WTO
London (AFP) - Britain outlined in a letter to Washington its opposition to US green subsidies, claiming they would "harm multiple economies" and "undermine UK-US trade and investment flows", UK media reported Friday. The Financial Times (FT) and The Times newspapers cited the letter by UK Trade Secretary Kemi Badenoch to US counterpart Katherine Tai that hit out at the climate subsidy package worth around $370 billion. Washington's landmark Inflation Reduction Act (IRA) also contains tax cuts for US-made electric cars and batteries, to accelerate the transition to a low-carbon economy. It cla...
AFP
Geneva (AFP) - The World Trade Organization chief on Wednesday hailed a breakthrough between the EU, the United States, India and South Africa on waiving intellectual property rights on Covid-19 vaccines. Ngozi Okonjo-Iweala said the compromise was a big step forward in a bid to end the logjam at the global trade body. However, she cautioned that some of the details on waiving WTO rules on Trade-Related Aspects of Intellectual Property Rights (TRIPS) still needed to be fleshed out -- and it would need the backing of all WTO members to come into force. "This is a major step forward and this com...
AFP
Beijing (AFP) - Beijing on Thursday dismissed the United States' assessment of China's World Trade Organization membership, saying its criticism had "no basis in international economic and trade rules". The commerce ministry's retort came a day after Washington said China, 20 years after its accession, had not adopted the rules of the WTO, retaining and expanding its state-led approach, to the detriment of businesses and workers globally. The annual report to Congress by the office of the US Trade Representative Ambassador Katherine Tai also said China had a "long history of violating, disrega...
AFP
Washington (AFP) - China has not adopted the rules of the World Trade Organization even after 20 years' membership, the United States said Wednesday, adding that the world's second-biggest economy had "retained and expanded" its statist approach to the detriment of businesses and workers globally. "China also has a long history of violating, disregarding and circumventing WTO rules to achieve its industrial policy objectives," said an annual report to Congress by the office of the US Trade Representative (USTR) Ambassador Katherine Tai, laying out the Biden administration's assessment of China...
AFP
Beijing (AFP) - China on Thursday hailed a WTO decision allowing it to slap duties on $645 million worth of US imports each year, calling on Washington to follow the ruling and "stop seeking excuses" in a long-running anti-dumping dispute. But the move by the World Trade Organization does not mean China will automatically impose the tariffs and Beijing stopped short Thursday of announcing any fresh duties. "We hope the US stops seeking excuses and takes immediate action to correct its wrongdoing in the trade remedy investigation against China," commerce ministry spokesman Gao Feng said. "The W...
AFP
Geneva (AFP) - The World Trade Organization on Wednesday handed a fresh victory to China, permitting it to slap duties on $645 million worth of US imports per year, in a long-running anti-dumping dispute with Washington. The United States, which is unable to appeal against the decision, branded it "deeply disappointing" and said it reinforced the need to reform the WTO's rules, saying they were being used to "shield" China. "In light of the parties' arguments and evidence in these proceedings, we have determined that the appropriate level... is $645.12 million per annum," a WTO arbitrator rule...
AFP
Washington (AFP) - US President Joe Biden's administration on Wednesday announced its support for a global waiver on patent protections for Covid-19 vaccines, and will negotiate the terms at the WTO. While intellectual property rights for businesses are important, Washington "supports the waiver of those protections for COVID-19 vaccines," US Trade Representative Katherine Tai said in a statement. "This is a global health crisis, and the extraordinary circumstances of the Covid-19 pandemic call for extraordinary measures," she added. Biden had been under intense pressure from world leaders to ...
AFP
Geneva (AFP) - US President Joe Biden's administration on Friday offered its "strong support" to Nigeria's Ngozi Okonjo-Iweala to lead the World Trade Organization (WTO), clearing a path for her to become the body's first female and first African leader. The move marks another sharp split with former president Donald Trump, who paralysed the organisation and opposed the candidacy of the former Nigerian finance minister who was backed by many other countries. The US Trade Representative in a statement cited her "wealth of knowledge in economics and international diplomacy" and said she had "pro...
AFP
Geneva (AFP) - The World Trade Organization ruled Tuesday that the European Union could impose tariffs worth $4.0 billion on US imports in retaliation for illegal American aid to plane maker Boeing, a year after the EU was sanctioned for its support of Airbus.The decision was the latest development in a 16-year saga between Washington and Brussels over support for their leading civil aircraft manufacturers.The WTO determined that that amount was "commensurate with the degree and nature of the adverse effects determined to exist" from US support for Boeing considered to be in violation of inter...
AFP
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