The Hong Kong Agreement, also known as the Fifth WTO Ministerial Conference, was signed in Hong Kong in December 2005. The agreement focused on trade liberalization, reform, and development, particularly in developing countries.
One of the main points of the agreement was to help developing nations gain access to developed countries’ markets by reducing tariffs on their exports. Additionally, the agreement aimed to reduce trade-distorting practices, such as agricultural subsidies, that could hinder fair trade.
The Hong Kong Agreement was set to be in effect until December 31, 2013. However, many of the agreements made in Hong Kong are still being negotiated and implemented today.
One of the most significant outcomes of the Hong Kong Agreement was the Doha Development Round, which began in 2001. The Doha Development Round aimed to increase world trade by cutting tariffs and subsidies, and it was viewed as a way to help lift developing countries out of poverty. However, negotiations stalled in 2008, and the round has yet to be concluded.
Despite the lack of a formal end date, the Hong Kong Agreement’s impact is still being felt in global trade. Many of the reforms and agreements made in Hong Kong, including the Doha Development Round, continue to be negotiated and implemented today.
In conclusion, the Hong Kong Agreement was signed in 2005, with the aim of promoting trade liberalization, reform, and development. The agreement had a set end date of 2013, but many of the agreements made are still being negotiated and implemented today. Overall, the Hong Kong Agreement continues to be a crucial aspect of global trade and development.