The least developed countries are set to benefit from the Abu Dhabi Declaration at the 13th WTO Ministerial Conference, improving global supply chain access.
Trade deals, aimed at fostering new agreements, will extend international trading system benefits to more nations, following intensive negotiations, as reported by the UAE’s official news agency, WAM.
Members have agreed to implement Special and Preferential Treatment for Sanitary and Phytosanitary Measures and Technical Barriers to Trade. This effort supports producers in the least developed countries, facilitating their global supply chain access, the WAM report stated.
It added that the current measures of SPS constitute a staggering 90 percent of non-tariff trade barriers, posing a significant obstacle for smaller nations and being viewed as discriminatory.
In a significant development for developing countries, ministers approved a decision responding to a 23-year-old mandate. The aim is to revamp special and differential treatment provisions for improved precision, effectiveness, and operational functionality.
Source:https://www.arabnews.com/node/2470246/business-economy