitments and urged WTO members to agree on a halt and rollback of trade distorting measures. The statement also called on members to sustain the dispute settlement system and to recognize the value of WTO transparency measures.
The statement acknowledged the importance of the WTO’s Trade Facilitation Agreement (TFA) and the readiness of business to support its implementation, including through public-private partnerships such as the Global Alliance for Trade Facilitation.
Priority issues for WTO work programme
The Internet has enabled micro, small and medium enterprises (MSMEs) and especially entrepreneurs in developing markets to gain unprecedented access to global markets. Policy frictions are however restricting the development potential of technology-enabled trade. WTO members could therefore launch new negotiations on e-commerce to create an open global system that allows MSMEs to leverage new technology to access global markets. A priority should be enhancement of connectivity and capacity building in developing economies; simplified clearance for small e-commerce shipments; and lower costs to destination markets for remote MSME traders.
Additionally WTO members could adopt an action plan on investment facilitation and intensify multilateral investment policy coordination. Elements of the non-binding G20 Guiding Principles for Global Investment Policy Making should be taken into consideration during these discussions. In particular members should establish open, nondiscriminatory and transparent conditions for investment and enhance protections for investors and investments.
The ICC statement also considered that WTO members could agree on an agenda for an MSME initiative within the WTO with a focus on regulatory and transparency issues. This could also include an action plan for online training and trade courses for MSMEs aimed at facilitating their engagement in international trade.
Business noted the importance of agreeing new WTO disciplines on subsidies on fisheries and agriculture in the near future. The conclusion of an agreement on illegal, unreported and unregulated fishing would provide momentum for a broader agreement on fisheries subsidies. On agriculture the statement noted that business supports WTO members in determining a landing zone for domestic support subsidies including a permanent solution on public stockholding for food security purposes, and more transparency and reporting requirements on export restrictions.
