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APEC Leaders Pledge for Efficient WTO Dispute System by 2024

• APEC leaders have committed to expedite discussions to establish a fully functional WTO dispute settlement system by 2024.
• This commitment was made during the 31st APEC Economic Leaders' Meeting and is part of the 2024 APEC Leaders' Machu Picchu Declaration.
• The leaders also pledged to continue working towards the full implementation of the WTO's 13th Ministerial Conference outcomes.
• The commitment signals the importance of a robust dispute resolution mechanism in facilitating international trade and the need for WTO reform.

In a recent development, leaders of the Asia-Pacific Economic Cooperation (APEC) economies have expressed their commitment to expedite discussions with other World Trade Organization (WTO) members. The objective of these accelerated discussions is to establish a fully functional and accessible dispute settlement system for all members by 2024. This commitment was made during the 31st APEC Economic Leaders' Meeting, as reported by Xinhua news agency.

The APEC leaders' commitment was articulated in the 2024 APEC Leaders' Machu Picchu Declaration. This declaration is a significant document that outlines the future direction of the APEC economies in relation to their engagement with the WTO and the global trading system. The leaders reaffirmed their support for a rules-based multilateral trading system, with the WTO at its core.

They also expressed their commitment to work towards necessary WTO reform to improve all of its functions. This commitment to the WTO and its dispute settlement system is not an isolated event. It is part of a broader trend of international cooperation and commitment to multilateral trading systems.

APEC's Commitment in Historical Context

This trend has been evident in the past, with similar commitments made by other international economic organizations and forums. For instance, in 2001, the WTO's 4th Ministerial Conference in Doha, Qatar, launched the Doha Development Agenda. This agenda aimed to lower trade barriers around the world, and thus facilitate increased global trade.

The Doha Development Agenda also emphasized the importance of a rules-based multilateral trading system, similar to the recent commitment made by the APEC leaders. The APEC leaders also pledged to continue working constructively towards the full implementation of the WTO's 13th Ministerial Conference (MC13) outcomes.

The MC13 is a significant event in the WTO's calendar, as it sets the direction for the organization's work and priorities. The commitment to fully implement the MC13 outcomes indicates the APEC leaders' dedication to the principles and objectives of the WTO.

Significance of APEC's Commitment to WTO

The APEC leaders' commitment to a fully functional and accessible WTO dispute settlement system is a significant development. It signals their recognition of the importance of a robust and effective dispute resolution mechanism in facilitating international trade. A well-functioning dispute settlement system is crucial in ensuring that trade disputes are resolved in a fair and timely manner, thereby promoting trust and confidence in the global trading system.

The APEC leaders' commitment also underscores their recognition of the need for WTO reform. The WTO has been facing various challenges, including criticisms about its effectiveness and relevance in a rapidly changing global economy. The commitment to WTO reform indicates the APEC leaders' recognition of these challenges and their willingness to work towards addressing them.