RESTORING WTO DISPUTE SYSTEM URGED

29-2-2024

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Secretary for Commerce & Economic Development Algernon Yau called on World Trade Organization (WTO) members to support the restoration of a fully functioning dispute settlement system during the 13th WTO Ministerial Conference (MC13) in Abu Dhabi, the United Arab Emirates, yesterday.

At a meeting on dispute settlement reform, Mr Yau said the dispute settlement system has functioned as a cornerstone of global trade, creating stability and predictability. He added that to have a well-functioning system restored this year, as was mandated at MC12, would serve the interests of all WTO members and of the global business community.

He stressed that Hong Kong, China has been involved in every stage of the reform process in relation to dispute settlement and will continue its active participation.

Speaking at another meeting, on development, Mr Yau said that the Investment Facilitation for Development Agreement is a very much a pro-development agreement.

He highlighted that it helps WTO members attract more and better investments, thereby addressing development issues and promoting sustainability.

On the sidelines of the conference, Mr Yau held bilateral meetings with Costa Rica’s Minister of Foreign Trade Manuel Tovar Rivera and Malaysia’s Minister of Investment, Trade & Industry Tengku Zafrul Tengku Abdul Aziz to exchange views on various trade and economic issues.

He also attended a lunch reception to mark the entry into force of the WTO Services Domestic Regulation disciplines, which aim to promote and facilitate global services trade by enhancing transparency and predictability in the regulatory environment.




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