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Trade policies key driver for clean energy transition says WTO Director-General
By Globe Banner | Oct 11, 2024
WTO Director-General Ngozi Okonjo-Iweala emphasized the importance of trade policies in driving renewable energy and efficiency at a high-level event during Trade and Environment Week. She stated that tripling renewable energy production and doubling energy efficiency by 2030 is crucial to meeting Paris Agreement goals. "We are at a pivotal moment where trade policies have become a powerful catalyst for environmental sustainability," she said.
Lithuania donates EUR 20k to boost trade skills in developing economies
By Globe Banner | Oct 11, 2024
Lithuania has contributed EUR 20,000 to the World Trade Organization's Global Trust Fund, aiming to support developing economies and least developed countries (LDCs) in enhancing their trade skills. The fund finances approximately 280 activities annually, providing training at both national and regional levels in areas such as agriculture, services, and trade facilitation. Over two decades, nearly 2,800 activities have been organized under this initiative.
WTO committee discusses boosting developing economies' integration into global trade
By Globe Banner | Oct 11, 2024
The first meeting of the Committee's negotiating session since the 13th WTO Ministerial Conference (MC13) focused on enhancing the integration of developing economies into global trade. At MC13, ministers adopted a Declaration on Special and Differential Treatment to ensure that developing economies, including least developed countries (LDCs), receive timely training and technical assistance for implementing standards or technical regulations.
WTO hosts training for accession countries on market access negotiations
By Globe Banner | Oct 11, 2024
A training course on market access for governments in the process of joining the World Trade Organization (WTO) has concluded in Geneva. The event saw participation from countries including Azerbaijan, Bahamas, Belarus, Bhutan, Iraq, Libya, Somalia, Turkmenistan, and Uzbekistan. The course aimed to guide these nations on preparing initial goods offers and consolidating bilateral market access agreements.
China files WTO complaint against Türkiye over vehicle import measures
By Globe Banner | Oct 11, 2024
China has initiated a dispute complaint against Türkiye regarding measures on vehicle imports. The measures in question include additional duties on electric vehicles, an import certificate requirement, and additional duties on other types of vehicles, as well as investment certificate exemptions. China claims these measures appear to be inconsistent with various provisions of the General Agreement on Tariffs and Trade 1994 and the Agreement on Trade-Related Investment Measures.
WTO reports gradual recovery in global merchandise trade
By Globe Banner | Oct 10, 2024
The World Trade Organization (WTO) has released its October 2024 update on the "Global Trade Outlook and Statistics," highlighting a 2.3% year-on-year increase in global merchandise trade for the first half of 2024. This growth follows a -1.1% decline in 2023, which was influenced by high inflation and rising interest rates. The WTO anticipates moderate expansion in trade through the rest of the year and into 2025, with world real GDP growth expected to remain steady at 2.7% during this period.
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.
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.
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."
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.”
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).
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.
WTO begins search for new Director-General ahead of schedule
By Globe Banner | Oct 8, 2024
The World Trade Organization (WTO) has begun the process of selecting its next Director-General. This initiative is being overseen by Ambassador Petter Ølberg of Norway, who serves as the Chair of the General Council. The selection will follow the WTO's established "Procedures for the Appointment of Directors-General" (WT/L/509).
WTO expands academic network with five new universities for 2025
By Globe Banner | Oct 8, 2024
The World Trade Organization (WTO) Chairs Programme is set to expand its academic network by including five new universities. This expansion will bring the total number of Chairs to 40, enhancing regional and global initiatives and fostering collaboration among academics, policymakers, and trade experts.
WTO discusses legal issues in e-commerce work programme
By Globe Banner | Oct 8, 2024
Members of the World Trade Organization (WTO) have convened to discuss legal and regulatory matters as part of the ongoing work programme on e-commerce. During this meeting, representatives shared insights from their national experiences in shaping a regulatory environment conducive to digital trade. They emphasized the importance of continuing these discussions through dedicated sessions and workshops.
WTO emphasizes role of trade policies in clean energy transition
By Globe Banner | Oct 7, 2024
DDG Ellard has highlighted the critical role of trade policies in facilitating a transition to clean energy. She pointed out that these policies can reduce costs, decarbonize supply chains, harmonize standards, and redirect subsidies towards sustainability. This approach aims to create economic opportunities in emerging low-carbon markets.
World Cotton Day highlights economic successes under President Talon's leadership
By Globe Banner | Oct 7, 2024
This year's World Cotton Day, held for the first time on African soil, highlighted Benin's economic achievements under President Guillaume Athanase Talon's leadership. Director-General Okonjo-Iweala commended Benin for its robust economic performance and effective management.