The World Trade Organisation (WTO) members reached an agreement on a series of trade issues at the Ministerial Conference 12 (MC12) held in Geneva earlier this month.
It is an important achievement compared to the failure at other multilateral conferences in the past years.
MC12 has helped to materialise significant decisions on various issues. The most significant achievement is the duties on ecommerce and data trade, which removed the barrier between the fast-paced digital world and the sluggish real economy.
This decision is good news for consumers, who will continue to enjoy affordable digital lifestyles.
Many small countries such as Grenada were requesting for a better future – a digital and secure future for their people.
Grenada’s ambassador to the WTO, Justin Sun, played a key role amid the whole debating and discussing procedure at the Geneva forum.
Sun even created a successful crypto platform named Tron in his 20s, which has remarkably changed many people’s lives because of the last round of crypto boom.
As a boomer, Sun gained abundant expertise through first-hand experience with Tron’s rapid growth. His ties with the digital world has never faded away even though he had started a new career in the diplomat circle last year.
In Geneva, Sun brought up many valuable ideas as per the above mentioned main agenda regarding digital economy and digital transformation for developing countries such as Grenada.
He asserted that block chain must be deemed the essence of the finest solutions which could help with the poverty alleviation in developing countries as well.
As the director-general of WTO called for consensus on the next stage of world economy, Sun proposed to lead the digital transformation of the world economy through block chain technology, with a view to ease the existing global economic recession.
Furthermore, given the inequities which the world has seen in the access to Covid-19 vaccines, especially during the darkest hours of the pandemic, Sun believes that it is important for WTO members to finalise an agreement on an intellectual property waiver for Covid-19 vaccines.
Life over Money – this controversial proposal has sparked the forum due to the bold actions against medical industries. He also called on a ministerial declaration on a WTO response to the pandemic, which serves as a roadmap for the coming crisis. He made comments on the reform of WTO with convincing statements.
Sun requested more international attention to small open economies, given a great proportion of global citizens have no clue about small economies at all.
Since he stepped into politics, many keywords of a typical Justin Sun have vanished, yet block chain and digital economy shall stick around for a longer time.