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☆ WTO warns of 'real' recession risk in some major economies
▼ + stars: | 2022-11-16 | by ( Leika Kihara | Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

"It may not happen everywhere, but several key countries risk sliding into recession," WTO Director-General Ngozi Okonjo-Iweala told Reuters on the sidelines of the G20 leaders' meeting in Bali, Indonesia. "Of course, the impact of that can be quite significant for emerging markets and poor countries, which need external demand from the developed countries to recover." The Geneva-based trade body last month projected global trade to rise just 1.0% in 2023, down sharply from an estimated 3.5% rise for this year. Okonjo-Iweala said she has called on G20 leaders to phase out food export restrictions, which have been on the rise and hurt poor countries by pushing up food prices. In a meeting in September, trade ministers of the G7 advanced economies agreed to work towards having a functioning WTO dispute settlement system by 2024.

☆ G20 vows to calibrate pace of interest rate hikes, avoid spillovers
▼ + stars: | 2022-11-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The central banks will also be mindful of the need to limit spillovers, the statement added, in a nod to emerging economies' concerns about the potential for huge capital outflows if aggressive U.S. rate hikes continue. The emphasis on the need to fight inflation contrasted with the G20 statement last year, which said central banks must avoid overreacting to transitory rises in inflation. The G20 leaders also called for "temporary and targeted" fiscal spending to low-income households which are particularly vulnerable to rising living costs. Now, policymakers are faced with the dilemma of having to combat inflation with interest rate hikes, without cooling economies that are already facing the risk of recession. "It may not happen everywhere, but several key countries risk sliding into recession," said WTO Director-General Ngozi Okonjo-Iweala.

☆ U.S. Panel Calls for Review of China Trade Relations
▼ + stars: | 2022-11-15 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—A congressionally convened commission is calling on the U.S. to review Chinese trade practices and to suspend normal trade ties if the review determines Beijing hasn’t lived up to its promises under a 1999 pact. In its annual report, the U.S.-China Economic and Security Review Commission recommended that Congress direct the Biden administration to assess China’s compliance with the landmark 1999 agreement that awarded China the “Permanent Normal Trade Relations” status as Beijing prepared to join the World Trade Organization.

☆ U.S. revokes Russia's market economy status
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 10 (Reuters) - The United States will no longer treat Russia as a market economy country, the Commerce Department said on Thursday, revoking the status granted two decades ago that limited the calculation of anti-dumping duties on Russian goods. The Commerce Department said its analysis found "extensive" government involvement in the Russian economy had led to distorted prices and costs, which it said did not accurately reflect whether Russian companies were fairly pricing imports into the United States. Washington granted Russia market economy status in 2002, an essential step for Russia's admission to the World Trade Organization (WTO) in 2012. Last year, the American Chamber of Commerce in Russia said that Moscow would be able to challenge any U.S. decision to strip Russia of its market economy status at the WTO. Reporting by Katharine Jackson in Washington and Ismail Shakil in Ottawa, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

[1/4] China's chief climate negotiator Xie Zhenhua speaks during a news conference at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 9, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - China would be willing to contribute to a mechanism for compensating poorer countries for losses and damage caused by climate change, its climate envoy Xie Zhenhua said on Wednesday at the United Nations COP27 climate summit in Egypt. Xie said China had no obligation to participate, but stressed his solidarity with those calling for more action from wealthy nations on the issue, and outlined the damage China had suffered from climate-linked weather extremes. He added that China already contributed billions of yuan to developing countries to help with their mitigation efforts. "The door is absolutely closed by (the United States)," he said.

☆ COP27: WTO chief seeks to revive green trade talks
▼ + stars: | 2022-11-08 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) - The head of the World Trade Organization aims to revive negotiations on a global environmental trade deal, she told Reuters, as part of efforts to give the trade watchdog a bigger role in tackling climate change. But WTO discussions collapsed in 2016 after disagreements between China and Western countries about which products should be on the environmental list. "You need to have a friendly trade regime for renewables and other environmentally-friendly products," she said, noting tariffs for fossil fuel products are lower than for renewables in many countries. Exploratory discussions about a possible revival of a green trade deal have begun at the 164-member WTO body, although Okonjo-Iweala said some countries had expressed concerns, without naming them. She suggested beginning with a preliminary list of some 50 or 60 products that could be lengthened gradually.

[1/2] European Council President Charles Michel speaks with European Union foreign policy chief Josep Borrell, European Commission President Ursula von der Leyen and the Chinese President Xi Jinping via video conference during an EU-China summit at the European Council building in Brussels, Belgium April 1, 2022. Olivier Matthys/Pool via REUTERSBEIJING/BRUSSELS, Nov 8 (Reuters) - Chinese authorities behind a major trade expo in Shanghai pulled an opening ceremony address by the European Council president that was set to criticise Russia's "illegal war" in Ukraine and call for reduced trade dependency on China, diplomats said. "President Michel was invited to address 5th Hongqiao Forum/CIIE in Shanghai," Barend Leyts, a spokesman for Michel told Reuters. Europe has been over-dependent on Russia for fossil fuels, leading to a trade imbalance, Michel was to say. Michel was also set to call for China to do more do put an end to the bloodshed in Ukraine.

"Humanity has a choice: cooperate or perish,” Guterres told delegates gathered in the seaside resort town of Sharm el-Sheikh. And our planet is fast approaching tipping points that will make climate chaos irreversible,” he said. Signatories to the 2015 Paris climate agreement pledged to achieve a long-term goal of keeping global temperatures from rising by more than 1.5°C above pre-industrial levels. Guterres said that goal will only stay alive if the world can achieve net zero emissions by 2050. The World Trade Organization, meanwhile, said in a report published on Monday that it should tackle trade barriers for low carbon industries to address the role of global trade in driving climate change.

☆ WTO chief: We should come out of COP27 with some specifics on the financing side
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO chief: We should come out of COP27 with some specifics on the financing sideNgozi Okonjo-Iweala, director-general of the World Trade Organization, says "one doesn't want to be… too hopeful."

☆ WTO chief: I'm extremely worried about the issue of food prices
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO chief: I'm extremely worried about the issue of food pricesNgozi Okonjo-Iweala, director-general of the World Trade Organization, says "we've never seen a time like this, with the multiple crises that we have."

☆ What to watch on Monday at COP27
▼ + stars: | 2022-11-07 | by ( Hugo Dixon | ) www.reuters.com time to read: +2 min

But their messages will likely differ a lot on key points, and their soaring rhetoric will at times clash with performances that have lagged past promises. U.S. President Joe Biden will arrive next week, as will newly elected Brazilian President Luiz Inacio Lula da Silva. Chinese President Xi Jinping is not scheduled to attend COP27, but he will have an envoy at the conference. Other things to watch will include a World Trade Organization report expected Monday about the role of trade policy in climate change, and some expected announcements about forests as climate sinks. Reporting by Valerie Volcovici; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi says country will continue to open up, share opportunities
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 4 (Reuters) - China will continue to open up and cooperate with all countries to share opportunities, President Xi Jinping said on Friday at the opening ceremony of the China International Import Expo (CIIE) in Shanghai. Speaking via video, Xi said China would encourage more foreign investment and accelerate construction projects such as the Hainan free trade port. "China will urge all countries and parties to share opportunities for deepening international cooperation, fully and deeply participate in the reform of the World Trade Organization, and promote trade and investment liberalisation and facilitation," he said. CIIE, a fair focused on the import of foreign goods, was launched by China in 2018 to showcase its free trade credentials. Reporting by Josh Horwitz and Winni Zhou; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Indonesia's Coordinating Minister of Maritime Affairs and Investment Luhut Pandjaitan, talks during an interview at his office in Jakarta, Indonesia, October 24, 2022. Register now for FREE unlimited access to Reuters.com RegisterIndonesia is the world's biggest exporter of thermal coal, palm oil, refined tin and a major seller of nickel-based steel, copper, rubber and other resources. The government banned exports of nickel ore in 2020 in a move that has attracted investment in processing facilities - a strategy officials refer to as "resource downstreaming". Maybe by 2024, I think we can reach $300 billion or more," Luhut told Reuters. The European Union has complained to the World Trade Organization about Indonesia's nickel ore export ban and a dispute panel is due to announce a report this quarter.

LONDON, Oct 19 (Reuters) - Global freight volumes have begun to fall as overall consumer and business spending slows and the composition rotates from merchandise back to services after the pandemic. Chartbook: Global freight and manufacturing activityMANUFACTURING STALLSThe slowdown will gradually unblock supply chains and ease some of the intense upward pressure on merchandise prices that has occurred since mid-2020. The World Trade Organization forecasts merchandise trade will increase by just 1.0% in 2023 after rising 3.5% in 2022 (“Trade growth to slow sharply in 2023”, WTO, Oct. 5). The forecast growth in world merchandise trade volumes next year would be among the slowest rates in the last 40 years. The slowdown in industrial output and freight has already been underway for at least the last 3-6 months in most countries.

☆ WTO chief expects downside revisions in global trade forecast
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

GENEVA, Sept 27 (Reuters) - The head of the World Trade Organization told Reuters on Tuesday that she expects that global trade forecasts will be revised lower from the current 3% for 2022, citing the ongoing Russia-Ukraine war and related food and energy crises. "We are in the middle of revising our forecasts now but it's not looking very promising. All the indicators are pointing to downside numbers," Director-General Ngozi Okonjo-Iweala told Reuters in an interview. "Grosso modo the outlook is looking gloomy," she said, without giving exact estimates. The WTO already revised down its forecast for global trade growth this year to 3% from 4.7% in April.

☆ Does FedEx's bleak outlook flash a warning signal for investors? Here's what the pros say
▼ + stars: | 2022-09-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

FedEx 's bleak preliminary earnings and outlook sent shockwaves through the market and stocks lower during last Friday's trade. And the World Trade Organization similarly painted a grim picture, with an August report pointing to "stagnating global trade growth." It's one of those tea leaves you can take when you look at the global economy. Investors are not entirely sure which way the global economy, inflation and growth are going. "Investors are not entirely sure which way the global economy, inflation and growth are going.

☆ US raises tariffs on European-built aircraft in ongoing dispute over subsidies
▼ + stars: | 2020-02-15 | by ( ) www.cnbc.com time to read: +4 min

The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies. EU officials have said they want to negotiate with Washington but will not be bullied into submission. EU officials had no immediate comment on Friday's news. The WTO in October had awarded Washington the right to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. "The EU and Airbus could end these tariffs by finally complying with their legal obligations, ending these illegal subsidies, and addressing their ongoing harm.

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