Barbados attends WTO Ministerial Meeting in Switzerland
Barbados participated for the first time in the World Trade Organization’s (WTO) Mini-Ministerial during the World Economic Forum in Davos, Switzerland.
Kerrie Symmonds, the Minister of Foreign Affairs and Foreign Trade participated in today’s WTO Mini-Ministerial, held alongside the World Economic Forum’s conference in Davos. It aimed to establish the foundation for the forthcoming year at the WTO in anticipation of the 2026 Ministerial Conference, scheduled to take place in Cameroon.
The meeting commenced with a roundtable discussion among ministers and prominent commercial sector representatives from the digital, supply chain, chemical, and technology sectors.
A primary conclusion of the conversation was the recognition that, although the globe is not de-globalizing, there is notable fragmentation and adjustment within global supply chains.
It was acknowledged that trade in services surpasses trading in products, creating opportunities specifically for developing nations. The significance of enhancing communication on the WTO’s activities to micro, small, and medium enterprises (MSMEs) and the general populace was emphasized.
Mr. Symmonds represented the African, Caribbean and Pacific (ACP) States grouping since this country heads the ACP group in Geneva through Barbados’ Ambassador to the United Nations, the World Trade Organization, and other international organizations in Geneva, Matthew Wilson.
The Minister of Foreign Affairs and Foreign Trade emphasized the necessity of remaining vigilant regarding the potential marginalization of MSMEs and small economies in international trade. He asserted: “ACP is prepared for investment; however, it is imperative to resolve several prevailing constraints, including the inequity in digital access.”
The principal conversations among ministers were about advancing the WTO agenda, particularly in fisheries, agriculture, and dispute settlement reform.
The necessity for the WTO to tackle current issues, including digital trade and trade-related climate concerns, was emphasized. Concerns were raised about the possible effects of reinstating tariffs as protectionism.
WTO Director-General Ngozi Okonjo-Iweala emphasized the necessity for composure amid current trade tensions and urged the WTO to prioritize the completion of the Agreement on fisheries subsidies and finalise the investment facilitation for a development agreement.
Minister Symmonds, representing the ACP, stated: “The WTO must be modernized for the 21st century by reforming the dispute settlement system, finalizing fisheries subsidies negotiations, prioritizing development, and addressing emerging issues such as climate and trade, as well as digitalization.”
The Barbados delegation at the meeting comprised Ambassador Matthew Wilson and Deputy Permanent Representative Kay Sealy.