Tag: World Trade Organization

The World Trade Organization (WTO) published the World Trade Outlook Indicator 2019, which expects slower trade growth and the weakness is possible to extend into the first quarter of 2019. The decline of several trade-related indicators should alert policy makers for a sharper slowdown, whether the current trade tensions remain unresolved.

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. ...

Amid rising interest on blockchain, the World Trade Organization (WTO) issued a new report seeking to demystify the technology and analyse its capacity to transform world trade. The publication explores how the technology could enhance areas related to WTO work and examines challenges that will have to be tackled to unlock the technology’s potential.

Trade growth is likely to slow further into the fourth quarter of 2018, according to the WTO’s latest World Trade Outlook Indicator (WTOI) issued on 26 November. The most recent WTOI reading of 98.6 is the lowest since October 2016 and reflects declines in all component indices. The latest Indicator is below the previous value of 100.3.

The European Union wants to take part in a complaint that Japan filed against the South Korean shipbuilding industry, according to the World Trading Organization (WTO). Namely, Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry.

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.

Escalating trade tensions and tighter credit market conditions in important markets will slow trade growth for the rest of 2018 and in 2019, according to World Trade Organization economists. Trade will continue to expand, but at a more moderate pace than previous forecasts.

A political agreement between world leaders will be able to end the global trade war, as if this situation continues it will eventually damage the global economy, WTO Director General, Roberto Azevedo noted. He also believes that world leaders must listen to each other in order to find a solution, instead of resorting to retaliation.

WTO’s new report on G20 trade measures, covering mid-October 2017 to mid-May 2018, shows that new trade-restrictive measures from G20 have doubled compared to the previous review period. These findings should be of ‘real concern’ to the international community, noted Director-General Roberto Azevêdo.

The strong rate of trade expansion is likely to continue, while slowing slightly in the second quarter of 2018, according to the WTO’s latest World Trade Outlook Indicator released on 17 May. The latest results are in line with the WTO's most recent trade forecast, which predicted a moderation of merchandise trade volume growth from 4.7% in 2017 to 4.4% in 2018.