Hindi English Translation || Editorial || Tepid trade-offs: On the WTO 13th Ministerial Conference (MC13) in Abu Dhabi

Tepid trade-offs: On the WTO 13th Ministerial Conference (MC13) in Abu Dhabi

The World Trade Organization continues to struggle to foster (प्रोत्साहन देना) free and fair trade

The latest meeting of the World Trade Organization’s (WTO) (विश्व व्यापार संगठन) apex decision-making body (committee, council, panel) concluded late on Friday with precious little (very little) progress on key issues that affect global trade, despite extending deliberations (विचार-विमर्श) by a day. To be clear, hopes for any significant outcomes (नतीजा) from the 13th Ministerial Conference (MC13) in Abu Dhabi were not high to begin with (शुरुआत के लिए). Yet, this was an important moment for the WTO to deliver on its mandate amid (के बीच) an increasingly (more and more, steadily more, continuously more, gradually more) fractious environment (पर्यावरण, वातावरण) for the very rules of trade it seeks (try, aim, attempt) to enforce (लागू करना, थोपना). The intervening (in-between) period has delivered significant shocks (blow, disturbance) to the global trading architectur (structure, formation, composition, organization) such as the ripple effects of conflicts (war, warfare, armed conflict, military action, armed clash) in some parts of the world, the disruptions on critical shipment routes that are expected to linger (continue, carry on, go on, keep going, remain, endure) for long, and recalibrations (reevaluation, reassessment, reorganization/revamp) in supply chains (आपूर्ति श्रृंखला) to reduce dependence on single suppliers such as China. An increasing inward-looking (selfish, self-centred, self-seeking, egocentric, opportunistic) tendency among nations has also catalysed (उत्प्रेरित) isolationist (a person who believes in or advocates isolation (a policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries)), tariff-heavy trade policies that run adrift (to make no progress) of the WTO’s primary purpose of open trade for the benefit of all. The Abu Dhabi declaration does refer to some of the challenges, such as the need to ensure open, inclusive (all-inclusive, wide-ranging, comprehensive, all-embracing, all-encompassing) and resilient (strong, sturdy, stout/well built, durable) supply chains, but there is little of substance (significant subject, important matter/content, valid message) beyond lip service.

Divergences (भिन्नता, विचलन) between the WTO’s 164 member-countries persisted (क़ायम रहना, दृढ़ रहना) on most issues carried forward from Geneva (MC12), including areas of particular interest (common concerns (in politics/business)) to India, such as a permanent solution in agriculture for public stock holding (it refers to the procurement, storage and release of food stocks by governments through state-owned enterprises or other public agencies. It has been an important part of agricultural policy in many countries, targeting, in particular, products that are prevalent in national diets and therefore provide a large proportion of the overall dietary intake) to ensure domestic food security (खाद्य सुरक्षा) or subsidies to the fisheries (areas of the sea where fish are caught in large quantities for commercial purposes) sector. The WTO Director-General, Ngozi Okonjo-Iweala, has noted that the agriculture deliberations, in the works (being planned; under development; in progress) for over two decades (दशक) now, have made some progress as there is finally a text to work with that the body will strive (try, try hard, aim, aspire, seek, struggle, make every effort) to clinch (settle, secure, seal; win, triumph in) in future parleys (talks, discussion, dialogue, consultation, deliberation, negotiation). The exemption (exclusion, exception) from customs duties for e-commerce, that India had sought an end to, citing the adverse impact on countries’ revenues, will now carry on for at least two more years. Commerce Minister Piyush Goyal has nuanced (give subtle distinction/difference to) this outcome stating that India is “not necessarily (inevitably, definitely, certainly, surely)” fully opposed to them. Prospects for the resuscitation (revival, re-emergence, renaissance, resurgence, revitalization, resurrection, rejuvenation) of WTO’s dispute resolution body, rendered (cause to be/become, make) defunct (disused, no longer in use, unused, inoperative, non-functioning) for four years, remain bleak (unpromising, unfavourable, disadvantageous, discouraging, disheartening), though the Geneva commitment to revive (restore, revitalize, renew, bring back) the vital body by 2024 was reiterated (say something again; say again, repeat, retell, restate, iterate, recapitulate). A key win for India at the MC13 was its successful efforts with South Africa to thwart (prevent, obstruct, hamper, hinder, impede, stymie) an attempt that was led by China and backed (support, favour, uphold, endorse, assist) by over 120 countries, to introduce an investment facilitation (a set of policies and actions that seek to make it easier for investors to establish and expand their operations, as well as to conduct their day-to-day business in host countries) pact into the WTO framework. Going forward (in the future), India will have to redouble efforts to retain policy space (it is defined as ‘the freedom and ability of a government to identify and pursue the most appropriate mix of economic and social policies to achieve equitable and sustainable development that is best suited to its particular national context’) for sensitive sectors, especially farms. The WTO itself must do much more to stay relevant (be applicable) in an increasingly polarised world. That members find it convenient to tout (endorse, praise, recommend, commend, speak of, urge) its failed biennial (taking place/happening every two years) meetings as successes is a sad commentary (comments, opinions, remarks, reports, analysis) on its waning (decreasing, lessening, weakening, disappearing, dwindling, deteriorating) efficacy (power, effectiveness, usefulness, advantage, benefit, value).

Courtesy: The Hindu

Important Word List With Meaning

1.World Trade Organization (WTO) (noun)

Hindi Meaning - विश्व व्यापार संगठन
English Meaning - an intergovernmental organization that is concerned with the regulation of international trade between nations.

2.foster (verb)

Hindi Meaning - प्रोत्साहन देना
English Meaning - encourage, promote, endorse, support.

3.deliberation (noun)

Hindi Meaning - विचार-विमर्श
English Meaning - talks, discussion, dialogue, consultation, parley, negotiation.

4.outcome (noun)

Hindi Meaning - नतीजा
English Meaning - end, result, effect, consequence , conclusion, implications, ramification, repercussion.

5.to begin with (phrase)

Hindi Meaning - शुरुआत के लिए
English Meaning - at the start of; at first.

6.amid (preposition)

Hindi Meaning - के बीच
English Meaning - in the middle of, surrounded by; during.

7.environment (noun)

Hindi Meaning - पर्यावरण, वातावरण
English Meaning - situation, background, scenario, context, atmosphere.

8.enforce (verb)

Hindi Meaning - लागू करना, थोपना
English Meaning - impose, apply, force, implement.

9.supply chain (noun)

Hindi Meaning - आपूर्ति श्रृंखला
English Meaning - a dynamic network when a company purchases or uses goods or services from others. It involves people, information, processes, and resources involved in the production, handling, and distribution of materials and finished products or providing a service to the customer.

10.catalyse (verb)

Hindi Meaning - उत्प्रेरित
English Meaning - to cause/accelerate some action/process.

11.divergence (noun)

Hindi Meaning - भिन्नता, विचलन
English Meaning - variation, deviation, difference, dissimilarity, unevenness, contradiction.

12.persist (verb)

Hindi Meaning - क़ायम रहना, दृढ़ रहना
English Meaning - continue, carry on, go on, keep going.

13.carry forward (phrasal verb)

Hindi Meaning - आगे बढ़ाना
English Meaning - have something to continue/handle at a later stage (to make progress).

14.food security (noun)

Hindi Meaning - खाद्य सुरक्षा
English Meaning - food security is a situation that exists when all people, at all times, have physical, social and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life.

15.decade (noun)

Hindi Meaning - दशक
English Meaning - a period of ten years.

16.tepid (adjective)

English Meaning - unconcerned, unenthusiastic, uninterested, lukewarm.

17.trade-off (noun)

English Meaning - a situation in which you must choose between (balance) two things that are opposite or cannot be had at the same time; a compromise; swap, exchange.

18.13th Ministerial Conference (MC13) (noun)

English Meaning - The WTO’s 13th Ministerial Conference (MC13) took place from 26 February to 2 March 2024 in Abu Dhabi, United Arab Emirates. Ministers from across the world attended to review the functioning of the multilateral trading system and to take action on the future work of the WTO.

19.fair (adjective)

English Meaning - just, equitable, impartial, unbiased, lawful.

20.body (noun)

English Meaning - committee, council, panel.

21.precious little (phrase)

English Meaning - very little.

22.mandate (noun)

English Meaning - instruction, ordinance, direction, directive.

23.increasingly (adverb)

English Meaning - more and more, steadily more, continuously more, gradually more.

24.fractious (adjective)

English Meaning - argumentative, quarrelsome, contentious, controversial, difficult (to control), disagreeable.

25.seek (verb)

English Meaning - try, aim, attempt.

26.intervening (adjective)

English Meaning - in-between.

27.shock (noun)

English Meaning - blow, disturbance.

28.architecture (noun)

English Meaning - structure, formation, composition, organization.

29.ripple effect/domino effect/knock-on effect (noun)

English Meaning - an event (or a process/action) that causes several other events to happen indirectly one after the other; secondary/indirect effect, consequence/implication, chain of events.

30.conflict (noun)

English Meaning - war, warfare, armed conflict, military action, armed clash.

31.linger (verb)

English Meaning - continue, carry on, go on, keep going, remain, endure.

32.recalibration (noun)

English Meaning - reevaluation, reassessment, reorganization/revamp.

33.inward-looking (adjective)

English Meaning - selfish, self-centred, self-seeking, egocentric, opportunistic.

34.isolationist (noun)

English Meaning - a person who believes in or advocates isolation (a policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries).

35.run adrift (phrase)

English Meaning - to make no progress.

36.adrift (adjective)

English Meaning - lost, off track, disoriented/confused.

37.inclusive (adjective)

English Meaning - all-inclusive, wide-ranging, comprehensive, all-embracing, all-encompassing.

38.resilient (adjective)

English Meaning - strong, sturdy, stout/well built, durable.

39.substance (noun)

English Meaning - significant subject, important matter/content, valid message.

40.lip service (noun)

English Meaning - a method of expressing approval/support without taking any significant action.

41.12th Ministerial Conference (MC12) (noun)

English Meaning - The 12th Ministerial Conference (MC12) has taken place from 30 November to 3 December 2021 in Geneva, Switzerland. Ministers from across the world had the opportunity to review the functioning of the multilateral trading system, to deliver prepared statements and to take action on the future work of the WTO.

42.interest (noun)

English Meaning - common concerns (in politics/business).

43.public stock holding (PSH) (noun)

English Meaning - it refers to the procurement, storage and release of food stocks by governments through state-owned enterprises or other public agencies. It has been an important part of agricultural policy in many countries, targeting, in particular, products that are prevalent in national diets and therefore provide a large proportion of the overall dietary intake.

44.subsidy/subvention (noun)

English Meaning - also called subvention; a financial contribution granted to help an industry or business, mostly given by a government, in order to keep the price of service/goods at a low level.

45.fishery (noun)

English Meaning - areas of the sea where fish are caught in large quantities for commercial purposes.

46.in the works (phrase)

English Meaning - being planned; under development; in progress.

47.strive (verb)

English Meaning - try, try hard, aim, aspire, seek, struggle, make every effort.

48.clinch (verb)

English Meaning - settle, secure, seal; win, triumph in.

49.parley (noun)

English Meaning - talks, discussion, dialogue, consultation, deliberation, negotiation.

50.exemption (noun)

English Meaning - exclusion, exception.

51.cite (verb)

English Meaning - invoke, mention, refer to, point to, adduce, turn to, resort to.

52.nuance (verb)

English Meaning - give subtle distinction/difference to.

53.necessarily (adverb)

English Meaning - inevitably, definitely, certainly, surely.

54.prospects (noun)

English Meaning - chances, possibilities, expectations, outlook, future.

55.resuscitation (noun)

English Meaning - revival, re-emergence, renaissance, resurgence, revitalization, resurrection, rejuvenation.

56.render (verb)

English Meaning - cause to be/become, make.

57.defunct (adjective)

English Meaning - disused, no longer in use, unused, inoperative, non-functioning.

58.bleak (adjective)

English Meaning - unpromising, unfavourable, disadvantageous, discouraging, disheartening.

59.revive (verb)

English Meaning - restore, revitalize, renew, bring back.

60.reiterate (verb)

English Meaning - say something again; say again, repeat, retell, restate, iterate, recapitulate.

61.thwart (verb)

English Meaning - prevent, obstruct, hamper, hinder, impede, stymie.

62.back (verb)

English Meaning - support, favour, uphold, endorse, assist.

63.investment facilitation (noun)

English Meaning - a set of policies and actions that seek to make it easier for investors to establish and expand their operations, as well as to conduct their day-to-day business in host countries.

64.pact (noun)

English Meaning - agreement, treaty, deal, contract.

65.going forward (phrase)

English Meaning - in the future.

66.policy space (noun)

English Meaning - it is defined as ‘the freedom and ability of a government to identify and pursue the most appropriate mix of economic and social policies to achieve equitable and sustainable development that is best suited to its particular national context’.

67.stay relevant (phrase)

English Meaning - be applicable.

68.polarised (adjective)

English Meaning - separated into opposing two.

69.tout (verb)

English Meaning - endorse, praise, recommend, commend, speak of, urge.

70.biennial (adjective)

English Meaning - taking place/happening every two years.

71.commentary (noun)

English Meaning - comments, opinions, remarks, reports, analysis.

72.waning (adjective)

English Meaning - decreasing, lessening, weakening, disappearing, dwindling, deteriorating.