Let me begin by thanking Dubai Multi Commodities Centre (DMCC) and Asia House for the invitation to join you today and for producing another edition of the Future of Trade report. 

At a time when businesses, governments, and international organizations are all grappling with profound change, initiatives like this one make an important contribution by helping us look beyond the immediate headlines and think more strategically about where global trade is heading.

And there is certainly no shortage of issues to discuss.

• Artificial intelligence is transforming production, services, and trade operations.
• Supply chains are adapting to geopolitical tensions, which includes dealing with good ol' fashioned geography, not just technology.
• New technologies are changing how goods move, how services are delivered, and how firms compete. 

Taken together, these developments raise important questions about the future of world trade and the institutions that underpin it.

The headlines often focus on fragmentation, de-risking, and frictions. Yet the data tell a more nuanced story. Global trade in goods and services expanded by approximately 4.7% in 2025, significantly above the rate of global economic growth (2.9%) – almost double -- and a significantly better performance than even our own economists had predicted (-0.2%).  While our economists expect merchandise trade growth to slow to 1.9% in 2026, trade is projected to expand again to 2.6% in 2027.  As you can tell, it's pretty hard to model something predicated on geonomic variables.

Among institutions governing international trade, the WTO is sometimes portrayed (including in your report) as struggling to keep pace. This narrative is understandable, but it is also incomplete.

In fact, to quote the great American humorist Mark Twain, reports of the WTO's demise have been greatly exaggerated. 

If one looks only at the difficulty of negotiating new agreements, it is easy to conclude that the system is under strain. Yet if one looks at how governments and businesses actually behave, a different picture emerges. The WTO today has 166 Members accounting for the overwhelming majority of global trade. Not a single Member has ever chosen to leave the Organization, while more than 20 governments are currently negotiating accession – they want in. Whatever criticisms governments may have of specific aspects of the system, they continue to see value in membership.

The trade data tell a similar story. Despite the rapid growth of bilateral and regional trade agreements over the past three decades, approximately 72 percent of global merchandise trade still takes place on most-favoured-nation terms under WTO rules. Regional agreements undoubtedly play an important role but they are built upon a multilateral framework that continues to provide the foundation for global commerce. The WTO remains the baseline.

Within the WTO itself, groups of Members have been advancing new initiatives through plurilateral approaches, including recent agreements on services domestic regulation, investment facilitation for development, and e-commerce. Many Members see them as a pragmatic way of advancing rule-making in areas where broad consensus among the full Membership may be difficult to achieve. Together, these developments demonstrate that the trading system is adapting to new realities rather than paralysis.

The WTO matters because businesses thrive on predictability – I don’t need to tell the folks in this room that. They need confidence that market access conditions will not change unexpectedly, that regulations will be transparent, and that governments will operate within a framework of agreed rules. Every day, companies make investment, sourcing, and production decisions based on WTO commitments relating to tariffs, customs procedures, technical regulations, services, intellectual property, and transparency obligations.

Much of this work happens quietly. In fact, one of the WTO's greatest strengths is that some of its most valuable contributions receive the least public attention. When people think about the Organization, they often focus on Ministerial Conferences, disputes, and major negotiations. Yet much of the WTO's practical value lies in its day-to-day work, particularly in the committees where delegates meet throughout the year to exchange information, raise concerns, and address emerging trade issues.

These committees are the unsung heroes of the multilateral trading system.

Every year, Members bring hundreds of trade concerns to the WTO covering issues such as standards, licensing requirements, customs procedures, subsidies, and technical regulations. According to WTO data, approximately half of the trade concerns raised by Members are eventually reported as resolved.

Every concern resolved through discussion is a potential disruption avoided. Every exchange of information helps traders better understand the conditions under which they operate. In a world where supply chains are increasingly complex and interconnected, that kind of predictability has real economic value.

The WTO's role becomes even more apparent during economic shocks. The COVID-19 pandemic demonstrated how essential trade and cross-border supply chains can respond to global emergencies. The WTO helped by providing timely information to policymakers, identifying bottlenecks, and encouraging measures to speed the movement of vaccine inputs and other critical products.

Today, we see similar needs in other contexts. As developments in and around the Strait of Hormuz continue to evolve, the WTO is monitoring trade flows through a dedicated dashboard that combines vessel-tracking data with cross-commodity cargo intelligence. Updated daily, it provides near-real-time insights into the volume and pattern of trade in products transiting or affected by developments in the region. And what we see is that governments' response to the Strait of Hormuz disruption has been notably less restrictive than compared to the last 2 shocks of Covid and war in Ukraine. Of the roughly 78 trade measures introduced so far, about 70% have facilitated trade, including steps to boost supplies of oil, gas, and refined products, ease export restrictions, and streamline customs procedures for energy, fertilisers, and food.

Of course, the WTO cannot afford to stand still.

The institution needs reform, and one of the few issues on which there is broad agreement among Members is precisely that point. The global economy has changed dramatically since 1995, but rules have not been updated to match the economic reality. That's not unique to trade: at least in the US, the government cannot match the pace of innovation.  My guess is that it's the same in many other countries.

So the challenge is not whether reform is needed, but how to achieve it.

The WTO operates by consensus – which has been defined as "unanimity" -- and brings together 166 Members with different levels of economic development, legal and commerce systems, and national priorities. Building agreement under those circumstances is inherently difficult, particularly on complex and politically sensitive issues. 

At the most recent Ministerial Conference, Members were unable to formally adopt the Yaoundé Package, including the extension of the e-commerce moratorium—an outcome of considerable importance to businesses worldwide—and elements of the WTO reform agenda. However, negotiations did not stop there, and Members have continued to engage actively in Geneva to bridge differences on these issues.

This is not without precedent. Throughout the WTO's history, there have been instances where ministers were unable to finalize outcomes at a Ministerial Conference, and the work was subsequently taken forward in Geneva through the General Council. The e-commerce moratorium has lapsed twice before, so this is not unprecedented. On those previous occasions, governments did not rush to introduce duties, and they have not done so this time either, thus far at least.

What matters is that Members continue to engage, negotiate, and look for solutions. And that is happening with the provisional application of the 66-Member E-Commerce Agreement and the 23-Member commitment to not impose duties on each other.

As we look ahead, the future of trade will undoubtedly be shaped by forces that were barely imaginable when GATT or then the WTO were created. New technologies will transform production. Digital trade will continue to expand. Supply chains will evolve in response to both economic and geopolitical realities.

The questions will change, but the need for cooperation will not.

Businesses will continue to require predictability.

Governments will continue to need transparency.

Markets will continue to function best when participants have confidence in the rules that govern them. 

Those principles remain at the heart of the WTO, and they are likely to become even more valuable in the years ahead.

Yes, the institution faces challenges.

Yes, it requires reform.

Yes, it must continue adapting to a changing world. 

Yet it remains the foundation for most international trade, a source of transparency during periods of uncertainty, a forum where governments can address concerns before they become disputes, and an institution in which governments continue to invest because they recognize its value.

In a world that is becoming more complex, those functions are becoming more important, not less.

Thank you very much, and congratulations again to DMCC and Asia House on the launch of the 2026 Future of Trade report.

Secretariat report

A detailed report written independently by the WTO Secretariat.

• Executive summary
• Full report

Government report

A policy statement by the government of the member under review.

• Full report

Concluding remarks

• Chairperson’s concluding remarks

Ambassador Tan said that, having launched the interim arrangements at MC14, members must now focus attention and energy on bringing the ECA into force.  Chile, already among the 73 co-sponsors of the ECA, furthermore said at the meeting that it will soon join the 67 members that support the interim arrangements to bring the ECA into effect.

"Our priority is to bring the ECA into force by securing 45 ratifications, and our consultations with all of you have shown that mid-2027 is an ambitious but feasible target," Ambassador Tan said.

Ambassador Baxter, echoing the mid-2027 target, also noted that incorporation of the ECA into the WTO legal framework of rules remains the ultimate objective of members. The co-convenors will soon hold an information session for all WTO members to present the ECA and the interim arrangements, and will continue to engage with members to encourage an open dialogue, he said.

Ambassador Nagai detailed the plans for technical assistance, capacity building and outreach to help co-sponsors implement the ECA and to encourage more members to join the Agreement. Work is ongoing to conduct more needs assessments, to hold ECA training courses, and to organize more workshops for sharing information on ECA implementation. Ambassador Nagai also encouraged members to continue supporting technical assistance and capacity building efforts.

WTO Deputy Director-General Johanna Hill provided information on the WTO Secretariat's complementary efforts in the area of AI-supported needs assessments and technical assistance and capacity building available to WTO members in relation to the broader issue of digital trade. DDG Hill highlighted the Secretariat's partnership with the World Bank and the Inter-American Development Bank on assessments of digital trade's soft and hard infrastructure needs in Africa, Latin America and the Caribbean. The Secretariat, moreover, is developing online courses on digital trade and stands ready to conduct research and analysis to support members' work.

Several members took the floor to report on the progress of their domestic procedures to ratify the ECA and to provide comments and suggestions on the next steps. Ambassador Tan, closing the meeting, said the co-convenors are heartened to hear the commitment of many members to secure early ratification.

ECA provisions are aimed at facilitating cross-border digital trade, fostering an open digital environment, and promoting trust in online transactions. Negotiations of the ECA were concluded in 2024 and a first request for incorporation into Annex 4 of the WTO Agreement was presented to the General Council in February 2025. Around 90 members participated in these discussions. As of June 2026, 73 members support the concluded text of the ECA. Pending a decision for incorporation into the WTO legal framework, 67 WTO members, covering approximately 70% of global trade, declared their intention on 28 March 2026 at MC14 to implement the ECA through interim arrangements, with a view to making its benefits available to businesses and consumers. The Agreement will enter into force when 45 instruments of acceptance have been deposited.  More information is available here.

The workshop in Nuku'alofa brought together key government officials and laid the foundation for inter‑governmental coordination on notifications.

WTO Director-General Ngozi Okonjo-Iweala said: "Transparency is at the heart of turning the Agreement on Fisheries Subsidies into tangible benefits for the world's oceans and the people who depend on them. Tonga's notification is an encouraging example of how the WTO Fish Fund is helping developing and least-developed members build the capacity needed to implement the Agreement and contribute to more sustainable fisheries."

Tonga deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 15 September 2025 and is currently benefitting from a Fish Fund project preparation grant to support implementation. The grant will conclude in September 2026 with the delivery of a needs assessment and a proposal for further targeted support.

The CEO for the Ministry of Fisheries from the government of Tonga, Sione Vailala Matoto, said:  "The submission of Tonga’s first notification under the WTO Agreement on Fisheries Subsidies marks an important milestone in our implementation efforts. We are grateful for the support of the WTO Funding Mechanism, the "Fish Fund", which enabled Tonga to conduct a national workshop and develop Tonga’s first fisheries subsidy inventory, strengthening our capacity to meet our WTO obligations and promote sustainable fisheries management."

The Fish Fund was established under Article 7 of the Agreement on Fisheries Subsidies to provide targeted technical assistance and capacity-building to help developing and LDC members implement the Agreement. Housed at the WTO, the Fund operates in cooperation with the Food and Agriculture Organization of the United Nations (FAO), the International Fund for Agricultural Development (IFAD) and the World Bank Group.

The Fund's second call for proposals closed on 8 May and newly approved grants are expected to be announced in July 2026. To date, total contributions and commitments to the WTO Fish Fund from 18 members have reached CHF 15.7 million, equivalent to more than USD 20 million. The contributing members are Australia, Canada, the European Union, Finland, France, Germany, Iceland, Japan, the Republic of Korea, Liechtenstein, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, the United Arab Emirates and the United Kingdom.

More information on the Fish Fund is available here.

" Interested parties must make themselves known within a period of 20 days after the initiation of the investigation.

Any information that the interested parties may wish to submit in writing and any request for a hearing before the Commission that they may wish to put forward should be submitted within 20 days following the initiation of this investigation to the Directorate: Trade Remedies I at the following address: The DTI Campus, 77 Meintjies Street, Sunnyside Pretoria, Block Uuzaji, Ground Floor, or alternatively the following email addresses can be used: Bmakakola@itac.org.za, Emanamela@itac.org.za or Vsotha@itac.org.za

If part of the information provided is of a confidential nature, the party concerned should give the grounds justifying confidentiality and furnish public summaries of such information, which should be as detailed as possible. In instances that a public summary cannot be provided a sworn statement must be provided stating the reasons why the information cannot be summarized. This requirement is designed to secure transparency and due access by all parties to the information relating to this investigation. If the summaries are not duly provided and in the absence of just cause, ITAC may disregard the information deemed to be confidential."

The notification is available in G/SG/N/6/ZAF/13.

Members heard a report from the Committee Chair, Ms Judith Kuo (Chinese Taipei), on an informal session on 20 April which included presentations from private sector speakers on issues and challenges faced with respect to PSI requirements. The session also included presentations from Cambodia on its implementation of PSI arrangements and from Pakistan on its Preshipment Inspection Administration.  The WTO Secretariat also provided a historic overview of the PSI Agreement and the Independent Entity, which was set up under the PSI Agreement to help resolve disputes between preshipment inspection agencies and exporters.

The report generated an engaged discussion among delegations in attendance about possible follow-up actions.  Several members welcomed the report and requested follow-up on issues such as updating PSI notifications and modernising the Independent Entity.  A suggestion was also made for thematic sessions to hear from inspection companies and business representatives on current PSI arrangements. 

These suggestions are expected to be taken up in informal consultations with the next Committee Chair.

Notifications

The Committee reviewed 34 notifications pertaining to the customs valuation legislation of members, including the first notification from Côte d'Ivoire. The Committee concluded reviews of the customs valuation legislation of five members (Belize, The Gambia, Moldova, Nepal and Paraguay). 

The Chair noted that 121 members had notified their national legislation on customs valuation, and that 95 members had provided responses to the checklist of issues regarding implementation of the Customs Valuation Agreement (CVA).

World Customs Organization, International Chamber of Commerce

As part of the standing agenda item of the meeting, a representative from the World Customs Organization (WCO) reported on latest developments at the WCO's Technical Committee on Customs Valuation, including questions posed by members in their implementation of the CVA. The representative also referred to presentations by the International Chamber of Commerce (ICC) on circular economy, carbon credits, and e-commerce fulfilment centres. 

Trade concern

For the second time, Indonesia raised a concern regarding Mexico’s implementation of estimated prices for customs valuation purposes.  Mexico replied that the use of estimated prices was used for cracking down on import tax evasion and not to determine the customs value of imported products. 

Next meeting

The next formal meeting of the Committee will take place on 23 November.

"The STDF’s approach stands out as a proven, effective model for practical, innovative SPS solutions. Investment in the STDF work is more critical than ever to help strengthen SPS systems, thereby also ensuring the availability of safe food. I call on all partners to deepen our collective efforts to deliver the STDF’s safe trade impact into the future," said the STDF 2025 Working Group Chairperson, Marie-Luise Rau, Federal Ministry of Agriculture, Food and Regional Identity, Germany.

“The WTO supports the STDF Strategy for 2025-2030 and encourages current and prospective partners to back the STDF’s efforts so that more people around the world can benefit from safe and inclusive trade,” said WTO Deputy Director-General Jean-Marie Paugam.

Scaling solutions for greater impact

A key theme of the report is how SPS innovations developed with STDF support are being adopted and expanded. In 2025, the STDF launched new work on scaling up and financing SPS innovations. A Scaling Study examined pathways to replicate and expand successful approaches.

One of the best-known examples is the International Plant Protection Convention’s ePhyto Solution, piloted through an STDF project with diverse public and private sector partners. By the end of 2025, 96 countries were exchanging electronic phytosanitary certificates, reducing costs and improving efficiency for the public and private sector.

The report also highlights how SPS innovations continue to generate impact beyond the life of individual projects. Across Africa, for instance, all 16 member states of the Southern African Development Community formally adopted harmonized guidelines for the registration of biopesticides, guidelines that were developed through an STDF-supported regional initiative.

Key results in 2025

In 2025, STDF projects and knowledge work contributed to improved SPS capacity and trade outcomes that made a meaningful difference for people across developing countries.

Highlights include:

• In Mali, small-scale producers of smoked fish secured price premiums that more than doubled over five years, while exports increased to five countries in West Africa.
• In Jamaica, interceptions of hot pepper exports due to the presence of quarantine pests declined by 88% over a three-year period, improving access to export markets.
• In Papua New Guinea, an innovative Premium Cocoa Assurance Protocol was put in place, with more than 1,950 farmers equipped with new skills to produce standards-compliant fine‑flavour cocoa for export markets.
• Across 33 countries, 53 SPS-related laws, regulations, policies and processes were adopted or strengthened to facilitate trade, while more than 8,000 public and private sector stakeholders were trained on good practices to improve food safety, animal and plant health.

Shared value, shared impact: STDF's triple win

The report highlights the benefits of the STDF’s mutually beneficial partnership for people in developing and least developed countries, the private sector and consumers globally, and underscores the central role of development partners in its performance and success. It puts a spotlight on the investment case for the STDF’s catalytic role, building on the findings of the World Bank's 2025 World Development Report, which recognizes the role of standards as a springboard for development, growth and poverty reduction.

Demand for STDF support continued to rise in 2025, with a record 380 applications from stakeholders in developing and least-developed countries, amid a global decline in official development assistance.

Released in conjunction with World Food Safety Day 2025, held under the theme “From burden to solutions – safe food everywhere,” the report documents a range of SPS innovations and partnerships that support food safety objectives while facilitating trade.

The STDF Annual Report 2025 can be viewed and downloaded here.

About the STDF

The STDF is a global partnership that brings together organizations working on trade, agriculture, health and development to strengthen SPS capacity in developing countries and least developed countries. It was established by the Food and Agriculture Organization of the United Nations (FAO), the World Bank Group, the World Health Organization (WHO), the World Organisation for Animal Health (WOAH) and the World Trade Organization (WTO), which hosts and manages the partnership.

Contributing to the United Nations' Sustainable Development Goals (SDGs), STDF activities promote safe and inclusive trade, while supporting sustainable economic growth, poverty reduction, food security and resilience to climate change.

Since its creation, the STDF has funded more than 275 projects and project preparation grants benefiting developing economies and LDCs.

The current reading of 101.7 for the barometer index (represented by the blue line in the above chart) is down slightly from its January value of 102.3, suggesting that merchandise trade growth may be starting to slow. The barometer index is also above its baseline value of 100, indicating that the volume of trade currently remains above trend. Actual quarterly trade volumes, represented by the black line, have been above trend since the start of 2025. The negative impact of the Middle East conflict may have been partly offset by surging demand for electronic components related to AI investment, as evidenced by the Drivers of goods trade chart. 

The barometer's component indices are all near their common baseline value of 100, except for the electronic components index (105.5), which has risen firmly above trend. The agricultural raw materials index (98.9) and automotive products index (99.8) are both slightly below trend while the highly predictive export orders index (100.5) is slightly above. The indices related to the transport of goods, including air freight (102.2) and container shipping (102.4), continue to signal expansion, although at a slower rate than a few months ago. On balance, the indices show signs of resilience, signalling relatively stable global merchandise trade growth. 

The WTO Secretariat's most recent Global Trade Outlook and Statistics (GTOS) report of 19 March predicted merchandise trade growth of 1.9% in 2026 under a baseline scenario, or 1.4% under a high energy price scenario reflecting headwinds from the Middle East conflict, while sustained investment in AI could add 0.5 percentage points to the growth rate. The next WTO trade forecast is scheduled for release in October 2026. 

Year-on-year growth in the volume of world merchandise trade rose sharply in the first quarter of 2025 as importers accelerated purchases ahead of anticipated tariff hikes. Growth slowed in the remainder of the year but still came in stronger than expected, as demand for AI-enabling goods surged. 

The full Goods Trade Barometer is available here.

Further details on the methodology can be found in the technical note here.

The Committee's second experience-sharing session explored how greater transparency, improved notification practices, digital tools and public-private engagement can support more predictable import licensing procedures.

Speakers highlighted the importance of providing traders with clear, accessible and up-to-date information on licensing requirements, noting that transparency can reduce uncertainty, facilitate compliance and lower trade costs.

The discussion also underscored the role of inter-agency coordination and digitalization in improving licensing procedures. Examples included national single windows, electronic licensing systems and data-sharing arrangements that can enhance transparency and reduce administrative burdens. Speakers noted that digital tools are most effective when supported by clear rules and practical guidance for traders.

Participants also highlighted the importance of transparency obligations under the Agreement on Import Licensing Procedures. They noted that timely notifications and readily available information on applicable procedures can help traders navigate licensing requirements and support the effective implementation of import licensing systems.

Notifications

The Chair, Mr Tiago Serras Rodrigues (Portugal), informed members that since the last Committee meeting in October 2025, a total of 55 notifications were received under various provisions of the Agreement on Import Licensing. 

Specifically, 23 notifications of the annual questionnaire were submitted under Article 7.3 of the Agreement since the last Committee meeting, the Chair said. Article 7.3 mandates members to complete the questionnaire on import licensing procedures promptly and in full.

The Chair said the figures show a familiar pattern – 21 members have yet to submit a single reply to the annual questionnaire since joining the WTO, and 13 members have never submitted any notification under the Agreement. These figures have changed marginally over the past five years, with only a handful of members notifying legislation or the questionnaire for the first time, he noted. 

On the positive side, the Chair welcomed first-time notifications from the WTO's newest members, Comoros and Timor-Leste. 

The Chair encouraged those members that have not submitted notifications to consider ways to begin engaging with their notification obligations, including reaching out to the WTO Secretariat for support where appropriate.

Specific trade concerns

The Committee addressed 12 trade concerns at the 4 June meeting, covering the import licensing regimes of various products. Three of these concerns were raised for the first time, while the others were raised at the Committee's previous meeting in October 2025 or at earlier  meetings:

• Egypt's import licensing requirements for certain agricultural and processed products, raised by the European Union;
• India's quality control for plywood and wooden flush door shutters, raised by Indonesia;
• India's importation of pneumatic tyres, raised by the European Union, Indonesia and Thailand;
• India's import licensing measures on personal computers, tablets and other electronic products, raised by Japan;
• India's import licensing suspension for refurbished medical devices, raised by the United States;
• India's furniture quality control order, raised by Indonesia
• Indonesia's commodity balancing mechanism, raised by Australia, Japan, New Zealand, and the United Kingdom;
• Indonesia's import licensing regime for certain textile products, raised by Japan;
• Indonesia's compulsory registration by importers of steel products, raised by Japan;
• Indonesia's import restriction on air conditioners, raised by Japan;
• Mexico's steel mills cancellation, raised by Indonesia;
• Thailand's import procedures for wheat feed, raised by the European Union.

EU presentation on agricultural non-customs formalities

The Committee also heard a presentation by the European Union on the implementation and transitional application of the European Union's Electronic System for Agricultural Non-Customs Formalities (ELAN). 

Next meeting

The Chair said the next Committee meeting is tentatively scheduled for 15 October 2026.

Facilitating recognition of professional qualifications

Following discussions at previous meetings spurred by a proposal to strengthen the implementation of Article VII of the General Agreement on Trade in Services (GATS) on the recognition of professional qualifications, a new paper submitted by Bangladesh, India, the Kyrgyz Republic, Nepal and Pakistan focused on notifications and data tools.

The proponents suggested that the Council hold a dedicated workshop for members to take stock of notifications made under Article VII and other information sources on recognition measures, and to share their experiences in this regard. The proponents emphasized that the objective of the exercise is to enhance transparency without creating any new obligations for members. The Council agreed to organize the workshop later this year.

Way forward 

Many members reiterated the importance of services trade and reaffirmed their commitment to reinvigorating the Council's work through enhanced deliberations on issues they considered key, in line with the guidance provided by the 13th Ministerial Conference (MC13).

Members acknowledged the value of last year's thematic sessions and suggested possible topics for future discussions, including green services and the recognition of professional qualifications. Members also expressed strong interest in discussing the services aspects of electronic commerce, emphasizing that services are "the engine of digital trade". In addition, some members underlined the importance of delivering outcomes on services that address the specific needs of least-developed countries (LDCs).

Participation of LDCs in services trade

Members continued to provide updates on their ongoing efforts to gather information, including through a questionnaire, on LDCs' services exports and the ways in which LDC service suppliers interact with consumers and businesses in other economies. Updates were provided in particular by those that have notified preferences in favour of LDC services and service suppliers under the LDC Services Waiver.

Members highlighted that engagement with relevant stakeholders had shown that consumers of LDC services are primarily driven by considerations related to skills, cost efficiency and service quality rather than by the availability of preferential treatment under the Waiver. Several members highlighted some of the practical tools and programmes they have in place to help LDC service suppliers build capacity and participate more effectively in international trade.

The LDC Group also shared some of the challenges their service suppliers had identified, such as regulatory compliance burdens, market access restrictions, visa-related barriers and a lack of awareness of the Waiver. They urged members to continue sharing information and findings so that members could start considering next steps at the next Council meeting.

Other issues

The Council also reviewed several specific trade concerns raised by members, related to cybersecurity measures implemented by China and Viet Nam, certain services-related measures of the United States, India’s measures affecting mobile applications, and two new acts currently under development in the European Union.

Trade in financial services

On 3 June, the Committee on Trade in Financial Services (CTFS) continued its discussions on facilitating cross-border digital payments and reducing the cost of remittance services. Members also heard about an initiative aimed at improving access to finance for women-led businesses through information sharing. Mr Will Nixon of Australia, Chair of the Committee, facilitated the discussion.

Members discussed how to build on the draft Ministerial Declaration on “Reducing the Cost of Cross-Border Remittances - A Lever for Sustainable Development” (WT/Min(26)/W/3/Rev.1), considered by ministers at the 14th Ministerial Conference (MC14) in March in Cameroon. Members did not reach a decision on the proposal, tabled by Morocco and the African Group and co-sponsored by India and Pakistan, at MC14 due to time constraints. However, the Chair of the Ministerial Conference requested continued discussions in Geneva.

Co-sponsors reiterated the importance of reducing the cost of remittances, in particular for developing economies, and expressed readiness to continue engaging with members to achieve meaningful outcomes.

Members also heard from the coordinator of the WTO Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) and the co‑chair of the Informal Working Group on Trade and Gender. They briefed members on the initiative on improving access to finance for women-led MSMEs involved in international trade, drawing attention to a Compendium of Financial Inclusion Initiatives and the related database accessible via the WTO website: Compendium of Financial Inclusion Initiatives for Women Entrepreneurs. They emphasized that the work is ongoing and encouraged more members to contribute information.

Members welcomed the tool developed by the two working groups as a good example of practical, member-driven deliverables. Broad interest was expressed in integrating related discussions into the Committee’s work, highlighting the linkages with the 2023 CTFS Thematic Session on Trade in Financial Services and Financial Inclusion.

Classification of environmental services

On 2 June, the Committee on Specific Commitments continued its discussions on classification issues related to environmental services. The discussion was facilitated by the Chair, Mr Sirapat Vajraphai of Thailand.

The proponents of work on the classification of environmental services — Switzerland, New Zealand and the United Kingdom — proposed key elements for further discussion. They invited interested members to engage in consultations outside the Committee and indicated that they would provide periodic updates to members.