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☆ WTO sees "subpar" 2023 trade growth with multiple risks
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

Summary WTO raises 2023 global trade growth f/cast to 1.7% (prev 1.0%)2022 goods trade growth 2.7% vs Oct forecast of 3.5%WTO chief urges countries to limit export curbs on foodGENEVA, April 5 (Reuters) - The World Trade Organization raised its forecast for global trade growth this year, but still predicted a slowdown and warned of risks from the Ukraine war, geopolitical tensions, food insecurity, inflation and monetary policy tightening. The Geneva-based trade body said on Wednesday that merchandise trade volumes would increase by a "subpar" 1.7% in 2023. For 2022, it said a downturn in the final quarter resulted in trade growth of 2.7%, lower than its previous 3.5% forecast. The WTO said goods trade growth should rebound to 3.2% in 2024 as economic expansion picks up, but warned this forecast was particularly uncertain, with multiple downside risks. The WTO said trade growth had held up despite global tensions and the threat of fragmentation into competing trading blocs, which could reduce global economic output by 5%, had so far been avoided.

The Chinese Embassy in Washington called self-ruled Taiwan "an inalienable part of China" and said the one-China principle was an "overwhelming trend" internationally. When Taiwan temporarily averted a split with Honduras after President Xiomara Castro took office in January 2022, U.S. State Department officials remained wary. The Biden administration is also keeping a close eye on tiny Belize for any cracks in its Taiwan relationship. Two U.S. officials said Washington was putting less stock in Taiwan maintaining its diplomatic allies in favor of efforts to increase its participation in international organizations. While denied a seat in the United Nations, Taiwan is a member of the WTO and the Asia-Pacific Economic Cooperation forum.

☆ China urges WTO to sift US-led chip export curbs
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - China has urged the World Trade Organization to scrutinise US-led technology export restrictions aimed at curbing its ability to make advanced chips, state television said on Wednesday. On Tuesday, the commerce ministry said Beijing wasseriously concerned about Japan's export curbs on chip-making equipment and called for it to correct its "wrong practice". The move of the three nations in alignment to curb chip exports to China "violates the fairness and transparency principles of WTO", CCTV said. Last week, without specifying China as the target, Japan had said it would restrict export of 23 types of semiconductor manufacturing equipment, a move in line with Washington's curbs announced last October. China has accused the U.S. of being a "tech hegemony" and urged the Netherlands not to follow it.

☆ China urges the World Trade Organization to sift U.S.-led chip export curbs
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: +1 min

A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. China has urged the World Trade Organization to scrutinize U.S.-led technology export restrictions aimed at curbing its ability to make advanced chips, state television said on Wednesday. Chinese representatives told a regular WTO meeting this week that Japan, the Netherlands and the United States should report their plans and subsequent measures to the body, which it urged to step up supervision on the matter, broadcaster CCTV said. On Tuesday, the commerce ministry said Beijing was seriously concerned about Japan's export curbs on chip-making equipment and called for it to correct its "wrong practice." The move of the three nations in alignment to curb chip exports to China "violates the fairness and transparency principles of WTO," CCTV said.

☆ Australia bans TikTok on government devices over security concerns
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +4 min

[1/2] The logo of Chinese-owned video app TikTok is seen on a smartphone in front of an image of the Australian national flag in this illustration picture taken April 4, 2023. REUTERS/Tingshu Wang/IllustrationSYDNEY, April 4 (Reuters) - Australia banned TikTok on Tuesday from all federal government-owned devices over security concerns, becoming the latest U.S.-allied country to take action against the Chinese-owned video app. TikTok's Australia and New Zealand General Manager Lee Hunter said TikTok should not be singled out. "Things are going well, but of course, it'll take some time to turn this ship around," Trade Minister Don Farrell told Sky News, referring to prospects for improving trade relations. TikTok has said the administration of President Joe Biden demanded its Chinese owners divest their stakes or face a potential U.S. ban.

☆ EU agrees on retaliation to counter economic coercion
▼ + stars: | 2023-03-28 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Representatives of the European Parliament and the Council, the grouping of EU countries, reached a provisional deal on the anti-coercion instrument (ACI) early on Tuesday. EU members have accused the administration of former U.S. President Donald Trump and China of using trade as a political tool. Under the ACI, EU governments would vote on whether a third country's economic measure amounted to coercion. If dialogue failed, the bloc could impose restrictions, such as higher import tariffs or limited access to EU public tenders. Some EU countries had been sceptical about the measure over concerns it could be protectionist and spark trade wars.

☆ Can the U.S. See the Truth About China?
▼ + stars: | 2023-03-27 | by ( David Marchese | ) www.nytimes.com time to read: +14 min

Photo illustration by Bráulio Amado Talk Can the U.S. See the Truth About China? To see China solely as trying to displace the United States is only going to stoke more fears. The Chinese people believe that a substantially weakened Russia might not be in the interest of China, because if there were the sense that the United States needed to seek out an opponent, China would be next. And then also, the United States thinks that China wants to displace it. The industrial espionage stems from a lack of appreciation from the start of intellectual property, and the United States, by pushing China to do more intellectual-property protection, is actually good for China.

☆ How Biden's climate plan could steal business from Europe
▼ + stars: | 2023-03-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden has a plan to boost clean energy in the United States, but European politicians worry it could drive companies and investment away from Europe. The U.S. Inflation Reduction Act has promised $369 billion – an unprecedented amount – on climate and energy policies, including, among many other things, tax credits for consumers getting new electric vehicles. "The Inflation Reduction Act represents a historic investment in clean energy and green technology. We urge other countries to follow the United States' lead and pass their own versions of this legislation," the spokesperson said. CNBC heads to Sweden to find out how these trade tensions are making businesses reconsider their investment plans.

☆ Alternative to WTO trade arbitration gains steam as Japan joins
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

The top appeals bench of the global trade watchdog which rules on trade disputes has been idle for more than two years because of holds on appointments during the administration of former President Donald Trump. The United States, which continues to resist regular calls to approve appointments, is instead leading private discussions on how to reboot the dispute system. Japan, a regular user of the WTO dispute system including in a recent case with South Korea, is the 26th member to join the alternative arrangement, according to the MPIA website. "Japan's membership may increase pressure on wavering potential members, like the United Kingdom and South Korea," Dmitry Grozoubinksi, Executive Director of the Geneva Trade Platform told Reuters. He added that its adhesion would offer a legal path forward for any future disputes between Japan and China, since they are both members.

☆ WTO's first female director-general: My primary responsibility is doing my job well
▼ + stars: | 2023-03-10 | by ( Tania Bryer | ) 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's first female director-general: My primary responsibility is doing my job wellOn International Women's Day, CNBC's Tania Bryer spoke to Dr. Ngozi Okonjo-Iweala, director-general of The World Trade Organization, about the biggest challenges facing women and girls, progress on gender equality within the WTO and worldwide and her responsibility to inspire other women.

☆ WTO's first woman director: My primary responsibility is doing my job well
▼ + stars: | 2023-03-09 | 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's first woman director: My primary responsibility is doing my job wellNgozi Okonjo-Iweala, director-general of the World Trade Organization, says "women will be more successful when we're no longer talking about their being the first to do anything."

☆ In economics, women's voices still struggle to be heard
▼ + stars: | 2023-03-08 | by ( Maria Martinez | ) www.reuters.com time to read: +5 min

There seems to be a lot to celebrate on International Women's Day in the field of economics. Women head the International Monetary Fund, the World Trade Organization, the U.S. Treasury and the European Central Bank. "The pervasive underrepresentation of women in economics is systemic and structural," Ngozi Okonjo-Iweala, the first woman to head the World Trade Organization, told Reuters. "There are no women in the textbooks and most big names in economics are men," said Sandra Kretschmer, economics researcher and member of the Women in Economics Initiative. Women and men tend to have different research interests, said Alisa Weinberger, economics researcher at Goethe.

March 6 (Reuters) - Companies labeling their meat, poultry, or eggs as a U.S. product must raise and slaughter the animals within the country under a new rule proposed by the Biden administration on Monday. The administration and U.S. Department of Agriculture (USDA) pledged to review the "Product of USA" and "Made in the USA" label standards for meat early last year as part of a broader strategy to encourage competition in the economy as a whole and in the highly consolidated meat sector. "American consumers expect that when they buy a meat product at the grocery store, the claims they see on the label mean what they say," Agriculture Secretary Tom Vilsack said in a statement. U.S. meat labeling has been contentious for years. The "Product of the USA" label will remain voluntary under USDA's proposed rule.

SEOUL, March 6 (Reuters) - South Korea will halt a World Trade Organization (WTO) dispute process sparked by a complaint against Japan as the two countries discuss Japan's export curbs on high-tech materials to South Korea, the two countries' trade ministries said on Monday. In July 2019, Japan imposed export curbs on materials used in smartphone displays and chips amid a decades-old row with Seoul about South Koreans who said they were forced to work under Japan's 1910-1945 occupation of Korea. As South Korea has proposed its companies would compensate those people, both countries will quickly begin discussions to return export curbs to their pre-July 2019 state, the ministries said on Monday. "The suspension of the WTO dispute resolution process is not really a withdrawal... but a pause," said Kamchan Kang, director-general at Korea's trade ministry. Reporting by Joyce Lee and Heekyong Yang; Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Women leaders sidelined at multilateral organizations, new study shows
▼ + stars: | 2023-03-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

The study, to be released during this week's meeting of the United Nations Commission on the Status of Women, called for proportional representation of women at every level of multilateral organizations, from field offices to headquarters, as well as in secretariats and governing bodies. "But I also believe that women bring this combination of leadership, wisdom and empathy, and sometimes, an even greater understanding of what is happening in the world." Since 1945, the 33 institutions studied have had 382 leaders, but only 47 were women, the report showed. And despite recent progress, only one-third of the institutions are currently headed by women. GWL Voices said it would release a more extensive version of the report in September that would also look at the senior management teams and governing bodies of the 33 institutions.

Under the plan, South Korea would compensate former forced labourers through an existing public foundation funded by private-sector companies, South Korea's Foreign Minister Park Jin told a briefing. SOUTH KOREAN FUNDSRelations plunged to their lowest point in decades after South Korea's Supreme Court in 2018 ordered Japanese firms to pay reparations to former forced labourers. Overall there are fewer than 1,300 living victims of forced labour in South Korea, according to media estimates. The South Korean companies include KT&G (033780.KS), Korea Electric Power Corp (KEPCO) (015760.KS) and other companies that benefited from a 1965 treaty between South Korea and Japan. Asked whether Japanese companies would pitch in to compensate, Park said both Japanese and South Korean businesses were considering a plan to contribute.

☆ South Korea, Japan near landmark deal on wartime labour dispute - media
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +4 min

The labour dispute and one over women forced into Japanese military brothels have bedevilled ties between the two pivotal U.S. allies for years. South Korea's foreign ministry, asked about the reported agreement, said negotiations were ongoing. The row spilled over into a trade dispute. 'VOLUNTARY' FUND, SUMMITSeoul unveiled a plan in January to compensate former forced labourers through a South Korean public foundation. The fund would be jointly formed by the Federation of Korean Industries, South Korea's big business lobby, and its Japanese counterpart, Keidanren, the report said.

For many economists, globalization appears to have stalled after three decades of low inflation, easy credit, China's integration into the world economy and a relatively peaceful period. As a share of global GDP, trade likely increased from the previous year's 57% and exports as per World Bank data. It is not really evident in the data," Nicita says, estimating that global trade grew by about 3% last year, at a pace similar to the global economy. "Trade and globalization are not on the wane, but they are changing," she told the Chatham House Global Trade Policy Forum in November, citing growth in service- and digital-based trade. UNIPOLAR V MULTIPOLARThis 'regionalization' will continue assuming Beijing's economic, trade and financial ties to the U.S. gradually loosen.

☆ Ukraine war's impact on trade not as bad as expected: WTO
▼ + stars: | 2023-02-23 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

The global trade watchdog had forecast just 3% growth for 2022 as the conflict caused major disruptions to exports including wheat and fuels. However, WTO Chief Economist Ralph Ossa, presenting its latest analysis of the war's impact on trade, said global trade had "held up well". Ossa added that global trade was resilient because WTO members showed restraint in their use of export restrictions. Some countries previously reliant on imports from Ukraine swapped one food product for another, the WTO report said, switching for example from wheat to rice. During the same period, Russia's exports increased by 15.6% due to higher prices for fuels, fertilisers and cereals, the WTO said.

☆ 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.

☆ Analysis: Shock of war hits a world economy at the crossroads
▼ + stars: | 2023-02-10 | by ( Mark John | ) www.reuters.com time to read: +6 min

But its deeper impact will be felt in how the conflict plays into shifts that were already reshaping the global economy before Russia's tanks rolled in. Economic sanctions on Moscow came as hurdles to world trade were mounting after an era of rapid globalisation. Reuters GraphicsReuters GraphicsReuters GraphicsNO ENDGAME IN SIGHTSome might conclude that means the world economy has taken the conflict in its stride. That would take the outlook for both the global economy and wider peace into uncharted territory. For the economy, the risk is that energy prices - and hence inflation - will be squeezed higher if shortfalls are not met.

☆ 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.

☆ Green subsidy race may be what the world needs
▼ + stars: | 2023-02-06 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Elsewhere carbon taxes are low and patchy, as in China, or virtually non-existent, as in the United States. RACE TO THE TOPThat said, the prospects for combating climate change are much better now that America is throwing money at green technologies. Competition between China, the United States and the EU to supply this kit will also benefit consumers in other parts of the world. The United States could align its green subsidies with its “friendshoring” plan, which aims to build up supply chains in friendly countries. Even with such supporting policies, a global green subsidy race will remain a second-best option.

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