Workers break cocoa pods at a farm in Sinfra, Ivory Coast. File
| Photo Credit: Reuters

The discovery of huge deposits of natural resources including oil, gas and gold in the Ivory Coast is pushing the country’s economy in a new direction.

Over the past three years, the West African country — traditionally focussed on agriculture, in particular, cocoa — has leaned into a new role as an oil and gas producer.

Three discoveries of oil deposits in September 2021, July 2022 and February this year, revealed huge reserves estimated at six billion barrels.

The first deposit, called “Baleine”, is already up and running, operated by Italian company Eni. It aims to supply 2,00,000 barrels per day by 2026 and 200 million cubic feet per day of gas.

The Minister of Mines, Oil and Energy, Mamadou Sangafowa Coulibaly, said the country could now have the chance to join the OPEC (Organization of the Petroleum Exporting Countries) group of oil-producing countries.

“Other discoveries of raw materials are also opening potential new revenue streams. The number of mining permits and projects has tripled since 2012 — from nine to 28 — while research permits have increased from 120 to nearly 200 over the period.”

Mr. Coulibaly said the tax revenues generated are already 20 times higher than they were in 2012, at 372 billion CFA francs ($620 million). “The western half and the northeast of our country are full of strategic and critical minerals,” the Minister added.

Ivorian economy is diversifying: President of CAMP2E

“The Ivorian economy is diversifying into everything related to raw materials,” said Cedrick Sehe, president of CAMP2E, an organisation that promotes mining in the country.

In May, the country’s largest gold deposit was discovered in the west, with the potential to be the third-largest mine in West Africa.

Lithium, manganese, nickel and even coltan — a precious ore used to make electronic devices — have also been found in Ivorian soil.

“These minerals are particularly sought after because they are part of energy transition policies,” Serge Parfait Dioman, an engineering expert in the oil and energy industries, told AFP. “They are, for example, used for the manufacture of electric cars,” Mr. Dioman added.

Some have cautioned that the country could fall into the “raw materials curse”, where a focus on extracting an abundance of resources can end up having negative impacts on the economy.

Mr. Dioman countered that “the more diversified your raw materials are, the less risk you have of falling into this trap”. Experts have also warned about the risk of environmental damage. Fears have also been raised over the toxicity of chemicals used in extraction processes.

Meanwhile, in a sign of its changing role, Ivory Coast will host its first international mining industry exhibition — the SIREXE conference — this November and December.

New Delhi:

 India has called for starting formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation, as the present informal deliberations are creating hindrance for several nations to participate in the talks, an official said.

The official added that formal talks on the subject can help in arriving at some kind of consensus by the 13th ministerial conference (MC), the highest decision making body of the WTO, in Abu Dhabi in February next year.

The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week. Certain countries flagged their concerns on the informal system of talks.

“We have to formalise this process as soon as possible. India stated that if you want to maintain the WTO’s credibility, we need to talk on this,” the official said.

WTO’s dispute settlement body (DSB) is one of the important arms of the 164-member Geneva-based body. Besides monitoring global exports and imports related rules, it adjudicates trade disputes between the member countries.

“The US has started engaging in DSB reforms, but in an informal setting. In this setting, not all members get the opportunity to talk. There are no interpretation facilities in those informal meetings,” the official said.

Many WTO member countries have one or two delegates only in Geneva. So, they get busy in different meetings like general council and because of that, they are not able to participate in the deliberations on DSB reforms.

“So, there are some concerns. It was flagged in the break-away sessions’ meeting in Geneva recently. The sense was that as soon as possible, the negotiations should happen in a formal setting. The whole discussion should come under the Committee on DSB. At present, it is happening in an informal fashion,” the official added.

“The talks should be formalised so that all members can participate in that discussion and contribute their views. India wants the talks to happen in a formal way,” the official, who did not wish to be named, said.

Normally in the WTO, talks through a formal process involves submissions of papers on the subject for discussions among all the members.

The official, however, exuded confidence that the way the US is engaging on the subject, it looks like they will do something like coming up with some formal text for discussion on the issue.

“The developed countries are talking about peripheral reforms, but our main ask is that there should be a two-tier system,” the official said.

Trade experts too said that all the members would have to work together on this.

Hi-Tech Gears Chairman Deep Kapuria said that the US’ leadership is crucial for breaking the deadlock in WTO, which is facing multiple challenges.

“But the question is, how far is the US willing to translate this positive intent into some meaningful action, where it can work towards building consensus on WTO reform agenda and more importantly on reigniting the functioning of DSB. The US has been repeatedly blocking any proposed decision to commence the appointment of Appellate Body members,” Mr Kapuria said.

There are two main ways to settle a dispute once a complaint has been filed in the WTO – the countries find a mutually agreed solution, particularly during the phase of bilateral consultations; and through adjudication which includes ruling by a panel and if not satisfied, challenging that ruling at the appellate body.

The appellate body is the apex institution to adjudicate disputes.

Smooth functioning of the WTO’s dispute settlement mechanism hit a roadblock, when the US blocked appointments of members in the appellate body (AB). Though the AB stopped functioning from December 10, 2019, the panels are still working.

Since December 2019, over 20 appeals have been filed in the AB.

According to experts, the US wants to weaken the two-tier system of the dispute settlement mechanism and they do not intend to restore the appellate body.

The US had earlier stated that over time, the despite settlement has become synonymous with litigation, which is prolonged, expensive and contentious.

Developing countries, on the other hand, are of the strong view that a two-tier system is fundamental for the smooth functioning of the dispute settlement mechanism.

Citing the US Trade Representative Katherine Tai’s suggestions, Mr Kapuria said that the US has three specific ideas to reform DSB and that include finding appropriate alternatives to litigation.

The alternatives include conciliation, and mediation; the panels be restricted to address only those matters which are necessary to resolve the dispute and resist the urge to pontificate; and no judicial overreach so that members could exercise their power to regulate domestic policies.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

India on Monday imposed an anti-dumping duty on some Chinese steel for five years, according to a government notification.

On Sept 4, India’s steel secretary, Nagendra Nath Sinha, said New Delhi was monitoring the steel imports situation after the steel industry raised concerns over potential dumping by Chinese sellers.

During April-July, China was the second biggest steel exporter to India, after South Korea, selling 0.6 million metric tons, up 62% from the same period a year earlier.

In all, India imported 2 million metric tons of finished steel in the period, the highest since 2020 and up 23% from a year earlier.

China, the world’s top steel producer, exported mostly cold- rolled coil or sheets to India.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)