Marine Link
Friday, March 29, 2024
SUBSCRIBE

World Trade Organization News

20 Oct 2023

Australia Says 'Not Necessary' to Cancel Chinese Firm's Lease on Darwin Port

© Peter / Adobe Stock

Australia said a security review of a 99-year lease held by Chinese company Landbridge on the northern port of Darwin, a key focus of its defense strategy, found it was "not necessary to vary or cancel the lease".In a statement, the prime minister's department said: "Australians can have confidence that their safety will not be compromised, while ensuring that Australia remains a competitive destination for foreign investment".It added that monitoring of security arrangements would continue around the northern port…

01 Mar 2023

WTO Expects Global Trade Slowdown to Be Short-lived

© Lynda / Adobe Stock

Global merchandise trade growth slowed at the end of 2022 and was likely to remain weak in the first quarter of this year, the World Trade Organization said on Wednesday.However, the WTO said any slowdown may be short-lived given that container throughput at Chinese ports and new export orders have already started to pick up, the former following a sharp easing of COVID-19 restrictions in China.The WTO said its goods trade barometer dropped to 92.2 points in March from 96.2 points in November, remaining well below the 100-point baseline dividing above- and below-trend trade volumes.The WTO sai

28 Feb 2023

World Trade Boom Keeps De-globalization at Bay

© Darunrat / Adobe Stock

Globalization may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable.Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, debate has raged over how integrated the global economy will be in the future compared with the previous 30 to 40 years.'Globalization' is an amorphous subject. According to the International Monetary Fund, economic globalization refers to "the increasing integration of economies around the world…

21 Nov 2022

The World Can Harness Trade to Save the Planet

© SHUTTER DIN / Adobe Stock

Trade is a major cause of global warming. Think of all those goods travelling from far away on polluting ships – and raw materials and components whizzing across the world in complex supply chains.But the right trade policies can also do a lot to save the planet. The solution is to tax trade in carbon-intensive goods and get rid of tariffs on clean ones – while also subsidising green technologies and stopping aid to dirty ones. And to do all this fairly.Trade wasn’t prominent at COP27, the United Nations climate conference which just finished in Egypt.

08 Sep 2022

South Africa Halts Orange Exports Due to Fungus

© andrewhagen / Adobe Stock

South Africa, one of the world's biggest citrus exporters, will voluntarily stop shipments of valencia oranges to the European Union (EU) from areas affected by a fungal disease, the citrus growers' association said on Wednesday.The decision to halt exports to the EU comes after 10 incidents in which the fungal disease was detected on South African citrus, Citrus Growers' Association (CGA) Chief Executive Justin Chadwick said in a statement.Chadwick said the voluntary decision was meant to safeguard South Africa's long-term access to the EU…

07 Mar 2022

US House to Vote as Soon as Tuesday on Russia Energy Import Ban

© momentscatcher / Adobe Stock

The U.S. House of Representatives is set to vote as soon as Tuesday on legislation seeking to ban the import of Russian energy products and suspend normal trade relations with Russia, a congressional aide told Reuters.The text of the proposal is expected later on Monday, the aide said. A group of key tax- and trade-writing lawmakers said in a joint statement that they had "agreed on a legislative path forward to ban the import of energy products from Russia."It also would give President Joe Biden the authority to increase tariffs on goods from Russia and Belarus and would require U.S.

14 Feb 2022

Demand Shock Behind Global Bottlenecks Should Ease in Months -WTO

© Mariusz / Adobe Stock

Global trade bottlenecks are more the result of demand spikes than supply chain snags, with pressure likely to ease in the coming months, the World Trade Organization's chief economist said on Monday.The WTO had thought in October that demand for goods would slow early in 2022. However, that was before the Omicron variant of coronavirus led to curbs on activity, including the postponement of the WTO's ministerial meeting.Chief economist Robert Koopman said consumers had then continued…

16 Nov 2021

WTO Says Goods Trade Slowing Due to Supply Issues, Cooler Demand

© nattanan726 / Adobe Stock

Global goods trade is slowing after a sharp rebound following the initial shock of the COVID-19 pandemic as production and supply disruptions and cooling demand for imports dampen growth, the World Trade Organization said on Monday.The WTO said its goods trade barometer dropped to 99.5 points, close to the baseline of 100, in November following a record reading of 110.4 in August.The Geneva-based trade body said supply shocks, including port gridlock arising from surging import demand in the first half of the year and disrupted production of goods such as automobiles and semiconductors, had co

04 Oct 2021

US Trade Chief Tai Seeks Talks with China, Won't Rule Out New Tariff Actions

© tawatchai1990 / Adobe Stock

Top U.S. trade negotiator Katherine Tai on Monday pledged to exclude some Chinese imports from tariffs imposed by former President Donald Trump while pressing Beijing in "frank" talks over its failure to keep promises made in Trump's trade deal and end harmful industrial policies.Tai said the United States would keep all options open as it continues to push China to stop pouring billions of dollars of state subsidies into its semiconductor, steel and other industries that Washington says harm U.S.

17 Mar 2021

Katherine Tai Confirmed by Senate as US Trade Chief

Katherine Tai (Photo: The White House)

The U.S. Senate on Wednesday voted unanimously to confirm veteran government trade lawyer Katherine Tai as the first woman of color to serve as U.S. Trade Representative, putting her to work enforcing trade deals, confronting China’s trade practices and patching up ties with U.S. allies.The rare 98-0 vote for Tai, a Yale and Harvard-educated daughter of immigrants from Taiwan, reflects support from pro-labor Democrats, traditional free-trade Republicans and China hawks from both parties.Tai…

14 Dec 2020

Leaders Push Brexit Trade Talks Beyond Sunday Deadline

© Kalyakan / Adobe Stock

London and Brussels agreed on Sunday to “go the extra mile” in coming days to try to reach an elusive trade agreement despite missing their latest deadline to avert a turbulent exit for Britain from the European Union’s orbit at the end of the month.British Prime Minister Boris Johnson and the president of the EU’s executive Commission, Ursula von der Leyen had given negotiators a Sunday deadline to find a way to resolve an impasse on arrangements that would guarantee Britain zero-tariff and zero-quota access to the EU’s single market.On Sunday they mandated negotiators to continue…

20 Nov 2020

WTO Sees Trade Rebound, But Likely Year-end Slowdown

© Hor / Adobe Stock

The World Trade Organization said on Friday global trade in goods had rebounded in the third quarter from COVID-19 lockdowns, but predicted a slowdown at the end of 2020.The WTO said its goods trade barometer had risen to 100.7 points from a record low of 84.5 points in August, driven by a surge in export orders. A reading greater than 100 indicates above-trend growth.“The latest reading indicates a strong rebound in trade in the third quarter as lockdowns were eased, but growth is likely to slow in the fourth quarter as pent-up demand is exhausted and inventory restocking is completed…

17 Jun 2020

US Trade Chief Vows to Push for 'Broad Reset' at WTO

© zhu difeng / Adobe Stock

The Trump administration will push for a broad reset of “outdated tariff determinations” at the World Trade Organization to fix what it sees as years of unfair treatment of the United States, a top trade official told U.S. lawmakers on Wednesday.U.S. Trade Representative Robert Lighthizer said the Geneva-based body was “a mess” and changes in the tariffs set by the Geneva-based WTO were urgently needed to better reflect current economic realities.“Many countries with large and developed economies maintain very high bound tariff rates…

20 May 2020

WTO's Goods Trade Index at Record Low Amid COVID-19 Disruptions

© Kalyakan / Adobe Stock

The World Trade Organization (WTO) said on Wednesday its goods trade indicator fell to the lowest level since its launch, indicating global trade was likely to fall “precipitously” in the first half of 2020 due to disruptions caused by COVID-19.The indicator, launched in July 2016, fell to 87.6 from 95.5 in February, the Geneva-based body said. Readings of less than 100 indicate trade below medium-term trends.“The current reading captures the initial phases of the COVID-19 outbreak…

06 May 2020

Port of Los Angeles 2020 Cargo Volume Down 15.5%

(Photo: Port of Los Angeles)

Cargo volume at the Port of Los Angeles is down 15.5% so far this year as the novel coronavirus upends economies around the globe, Gene Seroka, executive director of the busiest U.S. seaport, said on a webcast on Wednesday.April volume was down 6.5% year-over-year as the financial and human toll of the pandemic come into focus in the United States and around the globe.Consumer demand for non-essential items has fallen off the cliff in the United States - where the pandemic is blamed for more than 71…

10 Feb 2020

Japan Takes Second Complaint to WTO Over South Korean Shipbuilding

© Juozas55 / Adobe Stock

Japan launched a second complaint at the World Trade Organization on Monday over support South Korea gives its shipbuilding industry, intensifying a wider dispute between the two Asian countries.Japan said in its filing that it had complained to South Korea on Jan. 31 over measures related to the development, production, marketing and sales of commercial vessels. Japan circulated it to other WTO members on Monday.Washington's two biggest Asian allies are embroiled in a widening…

05 Feb 2020

Japan Takes Shipbuilding Dispute to WTO

The Japanese government has filed a new petition with the World Trade Organization (WTO) against South Korea concerning alleged aid provided by the Korean government to the country’s shipbuilding industry.According to Yonhap, Japan has asked South Korea to discuss the issue which it says is affecting international competition, and if the talks fail, Japan will seek to establish a dispute settlement panel.In November 2018, Japan filed a complaint with the WTO, claiming that South Korea violated existing regulations by providing subsidies to its shipbuilders, resulting in damage to the Japanese industry.In December 2018, the two sides…

13 Nov 2018

ICS Chairman Warns on Global Trade War

International Chamber of Shipping (ISC) Chairman Esben Poulsson has warned of the threats facing the global economy as US trade sanctions against China and other countries risk damaging long-term development.Speaking on behalf of the global trade association for ship owners in Tokyo on 13 November, Poulsson said that the shipping industry had little power to change the geopolitical and trade policies pursued by governments.Esben Poulsson, highlighted serious concerns about the challenge presented by the United States ‘to the proven benefits of multilateralism and the existing global trading order underpinned by a system of international…

13 Nov 2018

Japan Takes South Korea to WTO Over Financial Support for Shipbuilders

Japan has launched a complaint at the World Trade Organization to contest allegedly illegal financial support given by South Korea to commercial shipbuilders, according to a WTO filing published on Tuesday."The measures in question relate to the development, production, marketing, and/or sale or purchase of commercial vessels, including vessels designed to carry crude oil, liquefied natural gas (LNG), and shipping containers," Japan's complaint said.(Reuters, Reporting by Tom Miles; editing by Stephanie Nebehay)

03 Sep 2019

Trump warns China Against Trade Talk Delays

AdobeStock / © Rawf8

U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.The world's two largest economies imposed fresh tariffs on each other on Sunday, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession. U.S. and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.U.S.

01 Oct 2019

As Ocean Fears Gather Pace, WTO Fishing Talks Stall

© photojapan / Adobe Stock

The oceans are under siege, campaigners warn, and fish stocks could collapse unless a global deal is struck swiftly to ban harmful fisheries subsidies. The World Trade Organization, meanwhile, can't agree on who will head the committee to discuss the issue, according to sources close to the negotiations.More than 90 percent of fish stocks are at maximum sustainable levels or overfished, according to the U.N. Food and Agriculture Organization, and environmentalists say a subsidies…

27 Nov 2018

Inside the LNG Shipbuilding Boom

BP Shipping took delivery of British Partner, the first of a half dozen new 173,400 cu. m. capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea. (Photo: BP Shipping)

South Korean shipyards have seemingly boxed out rivals from the market for building large ships carrying liquefied natural gas (LNG), winning all of the orders for the next three years worth more than $9 billion.Three South Korean yards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries and Samsung Heavy Industries - have won the more than 50 orders placed for new large-scale LNG tankers for delivery in the next three years, according to data from the…

12 Jun 2018

Norway Files WTO Challenge Over U.S. Steel and Aluminium Tariffs

© jovannig / Adobe Stock

Norway filed a challenge to the U.S. tariffs on steel and aluminium with the World Trade Organization on Tuesday."In Norway's view, the additional tariffs imposed by the U.S. on steel and aluminium imports are a violation of the WTO rules. Today we have therefore requested dispute settlement consultations with the US in the WTO," Minister of Foreign Affairs Ine Eriksen Soereide said in a statement.Reporting by Ole Petter Skonnord