All articles tagged with #world trade organization
China is prepared to retaliate if President-elect Donald Trump imposes a 60% tariff on Chinese imports, according to Zhu Min, a former deputy governor of the People's Bank of China. Zhu indicated that China would likely take the issue to the World Trade Organization and has various options for response.
The World Trade Organization (WTO) faces a critical moment as its 164 member countries gather in Abu Dhabi to negotiate the future of world trade, including issues such as fishing subsidies, digital trade, dispute settlement, food security, and Covid-19 treatment patent waivers. The organization is grappling with challenges such as conflicting member goals, economic fragmentation, and retreating American leadership on global trade, raising concerns about its ability to create new global trade rules. Despite the contentious backdrop, WTO Director General Ngozi Okonjo-Iweala remains optimistic about the organization's relevance and points to ongoing negotiations and the accession of new members as signs of its continued importance.
The CEO of Nigeria's Access Bank, Herbert Wigwe, his wife, and son were among six people killed in a helicopter crash in California's Mojave Desert. The crash also claimed the life of Bamofin Abimbola Ogunbanjo, former chair of NGX Group. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, confirmed the deaths. Wigwe was a prominent figure in Nigeria's banking industry and had expanded Access Bank's presence across Africa. The crash occurred in a remote area near the California-Nevada border, and the National Transportation Safety Board is investigating.
Ukraine plans to sue Poland, Hungary, and Slovakia over their unilateral bans on Ukrainian agricultural products, following the expiration of bloc-wide restrictions imposed by the European Union. Ukrainian officials will file a complaint with the World Trade Organization, expressing concerns about the impact on their key source of revenue. Kyiv is also considering retaliatory measures on certain food products from the three countries unless the bans are reversed. The EU ban on Ukrainian wheat, maize, rapeseed, and sunflower seeds expired after Ukraine promised to tighten control of exports to neighboring countries.
Ukraine plans to sue Poland, Hungary, and Slovakia in the World Trade Organization over their bans on Ukrainian agricultural products. The three countries had imposed restrictions on imports of Ukrainian wheat, maize, rapeseed, and sunflower seeds, citing the protection of their economies and farmers. In response, Ukraine may impose reciprocal measures on the import of fruit and vegetables from Poland. The European Union had allowed its ban on Ukrainian grain imports to expire after Ukraine promised to tighten control of exports to neighboring countries.
China has called on the World Trade Organization to investigate the US-led technology export restrictions aimed at limiting China's ability to make advanced chips. Chinese representatives have urged the WTO to step up supervision on the matter and have asked Japan, the Netherlands, and the US to report their plans and subsequent measures to the body. China has accused the US of being a "tech hegemony" and has called on the Netherlands not to follow its lead.