Tag: wto

NEWS

Barbados Heads WTO MSMEs Working Group

Barbados now chairs the World Trade Organization’s Informal Working Group on Micro, Small, and Medium-sized Enterprises. Ambassador and Permanent Representative to the United Nations, the World Trade Organization, and other International Organizations in Geneva, Matthew Wilson, was elected as the new chairperson of the WTO Joint Initiative in Geneva recently.  He took over the role from Ambassador José Luis Cancela […]

NEWS

WTO Urges Move To Trade Ties For Food Security

The World Trade Organization is urging world leaders to strengthen trade ties as food insecurity, and climate change heightens concerns. Deputy Director-General of the WTO Jean-Marie Paugam says the need for countries to use trade to create sustainable and resilient food systems is of fundamental importance in today’s global economy. He was addressing a group of ministers at the recent […]

HEALTH/FOOD

WTO Passes Agreement To Waive Patents For Covid Vaccines

The World Trade Organization (WTO) has passed agreements for the waiving of patents for COVID-19 vaccines. Director-General Ngozi Okonjo-Iweala previously said it was necessary to end the “morally unacceptable” inequity of access to Covid-19 vaccines. The group of 164 countries spent five days at a conference in Geneva negotiating deals that included pledges on health and food security. The partial […]

BUSINESS

WTO Forecast Growth In International Trade

The World Trade Organization (WTO) is predicting that international trade will pick up pace this year at a faster rate than previously predicted. The volume of global trade contracted by 5.3% in 2020, less than expected as the pandemic hit. The WTO is now predicting that global trade will grow 8% this year. According to the organization, while trade for this year will be […]

NEWS

First Black Woman To Lead WTO

Nigeria’s economist and former Finance Minister, Ngozi Okonjo-Iweala is set to become the first woman and the first African to lead the World Trade Organization (WTO). This move comes against the backdrop of South Korean Trade Minister Yoo Myung-Hee withdrawal from the race for the top job. South Korean Trade Minister Yoo Myung-Hee announced her decision to withdraw in a […]

BUSINESS

U.S. vs. China — WTO Rules

The World Trade Organization (WTO) has ruled that tariffs the U.S. imposed on Chinese goods in 2018, triggering a trade war, were inconsistent with international trade rules. The WTO said the U.S. did not provide sufficient evidence to support its assertions that China’s unfair technology theft and state aid justified the imposed border taxes. Chinese officials welcomed the ruling. The […]

NEWS

Trump — “I’m Not A Big Fan Of The WTO”

The World Trade Organization (WTO) has ruled that the U.S. administration’s tariffs on Chinese goods in 2018 were not consistent with international trade rules. The WTO said the U.S. did not provide evidence that its claims of China’s unfair technology theft and state aid justified the border taxes. However, this has not gone down well with U.S. President Donald Trump. […]

NEWS

WTO — Bleak Outlook

The World Trade Organization, Director-General Roberto Azevêdo, said, “the global economy is in its worst downturn since the 1930s.” He opined that economists had painted a grim picture of the economy for the rest of the year. “Their forecast for 2020 estimates that the volume of global merchandise trade will tumble by between 13 and 32 percent compared to the […]

NEWS

WTO Expects Massive Decline In Global Trade

According to the World Trade Organization (WTO), global trade will see a decline of 13 to 32 percent this year as a result of the COVID-19 pandemic. The international organization in a report argues that global trade tensions have led to a 3.2% decline in air cargo volumes in 2019, and current estimates indicate a worsening situation in 2020. Meanwhile, […]