site.btaBulgaria's Economy, Industry Minister Takes Part in Opening of 13th WTO Ministerial Conference

Bulgaria’s Economy and Industry Minister Bogdan Bogdanov has taken part in the official opening of the 13th Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi, United Arab Emirates, Bogdanov’s Ministry said in a press release on Monday. As the topmost decision-making body of the WTO, the Ministerial Conference addresses trade challenges, deals with the global rules of trade, and sets the global trade policy agenda.

During this week, representatives of more than 170 countries, ministers of economy and other officials of WTO members around the world will discuss policies related to multilateral agreements and multilateral trade negotiations.

Decisions are expected to be taken on the WTO dispute settlement reform, issues related to least developed country development, subsidies for fisheries, e-commerce, trade and environmental sustainability, and the accession of new countries.

On Sunday, ministers approved a declaration marking the finalization of the Investment Facilitation for Development Agreement.

The agreement will help its signatories attract the foreign direct investment they want to drive growth, productivity gains, job creation, and integration into global supply chains.

Bogdanov said that it is of utmost importance for the credibility of the WTO that the 13th Ministerial Conference achieve a package of agreements that will cover the most pressing issues and set out the necessary political guidelines for future work on reforming and modernizing the organization.

The WTO Ministerial Conference usually meets every two years. It brings together ministers, senior officials, and other representatives of WTO member countries (currently numbering 164) and observer countries (25), international intergovernmental organizations with observer status, and non-governmental organizations.