WTO to pay special attention to small economies like Sri Lanka

The World Trade Organisation (WTO) agrees to pay special attention to small, vulnerable economies like Sri Lanka, during international trade talks.

The World Trade Organisation (WTO) agrees to pay special attention to small, vulnerable economies like Sri Lanka, during international trade talks. The WTOs draft text for its Ministerial meeting in December, calls on WTO countries to “adopt specific measures that would facilitate the fuller integration of small, vulnerable economies into the multilateral trading system, without creating a sub-category of WTO Members.”

Ministerial meetings are the WTO’s highest decision-making body, meeting at least once every two years to endorse trade decisions at a political level.

The sixth Ministerial in Hong Kong from December 13-18, will be vital to finalise the four-year-old Doha Development Agenda negotiations by the end of next year.

But small economies like Sri Lanka, do not want to be placed in the same footing as larger developing countries like India and China.
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Import dependent small countries, with less diversified export baskets, say they are more vulnerable to trade shocks than