Dato’ Sri Mustapa also drew attention to the fact that global supply chains are more integrated today and therefore vulnerable to the impacts of natural disaster, as seen in the Fukushima incident and the Thai floods. “Given our interdependence, we must resist protectionism and instead focus on measures that facilitate trade.”
On the Doha Round, MITI Minister noted that negotiations over the last 10 years have produced a substantially developed text on trade facilitation, narrowed options of modalities to reduce tariffs in agriculture and industrial goods and improved offer on services. While there have been several missed deadlines, these achievements thus far and the global economic scenario is reason for an early conclusion of the round.
MITI Minister called for more focused discussion to ensure more concrete outcomes in the 8th Ministerial Conference (MC8). He said “if this is not done, MC8 will just be another futile engagement.” He also asked member economies to remain steadfast to the principles of the Doha Development Agenda namely the principles of single undertaking, transparency and inclusiveness as well as special and differential treatment (S&D).