News from March 2024
IMF announces completion of reviews and augmentation for Egypt's Extended Fund Facility arrangement
By Globe Banner | Mar 30, 2024
The International Monetary Fund (IMF) has confirmed the completion of the first and second reviews of the Extended Fund Facility arrangement for Egypt. The IMF Executive Board approved an increase of the original program by approximately US$5 billion (SDR 3.76 billion).
JPMorgan Chase announces £2.5m renewal with The Careers & Enterprise Company
By Globe Banner | Mar 29, 2024
JPMorgan Chase has recently announced the renewal of its commitment to The Careers & Enterprise Company (CEC), England's national body for careers education. This renewed commitment includes an additional £2.5 million pledge to CEC, with the intention of supporting the organization and building upon insights gleaned from the program's pilot phase.
Binance announces CEO Richard Teng discussed cyber collaboration with Taiwan's High Prosecutor's Office
By Globe Banner | Mar 28, 2024
Binance, the world's largest cryptocurrency exchange, has revealed that its CEO Richard Teng recently met with Chief Prosecutor Chang, Tou-Hui of Taiwan's High Prosecutor's Office. The meeting aimed to explore potential collaboration in preventing cybercrime.
China challenges US tax credits for electric vehicles at WTO
By Globe Banner | Mar 28, 2024
China has initiated a dispute with the United States at the World Trade Organization (WTO) concerning specific tax credits under the US Inflation Reduction Act. These credits are designed to encourage the production of electric vehicles and renewable energy projects. The request for consultations was shared with WTO members on March 28, 2024.
WTO announces Canada increases STDF aid with CAD 250,000
By Globe Banner | Mar 27, 2024
The World Trade Organization (WTO) has announced that Canada is contributing CAD 250,000 to the Standards and Trade Development Facility (STDF). This contribution is aimed at assisting developing economies and least-developed countries in meeting global food safety and trade standards. With this recent contribution, Canada's total support to the STDF has reached nearly CHF 7.5 million since 2005.
WTO discusses digital trade impact amid pandemic challenges
By Globe Banner | Mar 27, 2024
World Trade Organization (WTO) members convened to discuss the impact of the COVID-19 pandemic on digital and remittance services during events held on March 25 and 27. These discussions were organized under the Committee on Trade in Financial Services and the Council for Trade in Services.
Nordea updates allocation framework impacting business area results starting 2024
By Globe Banner | Mar 26, 2024
Nordea has announced an update to its internal allocation framework, effective from the beginning of 2024.
WTO opens applications for regional workshop on trade and public health
By Globe Banner | Mar 26, 2024
The World Trade Organization (WTO) is organizing a Regional Workshop on Trade and Public Health in Rabat from May 28 to 30, 2024. The workshop is aimed at government officials from WTO members and observers in French-speaking Africa. Applications for participation are open until April 3, 2024.
Committee agrees on market access sessions; addresses trade concerns
By Globe Banner | Mar 26, 2024
Members of the Committee on Market Access (CMA) have agreed on a timetable for thematic sessions in 2024, focusing on supply chain resilience and promoting a greener Harmonized System (HS). This system is used to classify traded goods in collaboration with the World Customs Organization (WCO). The meeting, held on March 25-26, also addressed numerous trade concerns and elected Mr. Kenya Uehara of Japan as interim Chair.
WTO releases report on Australian duties on Chinese products
By Globe Banner | Mar 26, 2024
The World Trade Organization (WTO) has released a panel report on March 26, 2024, concerning the dispute initiated by China against Australia. The case, titled "Australia — Anti-Dumping and Countervailing Duty Measures on Certain Products from China" (DS603), addresses Australia's imposition of duties on specific Chinese goods.
Students engage in Model WTO simulation focusing on trade subsidies
By Globe Banner | Mar 26, 2024
On March 26, over 60 students from various parts of the world participated in the final session of "Model WTO," a week-long simulation of World Trade Organization (WTO) negotiations. This event is organized annually by students from St. Gallen University with support from the WTO.
WTO hosts discussion on women's role in global trade
By Globe Banner | Mar 26, 2024
An event titled "A joint conversation on women’s economic empowerment," hosted by the World Trade Organization (WTO) and the Enhanced Integrated Framework (EIF) on March 26, showcased recent initiatives aimed at addressing gender inequality in trade and fostering women's empowerment.
Chamber of Digital Commerce urges U.S. government to act on behalf of American businessman detained in Nigeria
By Globe Banner | Mar 25, 2024
The Chamber of Digital Commerce has issued an urgent appeal in a blog post titled "Urgent Call to Action: American Citizen and Crypto Sector Worker Kidnapped by Nigerian Government". The Chamber is urging President Biden to "employ every diplomatic measure to ensure" the immediate release of Binance executive Tigran Gambaryan. According to the Chamber's post, Gambaryan was invited to Nigeria under "false pretenses" and was subsequently detained without being charged with any offense.
WTO explores support strategies for least-developed countries transitioning out of status
By Globe Banner | Mar 25, 2024
WTO members convened on March 25, 2024, to discuss strategies for aiding least-developed countries (LDCs) in their transition from the LDC category. The meeting was part of the Sub-Committee on Least Developed Countries, where Ambassador Ib Petersen of Denmark noted, “It is very encouraging to see that WTO members have shown commitment to support a smooth transition for graduating LDCs.”
Kimer Med signs contract with Battelle Memorial Institute for antivral drug work
By Globe Banner | Mar 22, 2024
New Zealand-based biotech firm, Kimer Med, has announced a new contract for the development of antiviral drugs. The project is financed by the U.S.-based Defense Threat Reduction Agency (DTRA).
WTO members advance sixth review of sanitary measures agreement
By Globe Banner | Mar 22, 2024
WTO members have made progress in the Sixth Review of the Operation and Implementation of the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). The discussions took place during a meeting of the SPS Committee from March 20 to 22, 2024. Members also addressed numerous trade concerns at this gathering.
BusinessEurope Reacts to EU Action Plan on Labour and Skills Shortages
By Globe Banner | Mar 20, 2024
BusinessEurope Director General Markus J. Beyrer expressed his organization's stance on the EU action plan on labour and skills shortages, recently unveiled by the European Commission. Beyrer welcomed the publication of the plan, emphasizing the severity of the issue by stating, "With labour and skills shortages hitting our companies and labour markets, we welcome today’s publication of the Commission action plan to address them. This challenge is structural and will be with us for the next generation."In addition to this, Beyrer highlighted the importance of addressing...
No improvement in the EU’s investment environment in 2023
By Globe Banner | Mar 20, 2024
BusinessEurope has just published our 2024 Reform Barometer, which looks at Europe’s global competitiveness performance and evaluates policy decisions.BusinessEurope President Fredrik Persson expressed, "Our key finding is that 88% of our national member federations believe that, having declined significantly between 2020 and 2023, there was no improvement in the attractiveness of the EU's investment environment vis-à-vis our major competitors over the last 12 months. Moreover, over half of our member federations (54%) believe that the regulatory burden for companies...
Asian economies urged to prioritize green initiatives for global competitiveness
By Globe Banner | Mar 19, 2024
In a changing global economic landscape, experts are emphasizing the importance of Asian economies prioritizing green initiatives to maintain their competitive edge. A recent article highlighted the necessity for countries like Bangladesh and Cambodia to adapt to new cross-border environmental regulations or face potential repercussions in global trade.According to the article, one of the speakers noted, "Increasingly, new cross-border environmental regulations like the EU’s carbon tax will leave countries such as Bangladesh and Cambodia little choice but to play catch up...
WTO announces Russia's acceptance of Fisheries Subsidies Agreement
By Globe Banner | Mar 18, 2024
The World Trade Organization (WTO) has declared that the Russian Federation has officially accepted the Agreement on Fisheries Subsidies. The instrument of acceptance from Russia was presented by Ambassador Nikolai Platonov to Director-General Ngozi Okonjo-Iweala, increasing the total number of WTO members who have accepted the agreement to 72.