News from October 2024
WTO explores new strategies for advancing stalled agricultural trade talks
By Globe Banner | Oct 10, 2024
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, expressed optimism about advancing farm trade talks following an initiative by Ambassador Alparslan Acarsoy of Türkiye. The initiative outlines two options to move the negotiations forward.
Preqin announces rapid growth in India’s private debt funds
By K. R. Nelson | Oct 10, 2024
Preqin has released a report highlighting the rapid growth of India's private debt funds, with assets under management rising from $0.7 billion in 2010 to $17.8 billion by 2023. This marks a significant outperformance compared to other asset classes in India.
Ecuador joins global effort against harmful fisheries subsidies
By Globe Banner | Oct 9, 2024
Ecuador has formally accepted the Agreement on Fisheries Subsidies, becoming one of 84 World Trade Organization (WTO) members to do so. The agreement, which aims to curb harmful fisheries subsidies, was adopted at the WTO's 12th Ministerial Conference in June 2022. It will come into effect once two-thirds of the membership have accepted it.
Guidelines issued for domestic employee visas linked to employer's immigration status
By Globe Banner | Oct 9, 2024
B-1, A-3, and G-5 visas are designated for domestic employees accompanying their employers on temporary visits or assignments to the United States.
Fulbright celebrates 30 years in Slovakia with reflections on achievements
By Globe Banner | Oct 9, 2024
Ambassador Javorčík, Ambassador Mlynár, colleagues from the Fulbright Commission in Slovakia, Fulbright alumni, and distinguished guests gathered to celebrate the 30th anniversary of the Fulbright Commission in Slovakia.
WTO fish fund steering committee advances towards full operationalization
By Globe Banner | Oct 9, 2024
The recent WTO Fish Fund Steering Committee meeting concentrated on preparing for the full operationalization of the Fish Fund. The gathering included key stakeholders working towards supporting developing and least-developed country members in implementing the Agreement on Fisheries Subsidies.
Government procurement committee approves SME support measures
By Globe Banner | Oct 9, 2024
The Committee on Government Procurement has approved a compilation of best practices to enhance the participation of small and medium-sized enterprises (SMEs) in government procurement. This decision was announced by Martin Zbinden, the chair of the committee. He stated, "This outcome on SMEs is significant. It reflects the efforts that GPA parties have undertaken over the past ten years in the context of the Committee's Work Programme on SMEs."
World Bank report assesses air quality issues and solutions for Tashkent
By Globe Banner | Oct 9, 2024
The World Bank has released a report titled "Air Quality Assessment for Tashkent and the Roadmap for Air Quality Management Improvement in Uzbekistan," which evaluates air quality in Tashkent and proposes a roadmap for enhancing air quality management across Uzbekistan. The report was jointly produced with the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan, supported by the Ministry of Economy and Finance.
World Bank highlights opportunities for growth in Latin America amid structural challenges
By Globe Banner | Oct 9, 2024
Latin America and the Caribbean are projected to experience a growth rate of 1.9 percent in 2024, according to the World Bank's latest report titled "Taxing Wealth for Equity and Growth." The region is expected to grow by 2.6 percent in 2025, which remains the lowest among global regions due to ongoing structural challenges.
WTO's GPA boosts global market access and governance
By Globe Banner | Oct 9, 2024
Key negotiators, current parties of the Agreement on Government Procurement (GPA), and external stakeholders convened to discuss the impact and future of the GPA. They emphasized its role in expanding international market access for public procurement, enhancing sustainability, and promoting good governance. Director-General Okonjo-Iweala highlighted, “This is the first WTO agreement to impose a specific obligation on its signatories to prevent corrupt practices.”
U.S. outlines rules for visas for domestic workers accompanying employers
By Globe Banner | Oct 9, 2024
The United States has outlined specific visa requirements for domestic employees accompanying their employers on temporary visits or assignments.
DDG Hill underscores re-globalization's role in building a resilient global economy
By Globe Banner | Oct 9, 2024
DDG Hill has highlighted the benefits of re-globalization in building a resilient and inclusive global economy. According to Hill, shifts in supply chains are being driven by risk management, cost factors, and emerging technologies. Recent crises such as the COVID-19 pandemic, geopolitical tensions, and extreme weather have exposed vulnerabilities in traditional supply chains. In response, businesses are diversifying suppliers, adopting "just-in-case" strategies, and strengthening local sourcing.
US commits $600K for trade expertise in developing nations
By Globe Banner | Oct 9, 2024
The United States has announced a contribution of USD 600,000 to bolster trade expertise in developing economies and least developed countries (LDCs). This funding aims to enhance understanding of World Trade Organization (WTO) agreements and improve participation in trade negotiations.
WTO conducts trade policy review for Malawi
By Globe Banner | Oct 9, 2024
The World Trade Organization (WTO) is conducting a Trade Policy Review for Malawi. This review process involves an independent report by the WTO Secretariat and a policy statement from the Malawian government. Both documents will be discussed by the WTO's full membership in the Trade Policy Review Body (TPRB).
Preqin releases a report on private equity in France 2024
By R. B. Pepalis | Oct 9, 2024
Preqin has released a fact sheet titled "Private Equity in France 2024," which highlights key sectors such as healthcare, technology, and energy following political shifts in 2024. The consolidation of private equity funds in 2023 contributed to increased capital raising with fewer funds, supported by government initiatives.
WTO calls for swift action on fisheries subsidies amid environmental challenges
By Globe Banner | Oct 8, 2024
The World Trade Organization's Deputy Director-General, Angela Ellard, has called for urgent action on fisheries subsidies to support the Pacific region's sustainability objectives. In a recent address, she emphasized the importance of multilateral efforts in addressing environmental challenges faced by the Pacific Islands.
U.S trade deficit narrows as exports rise and imports fall
By Globe Banner | Oct 8, 2024
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis have reported a decrease in the U.S. goods and services deficit for August 2024. The deficit stood at $70.4 billion, down from $78.9 billion in July.
World Bank aids DRC's fight against mpox with strategic investments
By Globe Banner | Oct 8, 2024
The World Bank has taken significant steps to support the Democratic Republic of Congo (DRC) in combating the mpox epidemic. According to Dr. Michel Muvudi, long-term investment financing has been provided for healthcare and diagnostic infrastructure, with over $2 billion invested in the health sector over the past decade. The World Bank is actively supporting the government's response plan by mobilizing funds for projects like REDISSE and PMNS.
Blinken discusses Middle East issues with Egyptian Foreign Minister
By Globe Banner | Oct 8, 2024
Secretary of State Antony J. Blinken engaged in a conversation with Egyptian Foreign Minister Badr Abdelatty to address various issues concerning the Middle East.
Axel van Trotsenburg discusses global finance challenges at Vienna conference
By Globe Banner | Oct 8, 2024
Thank you, Ms. Milborn, for your introductory remarks. I would also like to thank the financial supervision authority for the kind invitation, which was extended to me by Helmut Ettl and Eduard Müller.