wto
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
A complaint by Malaysia against the European Union over the bloc's rules concerning the use of palm oil-based biofuels has largely failed at the World Trade Organization (WTO). The dispute dates to 2018, when the EU issued regulations on the minimum amount of renewable fuels that member countries must use in their transport sectors. The EU stipulated that the use of biofuels for which forests had been cleared for planting could not be used to achieve the target. This primarily concerned palm oil crops. Malaysia, which has a major palm oil production industry, alleged the measures violated fair...
DPA Breaking News
The tug-of-war over new rules for world trade has tested the patience of negotiators at the World Trade Organization (WTO) ministerial meeting in Abu Dhabi, with disagreements postponing a final session. Participants in the talks said that an agreement on fisheries emerged around midday on Friday, with a draft calling for a reduction in subsidies that lead to overfishing or overcapacity. The goal is to maintain stable, sustainable fisheries where only as many fish are harvested as can be naturally replenished, and that no more fishing boats are built and used than are necessary. Also on the ta...
DPA Breaking News
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