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
Don Farrell and Wang Wentao will meet by video in the “near future”. The meeting was approved by the ministers at WTO ministerial meeting. China has imposed a ban on Australian goods. Following discussions between representatives at Davos, Chinese state media Xinhua claimed on Thursday, citing anonymous sources, that Australian counterpart Don Farrell and Chinese … 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
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
African countries could be hit especially hard by food shortages, the World Trade Organization chief says. Millions of tonnes of grain are sitting in warehouses and Ukrainian ports unable to be exported due to the war. Ukraine is a major global exporter of wheat and sunflower oil. A food emergency started off by the Ukraine … Read more
New York: According to UN Secretary-General Antonio Guterres, the Ukraine situation might cause 1.7 billion people to go hungry. “We all see the tragedy unfolding in Ukraine. But beyond its borders, the war has launched a silent assault on the developing world. The crisis could plunge up to 1.7 billion people, more than a fifth … Read more
WASHINGTON: WTO chief Ngozi Okonjo-Iweala has warned about the “economic impacts” of the war in Ukraine, a major wheat exporter, which will hurt consumers around the world. “There’s going to be a big impact with respect to wheat prices and prices of bread for ordinary people as well,” she said at a virtual event with … Read more
BEIJING: China’s inclusion in the World Trade Organisation (WTO) has not only helped China open up and promote free and inclusive trade liberalisation, but also the other countries, especially the developing world. Many developing nations have benefited since China’s inclusion in the WTO, Ambassador of Pakistan to China Moin Ul Haque told CGTN on the … Read more
GENEVA: The World Trade organization (WTO) said on Tuesday it had rescheduled to March a ministerial conference that would have tackled thorny trade issues, including fisheries and intellectual property because of the pandemic. The meeting, the first at this level since 2017, was to have run from Tuesday to Friday and bring together some 4,000 figures, … Read more
GENEVA: After its accession to the World Trade Organization (WTO), China has been playing a constructive role over the years, Sean Doherty, head of International Trade and Investment at the World Economic Forum (WEF), told Xinhua. On December 11, 2001, China officially joined the World Trade Organization (WTO) and became its 143rd member. Doherty, also a … Read more
Geneva: On Tuesday, the heads of four major global organizations said that in order to bring the coronavirus under control, world leaders must make a “new commitment” to a more equal distribution of vaccines. Their joint concern is that the pandemic, which has already killed more than 3.5 million people globally, has been prolonged and … 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
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
