The negotiators were struggling to reach a consensus on the issues tabled in the 12th World Trade Organisation (WTO) ministerial conference on Wednesday, prompting the organisers to extend the meeting by one more day with a hope for positive outcomes.
The four-day conference was scheduled to end on Wednesday, but the WTO issued a statement later on the day, saying it would continue until today (Thursday).
A source at the Bangladesh delegation said the meeting might take one more day to Friday to reach an accord on different vital issues.
WTO Director-General Ngozi Okonjo-Iweala told the members that a great amount of hard work has been going on in each negotiating process, but that more time might be needed in order to come to a fruitful conclusion.
"It requires that we work harder and work nights, whatever it takes to be able to do it. The good news is … that progress is being made but it needs a little more work and more time," she said.
"The not so good news is that we are running out of time, so I think it is really time for ministers to make the requisite decisions that need to be made," she said, noting some delegations approached her to suggest that the MC12 could go on for an extra day.
"They feel that we really can cross the line on some of these things if we give it a bit more time, so I just throw that out there for your consideration. We can all sleep over it and perhaps we will take the pulse tomorrow to see if that is needed or not," she added.
The global trade leaders have assembled at the MC12 since June 12 to take decisions on food security, waiver on food export ban, e-commerce, reduction of subsidies on marine fisheries, LDC tariff benefit on export to the graduating LDCs, TRIPs waiver and reform issues of the WTO.
However, some delegations were hopeful about reaching consensus on at least one or two issues at the final moment of the negotiation today (Thursday).
Md. Hafizur Rahman, director general (DG) of the WTO Cell under the Ministry of Commerce, Bangladesh said: "It is a good sign that the time is extended as the global leaders are trying to reach consensus on different issues."
Usually, it happens in the WTO ministerial meetings as negotiators think about the possibility of reaching a consensus. "It is good for Bangladesh," he said. Professor Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD), said the extension may bring few positive outcomes, but is still depending on the negotiation by the member countries.
As for example, the member countries primarily were near to a consensus regarding the reduction of fisheries subsidies, at least the marine fisheries, but in the final moment it did not take place.
Because India sought 25 years of waiver in reduction of fisheries subsidies as this South Asian nation has a lot of small fisheries on which millions of farmers are dependent.
On the other hand, the EU and USA sought continuation of the fisheries subsidies only for three to five years. Finally, they could not reach a consensus.
Similarly on the e-commerce issue, the negotiators could not reach a consensus as some countries wanted to levy duty on import of e-commerce items which was earlier, in 1998, agreed that no import duty will be imposed.
For instance, Bangladesh loses US$ 6.0 billion in a year and India US$ 48 billion in a year, Prof Rahman said, adding that it might not be possible to reach any consensus even on the extended day.
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