Tag: World Trade Organization

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WTO: Restrictive trade measures put in danger the economic recovery

WTO published the annual overview on trade-related developments that shows an increase in trade coverage of trade restrictive measures by WTO members from mid-October 2017 to mid-October 2018. The continuous reproduction of the restrictive measures that are opposed to trade may put the economic recovery to risk. Namely, Roberto Azevêdo, Director-General, noted that further escalation of the measures would carry potential risks for global trade, with knock-on effects for economic growth, jobs and consumer prices globally. He urges WTO members to use all means at their disposal to de-escalate the situation. According to the report, 137 new trade-restrictive measures were provided by members during the review period, including tariffs increases, quantitative restrictions, import taxes and export duties. This is equal to an average of 11 new measures per month, which is higher compared to the average of 9 recorded in the previous annual overview, mid-October 2016 to mid-October 2017. During the same period, WTO members also passed 162 measures pursued at facilitating trade, including eliminating or decreasing tariffs and made customs procedures simpler for imports and exports. At close to 14 trade-facilitating measures per month, this is an rise compared to the average of 11 measures in the previous annual overview. ...

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Japan files WTO complaint against South Korean support for shipbuilders

Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry. Japan claims that the challenged measures, which include funds, loans, guarantees, insurance and other financing, are inconsistent with WTO's SCM Agreement and the General Agreement on Tariffs and Trade (GATT) 1994.

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