The World Trade Organization (WTO) has lowered its forecast for global trade, warning that instead of growing, trade in goods will actually shrink this year. It now expects a 0.2% decline in global merchandise trade, a major drop from its previous forecast of 3% growth made in October. This sharp downgrade is linked to rising … Read more
Ministerial meeting of World Trade Organization to extend into the fifth day. Efforts aimed at reaching agreements on fisheries subsidies, food security, and fighting Covid-19. WTO chief Ngozi Okonjo-Iweala said it seemed sticking points could be resolved. WTO ministerial meeting will extend into a fifth day on Thursday in the expectation of reaching hitherto elusive … Read more
World Trade Organization WTO chief Ngozi Okonjo-Iweala expresses cautious optimism that trade ministers will achieve one or two global deals. The director-general from Nigeria said the world had changed since the last ministerial conference nearly five years ago. She listed the war in Ukraine and major food and energy crises as pieces of a “polycrisis”. … Read more
India will attend the key 12th Ministerial Conference of the World Trade Organization, which begins on Sunday. It will incorporate the theme of equitability, humanitarianism, and India-first. WTO reforms will test the developed world’s push for favorable outcomes from the crucial meeting. India will attend the key 12th Ministerial Conference (MC12) of the World Trade … Read more
Chief Ngozi Okonjo-Iweala optimistic for “one or two deliverables”. World ministers to discuss Ukraine crisis, overfishing, and Covid vaccines. India has demanded a 25-year exemption, which critics say would be catastrophic. The World Trade Organization’s chief expressed cautious optimism on Sunday as global trade ministers gathered to address food security issues such as Russia’s invasion … Read more
GENEVA: A US decision to slap steep import duties on Spanish olives over claims they benefited from subsidies constituted a violation of international trade rules, the World Trade Organization ruled on Friday. Former US president Donald Trump’s administration slapped extra tariffs on Spain’s iconic agricultural export in 2018, considering their olives were subsidized and being … Read more
For the first time, a woman has taken over the helm of the World Trade Organization (WTO), which oversees world trade and develops trade laws. According to reports, Ngozi Okonjo-Iweala, 66, from the African country of Nigeria, took over as director-general (DG) of the World Trade Organization on March 1. Ngozi Okonjo-Iweala was elected DG … Read more
Turkey and Saudi Arabia agreed to keep open channels of dialogue to resolve differences between the two countries. The move was announced after a phone call between Turkish President Recep Tayyip Erdogan and Saudi Arabia’s King Salman bin Abdulaziz Al Saud on Friday. Both leaders discussed bilateral relations. A phone call between #Saudi King Salman … Read more
The Trump Administration has lodged an appeal against the ruling of the World Trade Organization (WTO) that found US tariffs imposed on China in 2018 violated global trade rules. According to an official of WTO, the panel of the organization had ruled that the US had not justified why the tariffs imposed after a Section … Read more
For the first time in history, a female will hold the seat of the Managing Director (MD) in the World Trade Organization (WTO ) as the shortlisted candidates narrowed to only two. According to the details, the final two are South Korean trade minister Yoo Myung-hee and Nigeria’s former finance minister Ngozi Okonjo-Iweala. Whoever gets … Read more
