WTO
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新華社通信
Global trade in goods is expected to grow by 2.6% this year after it shrank by 1.2% in 2023, the World Trade Organization (WTO) said in its latest forecast published on Wednesday. In the report, the Geneva-based organization painted a more pessimistic picture than it had in October, when it forecast growth of 0.8% for 2023 and 3.3% for 2024. WTO chief economist Ralph Ossa said the decline in trade volume was largely due to Europe, which is lagging behind most other regions. Last year, European exports shrank by 2.6%, while imports fell by 4.7%. This year, the WTO expects exports to grow by 1.7...
DPA Breaking News
Cooperation with Malaysia is vital for strengthening the halal ecosystem in the ASEAN region and globally.
JAKARTA, KOMPAS.com – Indonesia's Halal Product Assurance Agency (BPJPH) and Malaysia's Department of Islamic Development (JAKIM) are exploring cooperation in strengthening halal product assurance to bolster the halal product ecosystem. "We are currently finalizing the cooperation agreement between BPJPH and JAKIM," BPJPH head Aqil Irham said on Tuesday, Jan. 17. According to Aqil, cooperation with Malaysia is vital for strengthening the halal ecosystem in the ASEAN region and globally. The cooperation agreement between Indonesia and Malaysia for guaranteeing halal products aims to meet the te...
Go Kompas.com
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
By Mohammed Kudrati The World Trade Organization (WTO) early on Friday adopted a set of landmark trade deals and consensus on rules as part of its 12th Ministerial Conference (MC12) involving hundreds of trade ministers of various nations. The body is a 164-nation multilateral organization to set the common ground rules for international trade. The deal is significant for two reasons. First, since it is the first major global trade deal since 2017 at the forum, reconciling disparate stances by a cross-section of countries. Second, given that the WTO makes its rules based on consensus and unani...
BOOM Live
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
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