WTO chief Roberto Azevedo said that TFA was estimated to trim global trade costs by more than 14% and could boost global growth by half a percentage point per year. — AFP/VNA Photo Viet Nam News GENEVA — The first multilateral deal agreed at the World Trade Organisation (WTO) came into force Wednesday, a step billed as a milestone for the body facing unprecedented threats from a hostile US administration. The Trade Facilitation Agreement (TFA) has now been ratified by 112 of the WTO’s 164 members, crossing the two-thirds threshold needed for activation, the Geneva-based organisation confirmed. Under the deal, nations agreed to simplify and standardise customs procedures at borders to make it easier for goods to flow around the world. WTO chief Roberto Azevedo said that TFA was estimated to trim global trade costs by more than 14% and could boost global growth by half a percentage point per year. ”The trade facilitation agreement in the biggest reform of … [Read more...] about TFA ratified by 112 members of WTO
164 member of wto
Talking Law (12-07-2006) Whither tax incentives after WTO accession? Written by lawyers of VILAF – Hong Duc With the conclusion of bilateral negotiations with the US, Viet Nam has now finalised 28 such agreements with various trading partners as needed for membership in the World Trade Organization (WTO). The nation is on track to accede to the WTO by the end of this year. Viet Nam will be obligated to conform to multilateral treaties governing the organisation when it joins the WTO. For instance, it will be required to eliminate certain subsidies in accordance with the Agreement on Subsidies and Countervailing Measures these will be subsidies which are banned on the basis of their trade-distorting effect. Countries joining the WTO are obliged to progressively remove illegal subsidies within a phase-out period determined during WTO accession negotiations. Details of Viet Nam’s phase-out timetable have yet to be released. Some subsidies specific to an industry, sector or … [Read more...] about Whither tax incentives after WTO accession?
AmCham extends full support for Viet Nam’s WTO accession (20-10-2006) Viet Nam News spoke with the chairman of the HCM City chapter of the American Chamber of Commerce (AmCham), Walter Blocker, about Viet Nam’s prospects of World Trade Organisation (WTO) accession by the end of the year. Could you comment about the possibility of Viet Nam’s accession to the WTO later this year? According to all the reports we have seen, Viet Nam will become a member of the WTO in December. Last week, on October 13, negotiations in Geneva concluded successfully on Viet Nam’s WTO accession. Next, the WTO Working Group on Viet Nam’s accession will circulate a draft report for formal approval at its meeting on October 25 or 26. After that, the WTO General Council will meet on November 7 to approve the report. Then, in December, Viet Nam will become a WTO member 30 days after it has ratified the package and informed the WTO that it has done so. AmCham warmly welcomes this … [Read more...] about AmCham extends full support for Viet Nam’s WTO accession
NDO/VNA – The 11th World Trade Organisation (WTO) Ministerial Conference opened in Buenos Aires, Argentina on December 10 drawing the participation of more than 400 delegates from 164 member countries. The Vietnamese delegation was led by Deputy Minister of Industry and Trade Tran Quoc Khanh, who was joined by Ambassador Duong Chi Dung, Head of the Vietnamese Permanent Mission to the UN, the WTO, and other international organisations in Geneva, and Vietnamese Ambassador to Argentina Dang Xuan Dung. Opening the event, WTO Director-General Roberto Azevedo lauded the contributions of member countries in facilitating global trade, especially amid the global economic crisis. He affirmed the WTO will uphold multilateralism, while calling for members’ greater flexibility in negotiations on global trade issues. He acknowledged that there are some large differences in negotiations, as well as the threat of trade protectionism. He stressed the need for improvements to the … [Read more...] about WTO foreign ministers convene 11th conference Most Recent News
BUENOS AIRES — The World Trade Organisation opened a conference on Sunday under the cloud of US hostility to multilateral trade accords. The 164-member WTO is also wracked by disagreements over China and has been struggling to kickstart stalled trade talks. The Buenos Aires meeting, which lasts through Wednesday, is the first in the era of US President Donald Trump, who has pummeled the body relentlessly since taking office, describing it as a "disaster". The Trump administration has made the WTO a preferred target of its "America First" policy, threatening to pull the US out of the trade organisation it says is hampering its ability to compete. Argentina’s President Mauricio Macri said, in opening remarks, that "WTO problems get fixed with more WTO -- not with less WTO". Trump has already withdrawn the United States from the Trans-Pacific Partnership (TPP) and insisted on renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada. WTO … [Read more...] about WTO, under fire from US, meets in Buenos Aires