The International Trade Council is pleased to announce the commencement of the 11th ministerial conference of the World Trade Organization (WTO) in Buenos Aires, marking a significant milestone in enhancing the development of the global trading system.
Regional leaders have gathered in Argentina's capital to discuss the fostering of a more inclusive form of global commerce that aligns with the demands of the 21st century. Among the attendees are prominent figures including Argentina's President Mauricio Macri, Brazil's Michel Temer, Paraguay's Horacio Cartes, and Uruguay's Tabare Vazquez.
The selection of Argentina as the host for this prestigious event serves as a testament to the successful market-friendly policies implemented by President Macri since his ascendance to power in 2015.
As President Macri stated, "It is the responsibility of us all to face up to the challenges of the 21st century and convert them into opportunities for a more inclusive future."
The WTO Ministerial Conference, the highest decision-making body of the WTO, convenes every two years. This assembly provides a crucial platform for all members, countries or customs unions, to engage in constructive dialogue.
This year's meeting is significant in the context of the changing commitment from some of the world's most influential economies toward the WTO. The "America First" motto espoused by U.S. President Donald Trump has raised concerns about a potential global shift toward protectionism.
Despite these challenges, the Buenos Aires conference has been met with anticipation and enthusiasm, and is expected to yield clear directives on bolstering the development of the global trading system. Key issues on the agenda include a potential commitment to curbing overexploitation through the limitation of subsidies to illegal fishing.
Furthermore, representatives of the Mercosur regional bloc, comprising Brazil, Argentina, Uruguay, and Paraguay, will hold talks with their European Union counterparts to progress a potential trade agreement, with announcements expected in the coming days.