WTO talks run beyond deadline, but no breakthrough
Trade ministers from around the world are seeking to revise global commerce rules on a broad range of issues from farming to e-commerce
By Shajil KumarMar 01, 2024
World Trade Organization (WTO) negotiators extended talks again in Abu Dhabi on Friday as they struggled to break a political deadlock after five days of high-level negotiations.
It was far from clear whether a consensus could be reached among the WTO's 164 members before a new deadline of 10 p.m. local time. Several delegates warned that countries remained far apart as organisers announced a fifth extension.
"I think we're leaving here empty-handed," one delegate said.
On the fifth day of the ministerial meeting, most ministers had already gone home, although India's Piyush Goyal and European Trade Commissioner Valdis Dombrovskis remained.
Goyal was smiling and shaking hands outside a meeting room barely 30 minutes from an informal ministerial meeting, as delegates gathered in small groups next to a coffee stand.
Delegates were seen earlier on Friday huddled outside meeting rooms, drinking coffee while others were poring over documents or typing urgently on mobile phones. One participant mimed pulling the pin out of a hand grenade.
Negotiators released new draft deals on Friday, which showed that all-night talks failed to reach a breakthrough.
The biennial high-level meeting of trade ministers from around the world is seeking to revise global commerce rules on a broad range of issues from fishing and farming to e-commerce.
A document circulated by the WTO said that "time is running out". "It is everyone's hope that this postponement allows reaching agreement," it said.
WTO spokesperson Ismaila Dieng said the discussions were "intensive and difficult".
India, along with South Africa, has opposed extending a moratorium on digital trade tariffs - a move that has the overwhelming support of most governments and businesses.
WTO talks have failed before and this year's negotiations, held in the oil-rich Gulf state of the United Arab Emirates, have highlighted fissures between some of the world's top economies.
BRICS disagreement
U.S. President Joe Biden's trade chief Katherine Tai said in an interview with Reuters late on Thursday that if talks failed, fragmentation among the BRICS group would have contributed.
India and China, core members of the BRICS group of nations, have disagreed on key issues including on investment. India's commerce minister joined the negotiations two days after they started and after his Chinese counterpart had left Abu Dhabi.
Pacific islands nations have also complained at the talks about feeling marginalized and overlooked by most major powers.
U.S. support for global trade and multilateral groups like the WTO has been renewed under Biden. But negotiators are mindful that former President Donald Trump, who disrupted the multilateral system, could win a second term in the U.S. presidential election in November.
So far, no deals have been agreed after nearly five days of talks in Abu Dhabi and even the formal acceptance of completed negotiations on improving investment was blocked at an organisation where all 164 members must agree by consensus.
However, many of the disputes are seen as political theatre and so one breakthrough could lead nations to drop opposition to other deals, as happened at the Geneva conference in 2022.
A consensus is also seen as important to the United Arab Emirates, which in recent years has appeared to place an increased emphasis on multilateralism and dialogue and a turnaround from the assertive foreign policy it was pursuing a decade ago.
It has served as a non-permanent member of the U.N. Security Council, hosted the U.N. COP28 Climate Conference, joined China and India as members of the BRICS grouping of nations, established ties with Israel and repaired fractured relations.
Ahead of the talks, UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan, a member of Abu Dhabi's ruling family, announced a $10 million grant to support WTO initiatives. (Reuters)
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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