WTO Financial News

Indian think tank Global Trade Research Initiative (GTRI) is seeking to incorporate crypto discussions into the WTO e-commerce framework.

India has asked the WTO members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said. At present, there is a difference of understanding about the subject between developed and developing member countries of the World Trade Organization (WTO). The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week.

By Emma Farge

GENEVA (Reuters) — The head of the World Trade Organization on Tuesday voiced optimism that trade deals could be reached at the next major ministerial meeting in February 2024.

By Andrea Shalal

broad-based slowdown. The projection is less than half the 1.7 percent increase forecasted in April, as per a release issued on October 5. The international trade body cited the inflation prevailing in the United States and Europe, the sluggish economic recovery in China and the continuing Russia-Ukraine war while projecting a grim forecast for this calendar year.

GENEVA (Reuters) — The World Trade Organization halved its growth forecast for global goods trade this year, saying that persistent inflation, higher interest rates, a strained Chinese property market and the war in Ukraine had cast a shadow over its outlook.

Japanese Agriculture Minister Ichiro Miyashita says Tokyo hopes to resolve the issue of Chinese ban on its seafood within the World Trade Organization's scope

Japanese Agriculture Minister Ichiro Miyashita says Tokyo hopes to resolve the issue of Chinese ban on its seafood within the World Trade Organization's scope

The alliance of G33, African Group and the ACP (African, Caribbean and Pacific) group at the World Trade Organisation (WTO) has proposed a new method to calculate subsidies given to purchase, stockpile and distribute food to ensure food security for developing and poor nations. It has also proposed that exports of foodgrains from public stocks to needy countries be allowed for international food aid and humanitarian purposes. The alliance is keen to get more support for its proposals, officials said. «The cosponsors of the proposal are reaching out to 6-7 LDCs and the Arab Group who have given support from the floor,» an official said. The coalition has suggested that a permanent solution for public stockholding should account for inflation and be based on a recent reference price. At present, the external reference price (ERP) used for calculating subsidies is based on 1986-88 prices. «Production of staples has been hit in many countries and they are now concerned about their food security.

NEW DELHI : India is facing criticism from several World Trade Organization (WTO) members for failing to notify the trade body of its numerous export restrictions to secure domestic food supplies before national elections next year, three people aware of the development said. Commerce secretary Sunil Barthwal will chair a high-level meeting on Friday to potentially discuss India’s priorities at WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi in February and chalk out arguments explaining New Delhi’s stance on the issue. This comes as India, the largest rice exporter, imposed curbs on exports of the commodity after a rainfall deficit during the monsoon triggered food security concerns.

Ukraine is filing a complaint at the World Trade Organization against Hungary, Poland and Slovakia after they banned grain and other food products coming from the war-torn country

World Trade Organization in Geneva early this week was unambiguous: A global economy split into rival trading factions would reduce real incomes 5% — maybe double that amount in poor countries. The next day, the European Union launched what some of the 27-nation bloc’s most well-known industries — ranging from Airbus SE to cosmetic producers and wine makers — worry could land them on the punishing end of a trade war with China. Since the European Commission’s announcement Wednesday of a new anti-subsidy inquiry into Chinese electric vehicles, which might lead to duties on Made-in-China EV imports, European businesses are scrambling to assess their exposure to a potential tariff barrage between two of the world’s largest economies. That’s because President Xi Jinping’s government has shown a determination to respond to punitive trade measures — like former US President Donald Trump’s tariffs — with its own reciprocal restrictions. The most powerful tool Beijing can wield is restricting access to its huge domestic market. French Finance Minister Bruno Le Maire, speaking to Bloomberg Television on Friday, signaled that perhaps a new era has arrived, one where “the EU starts thinking about its own interest.”‘Powerful Signal’ With the Chinese subsidy investigation, Brussels “wanted to send a powerful signal,” former EU Trade Commissioner Cecilia Malmstrom told Bloomberg News in an interview.

India and Brazil have started talks to mutually resolve a sugar related trade dispute at the World Trade Organisation (WTO) and as part of the solution the South American nation may share ethanol production technology with New Delhi, an official said. Brazil is the largest producer of sugarcane and ethanol in the world. It is also a leader in the technology used for ethanol production. «Few rounds of talks have been held as part of our efforts to resolve the dispute.

Angela Ellard said negotiations are on to resolve the impasse about the dispute settlement system, to make it fully functional and accessible to all by 2024. She also said WTO's dispute settlement mechanism «created a path» for India and the US to mutually resolve their disputes. «The resolution of the US-India disputes is a very welcome development.

Geneva: WTO Deputy Director-General Xiangchen Zhang said developing countries need to think about development from a broader perspective and look at inclusiveness to encourage small businesses and women empowerment. At the ongoing WTO Public Forum in Geneva on Wednesday, he said development goes beyond special and differential treatment (S&DT). S&DT allows developing and poor countries benefits such as taking longer time to implement agreements and binding commitments. Emphasising that S&DT is a core principle of the WTO, he said it is required because of asymmetries in capabilities and knowledge among countries and that «discussions on specific S&DT provisions in WTO agreements are continuing in the house». «Meanwhile, development goes beyond S&DT.

Ngozi Okonjo-Iweala on Wednesday said food security, reform of the multilateral trade watchdog, development agenda, moratorium on ecommerce transactions, and fisheries subsidies agreements are the deliverables for the ministerial conference (MC) next year. She also said that work is on to introduce «deliberative sessions» at the MC13 for ministers to discuss issues related to carbon taxes, climate, MSMES, women, industrial subsidies and trade. «For MC13, we're trying to get a breakthrough in food security and agriculture but the issues are tough. Some members want to look at trade distorting subsidies and others want to work on stockholding (issues) like India,» she said. Public stockholding is a policy tool used by governments to purchase, stockpile and distribute food when needed.

NEW DELHI : The World Trade Organization (WTO) on Tuesday flagged growing fragmentation in international trade with an over-ninefold increase in the number of trade concerns raised in just the last six years. Trade concerns raised at WTO committees are seen as an early indicator of trade disputes.

world economy. It argues a renewed drive towards integration - "re-globalization" - is the way to tackle current problems of security, poverty and climate change.

GENEVA (Reuters) — Global tensions have started to fragment trade as rival trading relationships form, the World Trade Organization (WTO) said on Tuesday, but argued it is premature to declare that globalisation has gone into reverse.

World Trade Organization will have a tough task ahead to make WTO's dispute settlement system fully functional by 2024 due to divergent approaches proposed by countries like China, and the European Union, experts say. On September 9, G20 leaders expressed their commitment to conducting discussions for having a fully and well-functioning dispute settlement system of WTO by 2024. Besides formulating norms for global exports and imports, the Geneva-based 164-member multi-lateral body adjudicates trade disputes among the member countries. The dispute settlement mechanism of WTO has been derailed due to a non-functional appellate body since December 2019. «We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024, » the G20 declaration has said. Trade experts said that all the members would have to work together to achieve this 2024 goal. «G20 members have agreed to pursue WTO reforms, specifically aiming for a functional dispute settlement system accessible to all members by 2024.