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WTO forecasts global trade rebound but warns of potential risks
By Globe Banner | Apr 10, 2024
In its recent "Global Trade Outlook and Statistics" report, the World Trade Organization (WTO) predicts a recovery in global trade for 2024. The report suggests that easing inflationary pressures will help boost real incomes, particularly in advanced economies, thereby increasing the consumption of manufactured goods. This positive trend is already visible with improved indices of new export orders at the start of the year.
WTO reviews six regional trade agreements focusing on economic cooperation
By Globe Banner | Apr 8, 2024
The World Trade Organization (WTO) members recently reviewed six regional trade agreements during a committee meeting. The discussions covered various agreements involving ASEAN, Japan, the European Union, the United Kingdom, and Pacific Island countries.
Türkiye initiates safeguard probe on ethyl acetate imports
By Globe Banner | Apr 8, 2024
Türkiye has informed the World Trade Organization's Committee on Safeguards of its initiation of a safeguard investigation into ethyl acetate, starting from April 6, 2024. The notification to the WTO was made on April 8, 2024.
WTO opens registration for public forum focusing on re-globalization
By Globe Banner | Apr 4, 2024
The World Trade Organization (WTO) has opened online registration for its 2024 Public Forum, which will focus on the theme of re-globalization and its potential to make trade more inclusive. The event will also delve into the roles of digitalization, services, and sustainability in achieving this inclusivity.
Australia and China resolve wine duties dispute through WTO
By Globe Banner | Apr 3, 2024
Australia and China have reached a mutually agreed solution in their dispute over wine duties. On March 29, both countries submitted a notification to the World Trade Organization's (WTO) Dispute Settlement Body regarding dispute DS602, titled "China — Anti-Dumping and Countervailing Duty Measures on Wine from Australia." This notification was shared with WTO members on April 3.
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.
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.
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.”
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.
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.
Japan allocates funds to WTO's Global Trust for developing economies
By Globe Banner | Mar 13, 2024
The World Trade Organization (WTO) has announced that Japan is contributing EUR 115,000 to the WTO's Global Trust Fund. This fund supports training programs for government officials from developing economies and least-developed countries (LDCs). Over the past two decades, Japan's contributions to WTO trust funds have totalled nearly EUR 13.5 million.
Sweden pledges SEK 27 million to EIF interim facility for LDC economic growth
By Globe Banner | Feb 28, 2024
The World Trade Organization (WTO) has announced a contribution of SEK 27 million from Sweden, aimed at supporting least-developed countries (LDCs) in maintaining economic growth. The funds will be directed towards the Enhanced Integrated Framework (EIF), specifically to the newly established EIF Interim Facility. This commitment was confirmed during a meeting attended by Per-Arne Hjelmborn, the Director General for Trade Policy at the Ministry of Foreign Affairs, and Ratnakar Adhikari, Executive Director of EIF.
Korea contributes USD 1 million to WTO fisheries funding
By Globe Banner | Feb 25, 2024
The World Trade Organization (WTO) has announced that the Republic of Korea has pledged USD 1 million to support the implementation of the Agreement on Fisheries Subsidies for developing members and least-developed country (LDC) members. The contribution was made by Inkyo Cheong, Trade Minister of the Republic of Korea, to WTO Director-General Ngozi Okonjo-Iweala.
Haiti accepts Fisheries Subsidies Agreement
By Globe Banner | Feb 22, 2024
The World Trade Organization (WTO) has confirmed that Haiti has officially accepted the Agreement on Fisheries Subsidies. The acceptance was formalized by Ambassador Justin Viard, who presented Haiti's instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala. This brings the total number of WTO members who have ratified the agreement to 61.