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☆ German minister: Next World Bank boss should be a woman
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 21 (Reuters) - The next World Bank president should be a woman, Germany's international development minister told Reuters in remarks that could strengthen the potential candidacy of Ngozi Okonjo-Iweala, the American-Nigerian head of the World Trade Organization. "As Germany's World Bank governor I say: 'It is time for a woman at the head of the World Bank'," she said on Tuesday. "The World Bank must be a pioneer in fighting poverty and global crises like climate change, biodiversity loss and pandemics." By convention, the World Bank president is a U.S. citizen. Okonjo-Iweala, who holds dual U.S.-Nigerian citizenship, earlier worked at the World Bank.

☆ WTO director general: dispute settlement reform a 'priority'
▼ + stars: | 2023-02-13 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +1 min

DUBAI Feb 13 (Reuters) - The World Trade Organization's director general said on Monday that reforming the body's dispute settlement system is a "priority." When asked whether reforming the process would be a focus of the remainder of her term, which ends in 2025, WTO Director General Ngozi Okonjo-Iweala said "Absolutely. The WTO's trade dispute arbitration system, which rules on top disputes, has been stalled for more than two years due to Trump-era blockages of adjudicator appointments. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's dispute system. The United States has criticized the WTO's alleged overreach and lengthy processes and it has strongly contested some of its recent rulings against the United States.

☆ A subsidy arms race is kicking off between Europe and America
▼ + stars: | 2023-02-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +10 min

This premium is expected to shrink as clean energy technologies become more advanced and infrastructure to produce them is scaled up. Most of the money the IRA has earmarked for clean energy initiatives comes in the form of tax credits. In the meantime, government officials are lobbying the United States to rethink parts of the IRA. “Europe and other allied countries have nothing to fear from the Inflation Reduction Act and quite a bit to gain,” said Brian Deese, Biden’s top economic adviser. The fight over green subsidies also comes as geopolitical tensions are pushing countries to focus on greater localization of production — not just for green energy, but also for sensitive technologies like computer chips.

☆ Decoupling of the global market will be very costly for the world, WTO chief says
▼ + stars: | 2023-02-08 | 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 EmailDecoupling of the global market will be very costly for the world, WTO chief saysWorld Trade Organization director-general Ngozi Okonjo-Iweala discusses geopolitical tensions and the risk of global fragmentation.

☆ World Trade Organization head wants to 'double or triple' Africa's share of global trade
▼ + stars: | 2023-02-02 | by ( Nell Lewis | ) edition.cnn.com time to read: +5 min

The World Trade Organization (WTO) projected in October that after growing by 3.5% in 2022, trade volumes will increase by just 1% in 2023. Either way, Africa may start to reap the benefits of a free trade deal that came into effect in 2021. The landmark African Continental Free Trade Area (AfCFTA) agreement created the world’s largest new free trade area since the establishment of the WTO. What do they need and what are they telling you in terms of doing cross-border trade on the African continent? What we’ve seen during the pandemic is that Africa needs to get its own manufacturing capacity, and this falls right back into what can make the continental free trade area work.

☆ U.S. wants World Trade Organization dispute system fixed by 2024
▼ + stars: | 2023-01-26 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

The WTO's appeals bench, which rules on top disputes, has been mothballed for over two years due to Trump-era blockages of adjudicator appointments. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's dispute system. "Our goal is a fully functioning (dispute system) by 2024," Deputy United States Trade Representative Maria Pagan told Reuters in her first public comments on the closed-door talks, saying Washington was "very committed" to reforms. The United States has criticized the WTO's alleged overreach and lengthy processes and it has strongly contested some of its recent rulings against the United States. Pagan described the process as "frustrating" but said she was hopeful a breakthrough had been found, without elaborating.

"At the same time, we're estimating a mild recession in Europe and the United States that offset it. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, pointed out that the reopening could help supply chains work better and also boost consumer demand. CHINA-US TENSIONSAdjacent to the discussions on China's reopening was what it could mean for its existing tensions with the United States over issues such as technology, trade and Taiwan, which several WEF delegates expressed concern over. "I think both the U.S. and China will be hurt, which doesn't just mean the national entities but workforces, people will be hurt." For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

☆ DAVOS 2023: WTO sticks with 1% projection for growth in global trade
▼ + stars: | 2023-01-20 | by ( Brenda Goh | ) www.reuters.com time to read: 1 min

Davos, SWITZERLAND Jan 20 (Reuters) - The head of the World Trade Organization (WTO) said on Friday it was sticking with its 1% projection for global trade growth in 2023 - for now. Director general Ngozi Okonjo-Iweala said the WTO was not revising down its projection. World trade is thought likely to have lost momentum in the second half of 2022 and to remain subdued in 2023 as multiple shocks weigh on the global economy. In October, WTO economists predicted a 1% increase in global merchandise trade volumes for 2023, down sharply from the previous estimate of 3.4%. Editing by Leela de Kretser and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Global trade rethink: 'race of the big pockets'?
▼ + stars: | 2023-01-19 | by ( Mark John | ) www.reuters.com time to read: +5 min

SummarySummary Companies US climate bill concerns dominate Davos trade talkSome fear "rich-country game" of rising state subsidiesRevamped globalisation must benefit all, Davos toldDAVOS, Switzerland, Jan 19 (Reuters) - The United States pitched its vision of "worker-centric" trade. "I am very concerned," World Trade Organization (WTO) chief Ngozi Okonjo-Iweala told Reuters on the sidelines of the meeting in Davos, Switzerland. Three decades of free global trade have, the International Monetary Fund estimates, lifted more than a billion people out of extreme poverty. The United States notably built into its trade pact with Mexico a mechanism for identifying and dealing with the denial of worker rights. U.S. Trade Representative Tai told a panel on Wednesday the United States wanted to "lead a conversation" on a new version of globalisation.

☆ Davos 2023-Be careful on 'friend-shoring', WTO's Ngozi warns
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 19 (Reuters) - Trade blocs seeking to skirt geopolitical risk by "friend-shoring" activities to like-minded countries should be careful which commerce partners they favour, World Trade Organization chief Ngozi Okonjo-Iweala said on Thursday. U.S. Treasury Secretary Janet Yellen and others have used the term to encourage countries to diversify supply chains away from China to market-oriented democracies such as India. Speaking on the sidelines of the World Economic Forum in Davos, Okonjo-Iweala urged caution, citing the need to explore trade opportunities more widely with those countries and regions that until now have been left on the margins of world trade. "If you do it outside, you are in for a free-for-all and I don't think that would be for the benefit for anyone." Reporting by Mark John in Davos Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ WTO chief rebukes countries over stalled fishing negotiations
▼ + stars: | 2022-12-20 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

GENEVA, Dec 20 (Reuters) - The head of the World Trade Organization chided countries for failing to make headway on negotiations covering fishing and agriculture because of infighting over who should lead them. Delegates told Reuters that a proposal was floated for Turkey and Norway's ambassadors to lead the agricultural and fisheries negotiations but these choices were rejected by India, delegates said. "Six months of not negotiating is not acceptable," WTO Director-General Ngozi Okonjo-Iweala told countries in a closed-door meeting of its General Council, according to remarks relayed by the body's spokesperson late on Monday. "While WTO members are not doing the job, fish stocks continue to decline at an alarming rate," said Remi Parmentier, director of the Varda Group, a think-tank focused on biodiversity. WTO spokesperson Dan Pruzin told journalists it was "never easy" to choose chairs of negotiations but said this case was proving "particularly difficult", without elaborating.

☆ WTO chief rebukes countries over stalled negotiations
▼ + stars: | 2022-12-19 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

GENEVA, Dec 19 (Reuters) - The head of the World Trade Organization on Monday chided countries for failing to make headway on negotiations because of infighting over who should lead them. The WTO broke a multi-year deal-making drought in June by clinching a series of agreements at a major trade conference in Geneva in June, including a fisheries deal. "Six months of not negotiating is not acceptable," WTO Director-General Ngozi Okonjo-Iweala told countries in a closed-door meeting of its General Council on Monday, according to remarks relayed by the body's spokesperson. Delegates told Reuters that a proposal was floated for Turkey and Norway's ambassadors to lead the agricultural and fisheries negotiations but these choices were rejected by India and Pakistan. WTO spokesperson Dan Pruzin told journalists it was "never easy" to choose chairs of negotiations but said this case was proving "particularly difficult", without elaborating.

☆ China's economy will pick up pace following new COVID rules: CCTV cites Premier Li
▼ + stars: | 2022-12-08 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: People walk across a street during morning rush hour, following the outbreak of the coronavirus disease (COVID-19), in the Central Business District (CBD) in Chaoyang District, Beijing, China November 21, 2022. REUTERS/Tingshu Wang/File Photo(Change the number of meetings in last paragraph from one to multiple)BEIJING (Reuters) - China’s economic growth will keep picking up pace with the implementation of the newly-announced anti-COVID adjustment measures, state media CCTV quoted Premier Li Keqiang as saying on Thursday. China will also keep the yuan exchange rate basically stable, and this is also conducive to safeguarding global supply chain stability, CCTV said. Li made the remarks during meetings with World Bank President David Malpass, IMF Managing Director Kristalina Georgieva and WTO Director-General Ngozi Okonjo-Iweala, CCTV said. (This story has been refiled to change the number of meetings in last paragraph from one to multiple.)

☆ Friendshoring makes sense if done in the right way
▼ + stars: | 2022-12-05 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

These examples explain the enthusiasm for “friendshoring”, an idea U.S. Treasury Secretary Janet Yellen is pushing. First, it could provoke an all-out trade war – causing the kinds of disruptions that friendshoring is intended to prevent. Things would be different if China was the West’s implacable enemy in the way that Putin’s Russia is. Using friendshoring in a defensive rather than aggressive way means focusing on strategic products. While it makes sense to cut its dependency on China, that doesn’t mean going all the way to zero.

☆ IMF and WTO leaders warn don't 'pull the plug' on global trade
▼ + stars: | 2022-11-29 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The leaders of the International Monetary Fund and the World Trade Organization on Tuesday warned against the negative impact of deglobalization for the global economy, arguing instead for smart moves to diversify supply chains. "Don't pull the plug on trade that makes us all better." WTO Director-General Ngozi Okonjo-Iweala, speaking at the same news conference, echoed that view, noting a WTO estimate that breaking the global economy into two trading blocs would reduce global gross domestic product by 5% in the longer term. "Retreating from trade, being protectionist will make it harder - not easier - to solve the problems we have now," Okonjo-Iweala said. She said data pointed to even lower global growth next year than the 2.7% rate the IMF had projected in mid-October.

☆ IMF's Georgieva, WTO leader: Don't 'pull the plug' on global trade
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - The leaders of the International Monetary Fund and the World Trade Organization on Tuesday warned against the negative impact of deglobalization for the global economy, arguing instead for smart moves to diversify supply chains. IMF Managing Director Kristalina Georgieva told reporters after a meeting with German Chancellor Olaf Scholz that globalization was facing its biggest challenge since World War Two in the wake of the COVID-19 pandemic and Russia's war in Ukraine. "Don't pull the plug on trade that makes us all better." WTO Director-General Ngozi Okonjo-Iweala said the WTO estimated that breaking the global economy into two trading blocs would reduce global gross domestic product by 5% in the longer term. Reporting by Andreas Rinke and Andrea Shalal Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ The world can harness trade to save the planet
▼ + stars: | 2022-11-21 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

But the right trade policies can also do a lot to save the planet. The first step is to have even-handed carbon tariffs. The World Trade Organization is worried that imposing carbon tariffs in an uncoordinated way could damage global trade and is working on a framework to avoid this. Global trade is struggling following the Covid-19 pandemic, Russia’s invasion of Ukraine and tension between China and America. By COP28, they and other countries should drive forward trade policies to save the planet.

The move angered foreign governments and foreign-owned carmakers who say the change will disqualify a majority of their EV fleets from North American markets. "But it should not have negative side effects on their European allies and the European economy." South Korean President Yoon Suk-yeol also spoke to Biden about the issue during a bilateral meeting at the G20 summit, according to Yoon’s office. The Treasury is working to define the rules for some $278 billion worth of tax credits on EVs, solar and wind power investments and a range of other technologies. While a number of countries have said the U.S. tax credits likely violate World Trade Organization rules, none have sought to file a formal challenge.

☆ 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.

☆ 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.

☆ 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."

☆ Watch CNBC's full interview with WTO Director-General Ngozi Okonjo-Iweala
▼ + 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 EmailWatch CNBC's full interview with WTO Director-General Ngozi Okonjo-IwealaNgozi Okonjo-Iweala, WTO director-general, speaks to CNBC’s Dan Murphy at COP27 about the world’s food and energy crises and the global economic outlook, saying: “I am quite worried."

☆ 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."

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