WTO On Global Trade

WTO Director-General Ngozi Okonjo-Iweala said artificial intelligence has vast potential to lower trade costs and boost productivity

WTO on Thursday said the measures announced by the United States will have substantial implications for world trade and economic growth prospects, and could lead to an overall contraction of around 1 per cent in global merchandise trade volumes this year. The statement by Director-General of the the World Trade Organization (WTO) Ngozi Okonjo-Iweala follows US decision to impose tariffs on nearly 60 countries. In a statement, Director-General of the the World Trade Organisation (WTO) Ngozi Okonjo-Iweala said the WTO Secretariat is closely monitoring and analysing measures announced by the United States on April 2. "Many members have reached out to us and we are actively engaging with them in response to their questions about the potential impact on their economies and the global trading system," she said, adding that the recent announcements will have substantial implications for global trade and economic growth prospects. "While the situation is rapidly evolving, our initial ...

In a statement cited by the WTO, China's government said the measures appeared to be inconsistent with U.S. obligations under the agreement that led to the creation of the trade body

Many WTO members have opted to include a mechanism for resolving trade disputes in their bilateral or regional free trade agreements

India on Friday expressed hope that other countries will come to the WTO meet in Abu Dhabi with a positive attitude and listen to the concerns of developing nations for providing free and fair solutions to their problems. Commerce and Industry Minister Piyush Goyal also said that though the World Trade Organisation (WTO) has played an important role in setting robust rules for global trade, there are significant problems in the organisation. Trade ministers of 164 countries will gather in Abu Dhabi, UAE from February 26 to discuss a range of issues pertaining to areas such as agriculture, fisheries subsidies, and a moratorium on imposing customs duty on e-commerce trade. "I do hope that other countries will also come to the table with a positive attitude as does India...(I do hope that) other countries are also willing to listen to us and other less developed and developing countries' concerns and give free and fair solutions to the problems," Goyal said at the Raisina Dialogue ...

Trade measures introduced by G20 member countries have become more restrictive in recent months, according to a report from the World Trade Organisation (WTO). According to the 30th WTO Trade Monitoring Report on G20 trade measures, between mid-May and mid-October 2023, the countries have introduced more trade-restrictive than trade-facilitating measures on goods. WTO Director-General Ngozi Okonjo-Iweala has called on the G20 to show leadership and contribute to economic stability and growth by unwinding recent and longstanding restrictions on trade. G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US, among others. "Trade measures introduced by G20 economies have become more restrictive in recent months," the WTO said.

"In addressing the issue of appeal, delegates are actively exploring potential resolutions that can reconcile the diverse perspectives expressed by Members," he said

"Everybody's on eggshells and hoping for the best," she said

Issue to be taken up next week's India-EU Trade & Tech Council meet

India, however, believes that such retaliations will eventually be detrimental to the trade on both sides

The EU has also approached India to resolve the matter through a multi-party interim appeal arbitration arrangement (MPIA)

Dragged down by a sharp slump in the fourth quarter, world trade volume grew by 2.7 per cent, "a smaller-than-expected increase"

The triggers: Ukraine war, high energy prices, monetary tightening by major economies

Drop in world commerce might be biggest since the Great Depression

'These numbers are ugly - there is no getting around that,' World Trade Organisation Director-General Roberto Azevedo said

A reading below 100 signals below-trend growth in trade

The new restrictions covered six times more trade than in the previous period and were the largest since the WTO started monitoring G20 trade in 2012

The consultations however don't fall under the World Trade Organisation's dispute settlement system

The latest reading of 102.2 is slightly lower than that issued in August, which pointed to a continuing recovery of trade in the second and third quarters, said the WTO