World Trade Organization (WTO) talks broke up with no agreement on Monday on a plan for reform or even on extending a moratorium on e-commerce, piling more pressure on the trade body that finds itself increasingly sidelined by economic nationalism.
The four-day ministerial talks in Cameroon's capital Yaounde ended in the early hours with Brazil blocking a bid by the U.S. and others to prolong a moratorium on duties for electronic transmissions such as digital downloads and streaming.
Expectations for progress had been low before the talks but there had been hopes the moratorium at least would be renewed. In the end, even that proved impossible amid resistance from Brazil, and trade ministers could not agree to extend it for more than two years, which was not enough for the United States, diplomats said.
U.S. officials and business groups expressed frustration at the impasse, and the failure to reach a joint decision was described as a "major setback for global trade" by Britain's Business and Trade Secretary Peter Kyle.
The talks were deemed a test of the WTO's relevance after a year of huge trade turmoil and more recent major disruptions due to the U.S.-Israeli war on Iran.
Agreeing on an e-commerce moratorium was seen as key to securing support for the WTO from the U.S., which under President Donald Trump has retreated from global multilateral bodies as he pursues his "America First" agenda.
The WTO said progress was made on a reform roadmap before time ran out, and discussions on issues such as reworking its rules to render subsidy use more transparent and make decision-making easier are expected to continue in Geneva in May.
The U.S. and the European Union argue that China in particular has taken advantage of the current rules to their detriment.
Diplomats worked throughout Sunday to close the gap between Brazil's initial two-year proposal and the U.S., which wanted a permanent extension, by drafting a plan for a four-year extension with a one-year sunset buffer, concluding in 2031.
Brazil later proposed a four-year extension, with a review clause halfway through, but that failed to win support.
Developing countries have opposed a lengthy extension, arguing that the moratorium denies them potential tax revenue.
A U.S. official said Brazil had opposed a "near-consensus document" saying "it's not U.S. vs Brazil. It's Brazil and Türkiye v 164 members."
A Brazilian diplomat said "the U.S. wanted the sky," and that it was not prudent to pursue a longer extension given the rapid changes under way in digital trade.
Another diplomat present at the talks said U.S. Trade Representative Jamieson Greer made delegates "uncomfortable" as he suggested there "would be consequences," if the U.S. did not secure a long-term moratorium extension.
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Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
Weekend strikes hit Iran’s Natanz nuclear site and missile facilities near Isfahan, as Tehran responded with missiles and drones targeting Tel Aviv, Haifa Bay, and Gulf assets. With U.S. reinforcements deployed and Hormuz tensions rising, the region faces a sharply escalated crisis.
Two sailboats carrying humanitarian aid from Mexico arrived safely in Havana on Saturday, the Mexican Navy said, concluding a journey in which the vessels were delayed by bad weather and briefly reported missing.
The Israeli military said on Monday that Iran launched multiple waves of missiles at Israel, and an attack had also been launched from Yemen for the second time since the U.S.-Israeli war began on Tehran. It said two drones from Yemen were intercepted early 30 March but gave no further details.
Cuba and the United States have been at odds for more than six decades, with tensions rooted in the 1959 revolution that transformed the island’s political and economic system. Renewed focus on relations comes as Donald Trump’s rhetoric intensifies and conditions on the island worsen.
NASA is aiming to launch its Artemis 2 mission on Wednesday (1 April), sending astronauts on a 10-day journey around the Moon, officials confirmed. According to the Space Administration, the launch window is due to open at 23:24 GMT, with additional opportunities to 6 April if delays occur.
The four astronauts selected for NASA’s Artemis II mission have arrived in Florida, entering the final phase of preparations for the first crewed journey towards the Moon in more than five decades
Iranian Military Spokesman Lieutenant Colonel Ibrahim Zulfiqari has warned that American soldiers will become 'food for sharks' if U.S. President Donald Trump launches ground attacks against Iran. The threat comes after the U.S. military said it was deploying thousands of Marines to the region.
Weekend strikes hit Iran’s Natanz nuclear site and missile facilities near Isfahan, as Tehran responded with missiles and drones targeting Tel Aviv, Haifa Bay, and Gulf assets. With U.S. reinforcements deployed and Hormuz tensions rising, the region faces a sharply escalated crisis.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
Petrol price spikes triggered by the war in Iran are boosting used electric vehicle sales across Europe, online car platforms told Reuters, in an early sign that pain at the pump is pushing consumers away from combustion engines.
Meta Platforms is increasing compensation for top executives, including its first-ever offer of stock options, as it tries to fend off competition in the artificial intelligence (AI) race and incentivize leaders to stay with the company for several years.
The French government’s bid to suspend the marketplace of Chinese online retailer Shein in the country has been overruled by a Paris Court of Appeal.
The prevailing security situation in the region has done little to deter entrepreneurs from the Commonwealth of Independent States (CIS) who continue to view Dubai as a premier and safe location for business.
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