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Search resuls for: "WTO"

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EU, Canada, others push trade plan to help in COVID-19 battle
  + stars: | 2020-11-23 | by ( Philip Blenkinsop | ) sentiment -0.94   time to read: +2 min
BRUSSELS (Reuters) - The European Union, Canada and 11 other countries agreed on Monday to measures such as eliminating export curbs they believe should form the basis of a global deal to help tackle COVID-19 and future pandemics. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves HermanThe “Ottawa Group” will present its proposals to the World Trade Organization in mid-December in the hope its 164 members will sign up early in 2021. WTO members should, they say, take steps to ease trade flows, such as streamlining customs, and not impose on pandemic-related goods during the crisis. They also urge greater transparency and believe the WTO, World Health Organization and World Customs Organization can work more closely to be ready for future pandemics.
Persons: COVID, Yves Herman The Organizations: European Union, European Commission, REUTERS, Yves Herman The “ Ottawa, , World Trade Organization, World Health Organization, World Customs Organization, Ottawa, WTO Locations: BRUSSELS, Canada, Brussels, Belgium, United States, China, Australia, Brazil, Chile, Japan, Kenya, South Korea, Mexico, New Zealand, Norway, Singapore, Switzerland, India, South Africa
WASHINGTON (Reuters) - Group of 20 major economies should work to provide trillions of dollars in trade financing for developing countries to ensure the recovery of the global economy from the COVID-19 pandemic, a top official with the World Trade Organization said on Saturday. FILE PHOTO: World Trade Organization (WTO) Deputy Director-General Alan Wolff speaks at a news conference following the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence LoWTO Deputy Director General Alan Wolff told G20 leaders it was critical to utilize trade to help underwrite the economy, facilitate trade in essential medical supplies, and reform the institutional framework for world trade. The lack of access to trade financing hits least developed countries hardest that already suffer from the high cost of financial transactions. The Geneva-based world trade body is in turmoil as the administration of outgoing U.S. President Donald Trump has blocked both selection of a new director general and the functioning of a dispute settlement body.
Persons: Alan Wolff, Florence Lo, ” Wolff, , Wolff, Donald Trump Organizations: WASHINGTON, World Trade Organization, Trade Organization, REUTERS, WTO Locations: Beijing, China, Florence, U.S, Geneva
Wealthy countries block COVID-19 drugs rights waiver at WTO - sources
  + stars: | 2020-11-20 | by ( Emma Farge | ) sentiment -0.98   time to read: +2 min
GENEVA (Reuters) - Wealthy nations on Friday reiterated their opposition to a proposal to waive intellectual property rules for COVID-19 drugs, three trade sources said, despite pressure to make an exception to improve access to drugs for poorer countries. FILE PHOTO: A delegate arrives before a meeting at the World Trade Organization (WTO) in Geneva, Switzerland, October 28, 2020. The 164-member WTO body usually has to agree by consensus unless members agree to proceed to a vote, which is exceptional. Since then, China, which has five COVID-19 vaccine candidates in late-stage trials, has voiced its support, as have dozens of other WTO members, mostly from developing countries. “There is a hierarchical model and the poorer countries are being asked to take the leftovers,” she said.
Persons: Denis Balibouse, , , Yuanquiong Hu Organizations: World Trade Organization, REUTERS, European Union, Trade, General, WTO, EU, World Health Organization Locations: GENEVA, Geneva, Switzerland, United States, India, South Africa, China, COVID
WTO trade index rebounds, but forecasts likely year-end slowdown
  + stars: | 2020-11-20 | by ( Reuters Staff | ) sentiment -0.99   time to read: 1 min
FILE PHOTO: The World Trade Organization (WTO) logo is pictured in front of their headquarters in Geneva, Switzerland, October 28, 2020. REUTERS/Denis BalibouseBRUSSELS (Reuters) - The World Trade Organization said on Friday global goods trade had rebounded sharply in the third quarter from COVID-19 lockdowns, but forecast a slowdown at the end of 2020. The WTO said its goods trade barometer had surged to 100.7 points from a record low of 84.5 points in August. “The latest reading indicates a strong rebound in trade in the third quarter as lockdowns were eased, but growth is likely to slow in the fourth quarter as pent-up demand is exhausted and inventory restocking is completed,” the WTO said.
Persons: Denis Balibouse BRUSSELS, Organizations: World Trade Organization, REUTERS, WTO Locations: Geneva, Switzerland, COVID
WTO sees trade rebound, but likely year-end slowdown
  + stars: | 2020-11-20 | by ( Reuters Staff | ) sentiment -0.99   time to read: +1 min
FILE PHOTO: A delegate arrives before a meeting at the World Trade Organization (WTO) in Geneva, Switzerland, October 28, 2020. REUTERS/Denis BalibouseBRUSSELS (Reuters) - The World Trade Organization said on Friday global trade in goods had rebounded in the third quarter from COVID-19 lockdowns, but predicted a slowdown at the end of 2020. The WTO said its goods trade barometer had risen to 100.7 points from a record low of 84.5 points in August, driven by a surge in export orders. “The latest reading indicates a strong rebound in trade in the third quarter as lockdowns were eased, but growth is likely to slow in the fourth quarter as pent-up demand is exhausted and inventory restocking is completed,” the WTO said. The WTO goods trade barometer is a composite of data, with indices on export orders and agricultural raw-material trade above medium-term trends, container shipping and automotive goods at trend and air freight and electronic components trade below.
Persons: Denis Balibouse BRUSSELS Organizations: World Trade Organization, REUTERS, WTO Locations: Geneva, Switzerland, COVID, lockdowns, Europe, North America
China's President Xi Jinping speaks during a CEO Dialogue forum via video link, ahead of the Asia-Pacific Economic Cooperation (APEC) leaders' summit, hosted by APEC Malaysia, November 19, 2020. The APEC leaders’ meeting comes as economies are trying to recover from the impact of the coronavirus pandemic and days after Trump lost his bid for a second term. Slideshow ( 4 images )‘MORE SUPPORTIVE’Singapore Prime Minister Lee Hsien Loong told the APEC forum he expected “more multilateralists” in the Biden administration. Lee also said U.S. trade policies under Trump had weighed on APEC’s progress in recent years, which he termed “very slow”. Trump’s “America First” approach saw the United States withdrawing from the Trans-Pacific Partnership agreement in 2017.
Persons: Joe Biden, Xi Jinping, Donald Trump, ” Xi, , , Xi, Trump, Biden, multilateralism, Barack Obama’s, Lee Hsien Loong, Lee, ” Lee, Trump’s, Muhyidin Yassin Organizations: Reuters, Economic Cooperation, APEC Malaysia, REUTERS, U.S, APEC, Trump, Singapore, WTO, Pacific, Pacific Partnership, Trans, Regional Comprehensive, Malaysian Locations: KUALA LUMPUR, Asia, Pacific, United States, MALAYSIA, Kuala Lumpur, “ China, China
BEIJING/GENEVA (Reuters) - Major food-producing countries are growing increasingly frustrated with China’s scrutiny of imported products and are calling on it to stop aggressive testing for the coronavirus, which some say is tantamount to a trade restriction. China has only intensified its imported food screening since then. The World Health Organization says neither food nor packaging are known transmission routes for the virus. But China, which has all-but stamped out local transmission of the disease, says there is risk of the virus re-entering the country on food products. “If you have trade partners you have to treat them fairly and give them a chance to be complicit,” she said.
Persons: Aly Song China, , haven’t, , Jacinda Ardern, Ardern, Gudrun Gallhoff Organizations: REUTERS, Trade Organization, Canada’s, WTO, United, U.S . Department of Agriculture, Global Times, Communist Party, World Health Organization, New Zealand, Authorities, European Union Locations: BEIJING, GENEVA, Shanghai, China, Canada, Geneva, Australia, Brazil, Mexico, Britain, United States, Canada’s Geneva, Wuhan, Beijing, Jinan, Zealand, Shenzhen
BEIJING (Reuters) - Trade frictions between the United States and China may not ease in the near term even if Joe Biden becomes president, former Chinese finance minister Lou Jiwei said on Friday. FILE PHOTO: Lou Jiwei, chairman of the National Council for Social Security Fund (NCSSF), speaks at the China Development Forum in Beijing, China March 24, 2018. “After four years, the trade deficit (with China) is still widening. But Lou said he would be cautiously optimistic about trade relations if Trump were to remain in office. “China in WTO today is not the China in WTO in 2001,” Chapuis said.
Persons: Joe Biden, Lou Jiwei, Stringer Lou, Biden, Donald Trump, Lou, ” Lou, , Trump, Brazil’s Roberto Azevedo, Nicolas Chapuis, Chapuis, ” Chapuis, Organizations: National Council for Social Security Fund, China Development Forum, REUTERS, U.S ., World Trade Organization, European Union, WTO Locations: BEIJING, United States, China, Beijing, Stocks, Asia, U.S, Washington, Geneva, WTO,
A delegate arrives before a meeting at the World Trade Organization (WTO) in Geneva, Switzerland, October 28, 2020. German Economy Minister Peter Altmaier spoke for many when he said on Monday that Biden’s victory augured a return to stronger multilateralism. The World Trade Organization will offer an early chance for Biden to show that’s true. Nigeria’s Ngozi Okonjo-Iweala last month won the backing of all delegations except the United States. The goodwill that a more collegial approach will generate could help Biden get more of what the United States wants than his predecessor achieved.
Persons: Sam’s, Joe Biden, Peter Altmaier, Biden, Ngozi, Donald Trump, he’s, Trump Organizations: World Trade Organization, LONDON, Reuters, German, WTO, World Health Organization, Atlantic Treaty Organization, Organisation for Economic Co Locations: Geneva, Switzerland, United States, Jan, Paris, U.S
EU to impose tariffs on up to $4 billion of U.S. products
  + stars: | 2020-11-09 | by ( Silvia Amaro | ) + 0.00   time to read: +2 min
The World Trade Organization agreed last year that the EU did not follow best trade practices when granting aid to Airbus. In light of that decision, the U.S. imposed duties on $7.5 billion of imported goods from Europe. As a result, the EU has said it is now going ahead with up to $4 billion in tariffs. However, despite the decision to impose tariffs, the EU wants to overcome the dispute as soon as possible. Speaking to journalists, Dombrovskis said the EU will remove the duties if the United States does the same.
Persons: Valdis Dombrovskis, Dombrovskis, Joe Biden, Biden, Donald Trump Organizations: European Commission, An, People, European, EU, U.S, World Trade Organization, Airbus, WTO, Boeing, European Union, NBC, Big Tech Locations: America, U.S, Europe, United States, Latvian
London (CNN Business) The European Union is moving ahead with tariffs on $4 billion worth of US goods. But it also wants to end a series of bitter trade disputes and reboot its relationship with the United States as a new administration prepares to take power in Washington. The European Commission said the tariffs will come into effect on Tuesday. Tariffs act as a tax on exports, and are either absorbed by producers in the form of reduced profits, or passed on to consumers in higher prices. "Regrettably, due to lack of progress with the US, we had no other choice but to impose these countermeasures," he added.
Persons: planemaker, Valdis Dombrovskis, Read Organizations: London, CNN, Boeing, Airbus, World Trade Organization, European Union, European Commission, WTO, European Locations: United States, Washington, Trump
What a Trump or Biden win for president means for U.S. automakers
  + stars: | 2020-11-03 | by ( Michael Wayland | ) + 0.00   time to read: +7 min
In his first term as commander in chief, Trump deregulated, renegotiated and litigated critical areas impacting the auto industry. The Trump administration earlier this year completed a rollback of U.S. vehicle emissions standards adopted under the Obama administration. The Trump administration has not necessarily done anything to deter the adoption of electric vehicles, but it also hasn't done much to spur their growth. Biden has promised $400 billion in public investment in clean energy, including battery technologies and electric vehicles. Part of Biden's climate plan includes dedicating government spending to support electric vehicles, with 500,000 new electric vehicle charging outlets by the end of 2030.
Persons: Spencer Platt, Donald Trump, Joe Biden, Chip Somodevilla, Biden, Obama, John Murphy, Murphy, there's, Mary Barra, Dennis Williams, Jonathan Ernst, Trump, Kristin Dziczek, He's, It's, Trade Trump Organizations: Getty, U.S, Trump, Republican, Democratic, United Auto Workers, Democrat, BofA Securities, Biden, White House, General, UAW, American Center for Mobility, Reuters, Center for Automotive Research, Ford Motor, Honda Motor, Volkswagen, General Motors, Toyota Motor, Fiat Chrysler, Trump ., Trade, American Free Trade, World Trade Organization, WTO Locations: Linden , New Jersey, Warren , Michigan, Ypsilanti Township , Michigan, U.S, California, United States, Mexico, Canada, China, Beijing
FILE PHOTO: Ngozi Okonjo-Iweala poses outside a Nigerian diplomatic residence in Chambesy, near Geneva, Switzerland, September 29, 2020. REUTERS/Emma FargeABUJA (Reuters) - Nigeria will lobby for its candidate to head the World Trade Organization, the country’s foreign ministry said in reaction to her last-minute rejection by Washington that threw the regulator’s leadership selection process into confusion. “Nigeria will continue to engage relevant stakeholders to ensure that the lofty aspiration of her candidate to lead the World Trade Organization is realised,” the country’s foreign ministry said in a statement on Thursday evening. However, a person involved in the leadership race cast doubt on Nigeria’s plans to bring pressure to bear on Washington. “They can push in the sense that they can get on the phone, try to mobilise support, but is that going to change the view in Washington?
Persons: Ngozi, Emma Farge, Washington, teeing, , Yoo Myung Organizations: REUTERS, Reuters, World Trade Organization, U.S . Trade, South, U.S, Switzerland, REUTERS/Emma Farge ABUJA (Reuters), Reuters Locations: Nigerian, Chambesy, Geneva, Switzerland, Emma Farge ABUJA, Nigeria, United States, “ Nigeria, Washington, South Korean, Okonjo, Chambesy, Washington
London (CNN Business) For the first time in its 25-year history, the World Trade Organization will be led by a woman. It negotiates and administers rules for international trade and tries to resolve disputes among its 164 members. Twitter TWTR Okonjo-Iweala is an economist and former finance minister of Nigeria. She spent 25 years at the World Bank, rising to become the organization's managing director of operations. She also chairs the board of Gavi , an international organization that aims to bring together the public and private sectors to improve access to vaccines.
Persons: Ngozi, Korea's Yoo Myung, Roberto Azevedo, Twitter TWTR, Roberto Azevedo Organizations: London, CNN, World Trade Organization, WTO, World Bank Locations: Geneva, United States, China, Nigeria
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