The 13th WTO Ministerial Conference is being held in Abu Dhabi this week. Pawan Singh / The National
The 13th WTO Ministerial Conference is being held in Abu Dhabi this week. Pawan Singh / The National
The 13th WTO Ministerial Conference is being held in Abu Dhabi this week. Pawan Singh / The National
The 13th WTO Ministerial Conference is being held in Abu Dhabi this week. Pawan Singh / The National

WTO members debate extension of ban on e-commerce tariffs as talks approach finish line


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Trade ministers from around the world debated the extension of a ban on e-commerce tariffs as the World Trade Organisation talks entered their final day on Friday.

An extension of a WTO ban on e-commerce tariffs is on the table for discussion after the so-called moratorium on the imposition of customs duties on electronic transmissions was renewed in 2022 with an understanding that the extension comes with a deadline.

"Members will debate and I don't know where they will come out with it, whether it will be extended, stopped or whatever. Ever since it's been on at the WTO, they've been extending it every year or two and they're discussing how long this is going to continue and what they will do with it, so let's see," said Ngozi Okonjo-Iweala, director general of the WTO.

The four-day WTO talks entail setting new global rules for a range of key trade issues such as fishing subsidies and agriculture. The major progress made so far has been the formal accession of two new members to the Geneva-based body – East Timor and Comoros.

"We are working hard at the WTO for consensus in a way that everybody can come together and make the right trade-offs and compromises. Let's see. It's going reasonably well. But I am always cautious," the WTO chief said.

Also on the agenda during MC13 is the tough issue of reforms to the trade body's dispute settlement system and ways to overcome a four-year impasse on the appointment of new judges to its appellate body.

"I think we will come out with something reasonable. We did a lot of work in Geneva and the original mandate was to restore a fully functional dispute-settlement system by 2024, so we still have the rest of the year to deliver," Ms Okonjo-Iweala said.

Daniel Pruzin, head of the WTO's press section, told The National: "We've made tremendous progress but are obviously running out of time. There will be a check on the state of play amongst the facilitators early this afternoon."

World Trade Organisation director general Ngozi Okonjo-Iweala with UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi at the WTO Ministerial Conference in Abu Dhabi. AP
World Trade Organisation director general Ngozi Okonjo-Iweala with UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi at the WTO Ministerial Conference in Abu Dhabi. AP

The clock is ticking

On Wednesday, the WTO boss told members at a meeting of heads of delegations (HoDs) that while the clock was ticking, if the delegations kept working hard, a positive MC13 outcome was within reach and ministers should be able to go back home in time on the last day of the conference on Thursday.

The UAE's Minister of State for Foreign Trade and MC13 chair Dr Thani Al Zeyoudi said that it is time to set aside differences and work together for the common goal.

“This is what consensus, which I know all of you value, is all about," he said.

The minister also hoped that outcomes will be adopted at the formal MC13 closing ceremony.

Meanwhile, Espen Barth Eide, Minister of Foreign Affairs of Norway, said that WTO member countries may not be able to finish the work on dispute settlement reform at MC13.

But, he added, they should be able to take stock of the meaningful progress that has been made, recognise that more work is needed, and instruct Geneva officials to accelerate their work to achieve a fully and well-functioning dispute settlement system accessible to all by 2024.

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

Company%20profile
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

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ESSENTIALS

The flights

Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes. 

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

Listen to Extra Time
Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

Company%20profile
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World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

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Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

'Texas Chainsaw Massacre'

Rating: 1 out of 4

Running time: 81 minutes

Director: David Blue Garcia

Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Quick%20facts
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The%20Roundup%20%3A%20No%20Way%20Out
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

MATCH STATS

Wolves 0

Aston Villa 1 (El Ghazi 90 4' pen)

Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)

Man of the match: Emi Martinez (Aston Villa)

Updated: March 05, 2024, 10:21 AM