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The World Trade Organization just met. Here are 5 things to know

This video is part of: Centre for Regions, Trade and Geopolitics

The World Trade Organization (WTO) convenes every two years to assess the state of global trade and guide its future direction, particularly with developing countries in mind. Here are some of the highlights from their recent meeting in Abu Dhabi.

Expanding WTO's membership

The WTO welcomed two new members, Comoros and Timor-Leste, bringing its total membership to 166 countries. These additions mark the first since Liberia and Afghanistan joined in 2016.

Other key developments

  • Supporting Development: Graduating from least developed country status can be tricky. The WTO offers extended benefits to ease the transition.
  • Digital Trade on Hold: Duties on digital products like streamed content are postponed for another 2 years, promoting smoother online trade.
  • Tackling Environmental Issues: New WTO sub-groups are taking action! One group focuses on combating plastic pollution, while another targets harmful fossil fuel subsidies.

TradeTech takes center stage

The World Economic Forum hosted the 2024 TradeTech Forum, attracting over 400 industry experts. Discussions centered on utilizing new technologies to lower trade costs.

To read more about this topic, click here.

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Topics:
Trade and InvestmentGeo-Economics and PoliticsEconomic Growth
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