EU COMMITS TO WTO INITIATIVES ON TRADE AND ENVIRONMENT
On 15 December, the EU committed to increase the role of trade in the fight against climate change and protecting the environment. It has signed up to three new initiatives to step up joint action in the World Trade Organization, pursuing a strong environmental agenda for trade.
The first of these initiatives is the trade and environmental sustainability initiative, under which 71 endorsing WTO member agree to discuss trade related climate measures and policies that can best contribute to climate and environmental goals. In this context, they will explore approaches for facilitating trade in environmental goods and services. They will look at how to compile best practices to achieve a circular economy, promote sustainable supply chains, and encourage the global uptake of environmental goods and services. The initiative will also identify challenges and opportunities for sustainable trade for developing countries.
Under the second initiative on fossil fuel subsidy reform, 45 WTO Members will elaborate options to advance transparency of fossil fuel subsidies in the WTO and facilitate the reform of fossil fuel subsidies. Lastly, a group of 67 WTO Members agreed on a plastics pollution and sustainable plastics trade initiative, where work will be carried out on the understanding of global trade in plastics, including flows of plastics embedded in internationally traded goods.
Source: European Commission