World Trade Organization

Trump administration rejects China's bid

Washington - Muslimchronicle

The Trump administration has confirmed it rejects China's bid to be considered a market economy in the World Trade Organization, making it subject to more onerous trade penalties. In a 41-page legal document presented to the WTO, the US Trade Representative defended its right to consider China a non-market economy when ruling on how to handle a flood of cheapRead more

IMF: Richer nations should address trade’s ‘human downside’

Washington - Arab Today

The world’s richer countries should help workers affected by trade liberalization, which has grown increasingly unpopular in the post-financial crisis era, driving a rise in protectionism, according to a report published Monday. The report, jointly produced by the International Monetary Fund and World Trade Organization, called for greater job training, stronger social safety nets and other policies that could easeRead more

UK manufacturers urge PM May to drop threat of no Brexit deal

London - Arab Today

Britain's manufacturers told Prime Minister Theresa May on Monday to drop her threat that she might take the country out of the European Union without a new trade deal, saying they would bear the brunt of trade barriers with the EU. May plans to trigger the two-year Brexit process on Wednesday and she has warned the other 27 EU countriesRead more

China asks WTO to weigh in on EU anti-dumping measures

Geneva - Arab Today

China on Tuesday asked the World Trade Organization to create an expert panel to examine the so-called "surrogate country" approach used by the European Union to calculate anti-dumping measures applied to Chinese exports. When China joined the WTO in 2001, it was written into the terms of the deal that member states could treat it as a non-market economy forRead more

Carmakers eye more UK suppliers to handle Brexit

Geneva - Arab Today

As Britain prepares to leave the EU, some carmakers are considering softening the blow of any tariffs by sourcing more parts locally and producing more models they can sell domestically rather than export. Eighty percent of UK-assembled vehicles are exported and they could face tariffs of up to 10 percent if Britain has to fall back on World Trade OrganizationRead more

Anti-Dumping Steel Policies: Turkey Attacks Morocco

Rabat - Arab Today

The World Trade Organization (WTO) Dispute Settlement Body (DSB) will investigate Turkish concerns over anti-dumping duties imposed by Morocco on imports of hot rolled coil (HRC). After a meeting held last October with the WTO, which did not result to an amicable settlement, Turkey decided to challenge the anti-dumping measures applied by Morocco on steel in the jurisdictional area. TurkeyRead more

Fastest-growing African economy has banks lined up for entry

Addis Ababa - Arab Today

Lenders are lining up to establish a presence in Ethiopia, one of Africa’s fastest-growing and most under-banked economies. Now they need the government to let them open their doors. Over the past two years, Standard Bank Group Ltd., Africa’s biggest lender by assets, and KCB Group Ltd., Kenya’s largest lender, have joined the likes of Citigroup Inc., Commerzbank AG andRead more

Trump trade office takes aggressive view of WTO rules

Washington – Arab Today

U.S. President Donald Trump's administration said on Wednesday that it will take aggressive action to combat other countries' unfair trade practices and may defy World Trade Organization rulings that it views as interfering with U.S. sovereignty In an annual trade policy agenda document, the U.S. Trade Representative's office said the administration "will not tolerate" unfair trade practices that distort markets,Read more

WTO ratifies first multilateral trade deal

Geneva - Arab Today

The first multilateral deal agreed at the World Trade Organization came into force on Wednesday, a step billed as a milestone for the body facing unprecedented threats from a hostile US administration. The Trade Facilitation Agreement (TFA) has now been ratified by 112 of the WTO’s 164 members, crossing the two-thirds threshold needed for activation, the Geneva-based organization confirmed. UnderRead more