Australia announced on Friday (Nov 16) it was taking legal action against India at the WTO over sugar subsidies it said caused a "significant downturn" in world prices and hurt domestic producers. India has been blamed by Australia and other producers of driving down the price of sugar cane AFP/NOAH SEELAM India, the world's second-largest sugar producer, has been giving help to its cane growers, who reported record production last season. "We will support the right of our sugar industry to compete on equal terms and will utilise well-established global trading rules to defend the interests of our farmers," Trade Minister Simon Birmingham said in a statement. Birmingham said Australia - the world's third largest exporter of sugar - had raised its concerns at senior levels of India's government and was "disappointed our concerns haven't been addressed". "Whilst we support efforts by countries to develop their agricultural industries, these efforts need to be consistent with … [Read more...] about Australia takes India to WTO over sugar subsidies
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WTO member group vows to reform rules on subsidies, dispute settlement
WTO member group vows to reform rules on subsidies, dispute settlementThe Saigon Times Daily Canada's International Trade Diversification Minister Jim Carr gestures while posing with officials during the Ottawa Ministerial on WTO Reform in Ottawa, Ontario, Canada, October 25, 2018 – PHOTO: REUTERS OTTAWA (REUTERS) - Top trade officials from 12 countries and the European Union on Thursday vowed to reform World Trade Organization rules in the face of U.S. actions that threaten to paralyze the body and address some of Washington’s complaints about Chinese subsidies. The officials, meeting in the Canadian capital Ottawa, said they shared a “common resolve for rapid and concerted action” to address challenges to the WTO. “The current situation at the WTO is no longer sustainable. Our resolve for change must be matched with action,” the officials said in a communique issued after their day-long meeting ended. The United States and China, which … [Read more...] about WTO member group vows to reform rules on subsidies, dispute settlement
Trade ministers, without US and China, call for urgent WTO reforms
Delegates gathers for the World Trade Organisation reform talks in Ottawa, Ontario. (AFP/Lars Hagberg) The group made a veiled appeal to the United States to stop blocking appointments to WTO dispute resolution panels, warning the system will otherwise collapse soon. Leaders also said a rethink is needed on the differential treatment of developing nations, in an apparent nod to US complaints that China is considered a developing nation, despite its economic might. Canada hosted officials from Australia, Brazil, Chile, the European Union, Japan, South Korea, Kenya, Mexico, New Zealand, Norway, Singapore, and Switzerland for the talks. The United States and China, however, were not at the table. "The current situation at the WTO is no longer sustainable and action must be taken," Canada's Trade Minister Jim Carr told a closing press conference. "We share (the US) appetite for reform," he added. "It is in need of renewal ... It's time for this reform and this is a good place to start." … [Read more...] about Trade ministers, without US and China, call for urgent WTO reforms
Canada to host meeting on WTO reform, US and China left out for now
OTTAWA —Canada will host trade officials from the European Union, Japan and others for two-day talks starting on Wednesday aimed at shaping long-delayed reforms to the global trading system that have sparked tensions among major economies. Like-minded trade ministers from Australia, Brazil, Chile, South Korea, Kenya, Mexico, New Zealand, Norway, Singapore, and Switzerland are also due to attend. The group will "identify concrete means of improving the WTO," a source said last month, adding preparatory work had already begun. Canadian Prime Minister Justin Trudeau will also meet with WTO Director General Roberto Azevedo. The United States and China, however, will not be at the table. The failure to adjust global trade rules in the last two decades, particularly in agriculture and services, has undermined the potential to boost growth and reduce poverty, according to a joint report by the International Monetary Fund, World … [Read more...] about Canada to host meeting on WTO reform, US and China left out for now
Global trade wars risk ’millions of jobs’: WTO chief
Viet Nam News LONDON — Escalating trade wars "pose real risks" to the global economy, potentially threatening millions of jobs, head of the World Trade Organisation (WTO) Roberto Azevedo warned in a London speech on Wednesday. US President Donald Trump is locked in a trade war with China, rolling out billions of dollars in tariffs in a bid to tackle its trade deficit and rein in what Washington considers unacceptable Chinese trade practices. Trump has also targeted the EU, and WTO director general Azevedo told business heads at the Mansion House speech that there appeared to be "no end in sight" to the tit-for-tat action, pleading with world leaders to negotiate. "A continued escalation of tensions would pose real risks," he warned. WTO economists calculate that a complete breakdown in international trade co-operation would see a sharp rise in tariffs, knocking up to 17 per cent off global trade growth, and 1.9 per cent off overall global economic growth. "These effects … [Read more...] about Global trade wars risk ’millions of jobs’: WTO chief