Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The World Trade Organisation (WTO), the <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword>, and the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (IMF) all came together to ask for urgent reforms in international trade. </li><li>In a joint report, the institutions focused on modernising the WTO regulations to focus on the digital arena in order to ‘harness the unique strength’ of the organisation in changing times. </li><li>The Director General of the WTO, has earlier stated that the current global trade tensions have the potential to undermine the economic order that was established after <keyword id="6357515" type="UNKNOWN" weightage="20" keywordseo="World-War-II">World War II</keyword>.</li></ul>The functions of the World Trade Organisation (WTO), International Monetary Fund (IMF) and the World Bank may vary, but the three institutions came together to publish a joint report expressing the urgency to reform international trade. They expressed the importance of ‘harnessing the unique strength of the WTO’ by focusing on global e-commerce regulations, improved negotiating mechanisms, and increased transparency in trade policies around the world. The report titled, ‘<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/09/28/093018-reinvigorating-trade-and-inclusive-growth">Reinvigorating Trade and Inclusive Growth</a>’ comes right after the president of the United States, <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>, harshly questioned America’s involvement in global institutions like the WTO. The question for India Ordinarily, the WTO has seven judges in its Dispute Settlement Court, but currently, only four are in positions of appointment. Reports indicate that the US has been blocking more people from coming on board. If the number of judges gets any lower, the WTO won’t have enough people on the panel to deliver rulings. It’s <a href="https://www.dailyo.in/business/wto-donald-trump-trade-wars-world-bank-agriculture-subsidies/story/1/26544.html">popular</a> opinion is that the organisation is currently failing its role and being used as an instrument for retaliatory tariff wars. The question for India is a little more complicated than just being protectionist or pro-globalisation because the WTO, though a global institution, has often been accused of being biased against developing nations. Last year India even <a href="https://www.livemint.com/Politics/z5KwdAVralEF8wAsSxfTaL/India-accuses-WTO-of-raking-up-new-issues.html">told the WTO</a> that, “Such presentations by the secretariat within or outside the WTO go far beyond the remit of the functions of the WTO secretariat, and violate the letter and spirit of the agreement establishing the WTO,” when the organisation was seeking outcomes on e-commerce and investment facilitation initiatives. Director General, Roberto Azevedo, had earlier <a href="https://www.businessinsider.in/The-man-in-charge-of-overseeing-global-trade-says-the-first-shots-have-been-fired-in-a-trade-war-and-the-situation-is-extremely-serious/articleshow/65344601.cms">warned</a> world leaders that the current trade tensions have the potential to cause great harm to the world economy and it undermines the trading order that was established after World War II. The ripple events will cause job loss and hit economic growth, with the under-developed and developing nations bearing the brunt.

Three of the world’s leading financial institutions band together for international trade reforms

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersEU Council President Tusk looks on during a news conference at a European Union leaders summit in Brussels</div></div></div><ul><li>EU Council president Donald Tusk warned that trade wars can turn into "hot conflicts" in his opening statement at the EU-China Summit on Monday.</li><li>Tusk called for the EU, Russia, US and China to work together to reform the world order rather than destroy it. "There is still time to prevent conflict and chaos," he said.</li><li>"This is why I am calling on our Chinese hosts, but also on presidents Trump and Putin, to jointly start this process from a thorough reform of the WTO (World Trade Organization)," he added.</li></ul>European Council President Donald Tusk called on US President Donald Trump to reform the world order rather than bring it down, warning that trade wars can turn into "hot conflicts."Tusk made the remarks during his opening statement at the EU-China summit on Monday in Beijing, <a href="https://www.bloomberg.com/news/articles/2018-07-15/trump-jabs-risk-exposing-eu-china-rifts-more-than-shared-values">Bloomberg</a> and the <a href="https://www.theguardian.com/world/2018/jul/16/donald-tusk-calls-on-europe-china-us-and-russia-to-prevent-global-chaos">Guardian</a> reported."We are all aware of the fact that the architecture of the world is changing before our very eyes and it is our common responsibility to make it change for the better," Tusk said.The World Trade Organisation should be reformed rather then destroyed, he said, adding, "There is still time to prevent conflict and chaos."The annual talks between EU leaders, Donald Tusk and Jean-Claude Juncker, and Chinese Premier Li Keqiang coincide with Trump's meeting with Putin in Helsinki, Finland and mark a time of high global tension over trade.Tusk called for the US, Russia and China to work together to cool the dispute. "I am calling on our Chinese hosts, but also on presidents Trump and Putin, to jointly start this process from a thorough reform of the WTO (World Trade Organization)," he said."Today we are facing a dilemma, whether to play a tough game, such as tariff wars and conflict in places like Ukraine and Syria, or to look for common solutions based on fair rules."On Sunday, <a href="http://uk.businessinsider.com/trump-foes-list-european-union-russia-china-2018-7">Trump labelled the EU as one of his country's biggest "foes"</a> calling it "very difficult." Meanwhile the Chinese economy has <a href="http://uk.businessinsider.com/china-economy-gdp-growth-q2-2018-7">slowed slightly in the second quarter of 2018 from 6.8% to 6.7%</a>, a situation that has not been helped by the trade war.Chinese Ambassador to the EU wrote in a Chinese newspaper editorial on Sunday before the talks: "I hope during the summit China and the EU will consolidate consensus and trust… and send a joint message defending multilateralism, free trade and investment facilitation." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nobel-winning-economist-says-non-competes-are-keeping-wages-down-for-all-workers-2018-6">A Nobel Prize-winning economist says 'non-competes' are keeping wages down for all workers</a></h3> <div> </div> </div>

EU's Tusk calls for WTO reform to stop 'conflict and chaos' of Trump's growing trade war

New Delhi, Jan 28 () India has pitched for elimination of trade-distorting subsidies on agriculture and ensuring differential treatment to developing countries by the WTO members, the commerce ministry said on Tuesday.
 Quoting Commerce Minister Piyush Goyal, it said that during his participation in an informal ministerial gathering in Davos last week, he also made a case for working out a permanent solution for public stockholding for food security purposes.
 During his intervention at the gathering, he said the current challenges throw up some key priorities for the forthcoming ministerial meeting of WTO members in June in Nur-Sultan, Kazakhstan.
 On the World Trade Organization's (WTO) appellate body for dispute settlement, he said early restoration of the full strength of the body will help in realising the objectives of the WTO.
 "The agenda for WTO reforms should be balanced and inclusive, to address the historic asymmetries in the Uruguay Round agreements" he said.
 He said that a "good starting point for the reform agenda" of the WTO would be "removing the imbalances" in the agreement on agriculture, and ensuring a level-playing field, particularly for developing economies.
 He further said that as long-standing proponents of WTO reform, developing countries have, for almost 20 years, sought the elimination of unequal and trade-distorting entitlements in the Agreement on Agriculture.
 "Another positive step will be to build upon the work of the last several years, and to implement existing mandates such as a permanent solution for public stockholding for food security purposes," he said.
 The minister also said developing countries, particularly the least-developed countries (LDCs), have not been able to achieve an equitable share in world trade, therefore, the continued availability of special and differential treatment, for these countries, is imperative for them to address their development aspirations.
 Goyal said the reform process should not be used to further restrict the flexibilities, and policy space required by developing countries, to better integrate with the global trading system.
 "It should open more opportunities for them, taking into account the contrasting levels of prosperity, unequal levels of economic development, and vast disparity in human development indicators, so that global trade becomes sustainable," he added.
 Goyal said that significant outcome at Kazakhstan is essential, for further strengthening the role of the WTO in global trade.
 "To achieve this, he added that it is necessary to put in place a structured process that will help finalise a limited list of focussed, doable and fair proposals, that may be concluded at MC12 (12th ministerial conference meet)," he said.
 Talking about fisheries subsidies, he said unregulated industrial fishing by some nations, has led to a major depletion of the global marine stock.
 "There is an urgent need for strong disciplines to regulate harmful fisheries subsidies in order to ensure the sustainable use of marine resources for securing inter-generational equity," he said.
 The minister cautioned that countries need to be cognizant of the existence of a large population of subsistence and artisanal fishermen in LDCs and developing countries who rely on fishing for their basic livelihood.
 He urged that as they have no other livelihood options, all nations must collectively care for this vulnerable population of marginalised fishermen.
 " Adequate policy space, to ensure a decent standard of living for subsistence-level fishermen, by modernizing their fishing fleet and expanding their fishing capacity, is a critical outcome for India," he said. RR CS RR HRS

India for elimination of trade-distorting subsidies on agriculture in WTO

<div type="image" title="Donald Trump Xi Jinping" height="900" width="1800" msid="75521545" hostid="261"></div><ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s push for global economic and technological dominance has left Europe pulled between China and the continent's long-time partner, the US.</li><li>The coronavirus pandemic makes it clear that Europe, particularly Germany, is running out of time to choose between the US and China.</li><li>The democratic values of the US compared to the authoritarian values of China make the choice clear.</li><li>Mathias Döpfner is CEO of Axel Springer SE, the parent company of Insider Inc.</li><li>This is an <keyword id="6356002" type="UNKNOWN" weightage="100" keywordseo="opinion">opinion</keyword> column. The thoughts expressed are those of the author.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Crises always have a habit of clarifying things. The coronavirus crisis is no different.Once a treatment for the virus has been found, the debates about shutdown and easing restrictions have passed, and the recession has reared its ugly head, nothing less than the world order itself must be clarified. Or to be more specific: the matter of alliance. Where does Europe stand? On the side of the US or China? Let us first look at a few assumptions and a few facts. America, the democratic world power, is currently governed by a narcissistic president — a man seen to be vulgar, uneducated, and with a volatile character who lacks any sense whatsoever for institutions. <a href="https://www.businessinsider.com/as-trump-approval-tanks-amid-coronavirus-some-gop-governors-surging-2020-4">Half of Americans</a> and <a href="https://www.pewresearch.org/global/2020/01/08/trump-ratings-remain-low-around-globe-while-views-of-u-s-stay-mostly-favorable/">three quarters of Europeans</a> have no respect for him.And yet, whether by accident, thanks to good advisers or a keen instinct, this president has managed to make some correct decisions. He lowered taxes to stabilize the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, withdrew from the Iran nuclear deal, supported Israel, increased pressure on Europe to show more solidarity in NATO funding, and pressured the dysfunctional WHO. China, on the other hand, the non-democratic world power, is currently controlled by a president with a measured vanity — a man who is supposedly sensitive, highly educated and cultivated, a personality who thinks and acts with a highly consistent and long-term perspective demonstrating great sensibility for the interests of China's unitary state.And because <keyword id="191809" type="PERSON" weightage="60" keywordseo="Xi-Jinping">Xi Jinping</keyword> is said to look <a href="https://www.businessinsider.com/winnie-the-pooh-memes-china-censored-xi-jinping-2018-2">a little like Winnie the Pooh</a>, the bear from the eponymous children's book, Chinese censorship forbids the use of either the name or the image of Winnie Pooh. Anyone who explicitly criticizes <a href="https://www.businessinsider.com/censored-words-in-china-xi-jinping-term-limits-2018-2">the government is punished</a>.<h2>Global supremacy thanks to digital surveillance</h2><a href="https://www.businessinsider.com/xi-jinping-who-is-china-president-2018-2">Xi Jinping has been General Secretary</a> of the Chinese Communist Party and Chairman of the Central Military Commission since 2012, and President of the People's Republic of China since 2013. In 2018, he lifted all limitations on his term of office, meaning he could <a href="https://www.businessinsider.com/xi-jinping-could-rule-china-until-his-death-without-term-limits-2018-2">continue to rule China for life</a>.He is a politician who, more than anything else, has continued and accelerated the economic reforms that were first introduced by Deng Xiaoping in the 1970s and reached new dimensions under Jiang Zemin. And thanks to tightened digital surveillance, he has been able to <a href="https://www.businessinsider.com/china-economic-boost-surveillance-technology-uighurs-xinjiang-2019-12">push China towards a position of global dominance</a> as part of a seemingly friendly and peaceful international expansion. <div type="image" title="Xi Jinping" height="1000" width="2000" msid="75521546" hostid="261"></div>The key date of this strategy is December 11, 2001, when <a href="https://world101.cfr.org/global-era-issues/trade/what-happened-when-china-joined-wto">China was accepted as a full member</a> of the WTO following 15 years of negotiations. A great decision for China. But perhaps the biggest mistake made in recent history by the western market economies.Since then, the US's share in the gross world product (GWP) dropped from 20.18% in 2001 to 15.03% (2019). Europe's share dropped from 23.5% to 16.05%, a drop of 7.45 percentage points in less than two decades. While China's share increased from 7.84% to 19.24% in the same period, with an average annual growth rate of around 9%.The big mistake was to expose democratic market economies to a non-democratic state capitalism that exploits easier trading and competitive conditions without subjecting itself to the same rules. Asymmetry instead of reciprocity was the result.The process of "change through trade" actually did take place. However, not quite in the way expected by the West. China has become even more authoritarian and economically stronger, while the West has become weaker. What is our conclusion from all this? America has clearly decided to pursue a policy of <a href="https://www.businessinsider.com/trump-trade-war-tariffs-china-bijing-political-defense-opportunity-2019-11">'decoupling' from China</a>. If Europe does not want to see its freedom subverted by Beijing, it must decide which of the two countries to ally with, and it must do so soon.We are told time and again that it is not a case of either-or, that it's about having the best of both worlds. The opposite is true. There is no need for finely crafted rhetoric here, we need to make a fundamental political decision. China or the US. It is no longer possible to go with both. The issue has come to a head under Trump. But it is ultimately not about him. The truth is that US policy towards China would likely not change if the Democrats were in power. The issue of China is now a bipartisan one.House Speaker Nancy Pelosi does not cede an inch to the US President. And yet, <a href="https://www.speaker.gov/newsroom/21420-1">responding to my question at the Munich Security Conference</a> whether she agreed in substance to Trump's China policy, she answered they had "agreement in that regard" to the surprise of everyone present.Pelosi described China as a "government that does not share our values" and spoke of an authoritarian "form of aggression." Many in the room that day do business with China. It suddenly seemed a little naïve that they hoped a Democrat in the White House might be more China-friendly.<div type="image" title="Dr Mathias Doepfner" height="803" width="1606" msid="75521548" hostid="261"></div>A Democratic president might distance the US distance even further from China, despite Trump's attempts to discredit the presumptive Democratic presidential candidate Joe Biden by accusing him of being soft on China. "China wants Sleepy Joe soo badly" the president cajoled on Twitter. But there is little evidence to support this.<a href="https://www.bloomberg.com/news/articles/2019-12-20/democrats-aim-strong-words-against-china-over-hong-kong-uighurs">Biden was one of the first</a> and few international politicians to speak out against the Chinese re-education camps holding hundreds of thousands of Uighurs. The rise of China to become a global economic power is increasingly seen as a threat to US interests. A friend of the enemy soon becomes an enemy itself. If Germany decides to expand its 5G infrastructure with Huawei, that will place an enormous strain on transatlantic relations. It would be a turning point, as America could no longer trust Germany.<h2>The transatlantic alliance would be at risk</h2><div type="image" title="Macron, Merkel, Trump" height="900" width="1800" msid="75521550" hostid="261"></div>Washington has made it clear that there will be no cooperation on intelligence matters with the secret service of a country that allows highly sensitive data to end up in the hands of the Chinese Communist Party.If Washington gave up its close intelligence cooperation with Europe, this would have devastating consequences. A decoupling from the US would hit us much harder than a decoupling from China, both in terms of our economy and security.Decoupling Germany and the US would mean relegating to the dustbin of history the alliance that helped rebuild a democratic Germany after World War II, that secured supplies to the city during the Berlin Blockade by organizing the airlift guaranteeing West Berlin's survival, and which directly and indirectly made German reunification possible.Europe has been avoiding the alliance question for a long time, but is the time to make that decision. This does not directly have to do with the coronavirus crisis. And it certainly has nothing to do with the question of <a href="https://www.businessinsider.com/why-coronavirus-did-not-leak-from-wuhan-lab-researcher-2020-4">where the virus originated</a>.The crisis focuses the way we look at long-standing dependencies, even those in so-called vital supply chains, how we see fundamental differences in communication and crisis management, and our regard for what is ultimately a completely different concept of humanity. Employees from the Robert Koch Institute estimate that China kept the <a href="https://www.businessinsider.com/coronavirus-china-hid-pandemic-news-six-days-2020-4">virus secret during very decisive weeks</a>, then played it down and, by doing so, facilitated its spread worldwide.<h2>Companies in the crisis at bargain prices</h2>However, it is the global recession unleashed by the pandemic that has brought vital questions to a head. Should we allow the state capitalism of a totalitarian global power to continue to infiltrate or even take over key industries like banking (Deutsche Bank), automotive (Daimler, Volvo), robotics (Kuka) and trading hubs (Port of Piraeus)? That is precisely why the alliance question must be clarified now, and fast! The current crisis is massively weakening the European economy, which could very soon place us before extremely unpleasant decisions: Should we offer our companies to China in the post-corona era for bargain prices driven downwards by economic depression? Our should we finally draw a clear line in the sand?If we do not assert the principle of true reciprocity now — that is, China can only do here what we are allowed to do in China — then we never will. If we do not manage to assert ourselves, then Europe could suffer a similar fate to Africa, on a gradual descent towards becoming a Chinese colony.Or, to put it in <a href="https://www.ft.com/content/926a66b0-8b49-11e8-bf9e-8771d5404543">Henry Kissinger's words</a>: If America and Europe do not manage to become a community of interest again, America will become a giant island. And the European Union will become "an appendage of Eurasia."<div type="image" title="Xi Jinping Angela Merkel 2" height="620" width="1240" msid="75521552" hostid="261"></div>However, Europe has failed so far to clearly state where it stands, preferring to play piggy in the middle, able to tip the scales either way. Even believing its opportunism to be a sign of independence and courage. However, Europe will never be able to hold onto its position as everybody's darling. When it comes to questions of world order, you cannot have your cake and eat it. Europe's economy likes making deals with China and does not want to be interrupted in those pursuits. Politicians are dithering. The Italians have even <a href="https://www.nytimes.com/2019/03/23/world/europe/italy-china-xi-silk-road.html">been willing to subjugate themselves</a> to China's ridiculous euphemism of the "New Silk Road."We increasingly hear words of admiration in Europe about the speed and efficiency of the Chinese market economy, the rigorous nature of its crisis management. All the time gladly ignoring the fact that China's successes rest on a highly perfected system of digital surveillance that translates the perversions of the KGB and Stasi into the 21st century.Europe has two options in terms of an alliance. It can continue to expand on the traditional transatlantic alliance despite Trump, including the explicit and closer involvement of a post-Brexit UK and other allies such as Canada, Australia, Switzerland and the democratic countries of Asia. Or it can decide in favor of closer economic ties to China, bearing in mind the economic ties are always political ties as well.If this latter path is chosen, then we might all wake up one day to find ourselves in a gruesome society, on the side of China and the states loosely associated with it — like Russia, Iran and other autocracies. A shifting world order. Economic relations with China might seem harmless to many Europeans today, but they could soon lead to political dependence and ultimately to the end of a free and liberal Europe. The European Union has the choice. But above all Germany, Europe's economic motor, has the choice.Should we make a pact with an authoritarian regime or should we work to strengthen a community of free, constitutionally governed market economies with liberal societies? It is remarkable that German <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword>, with its love of moralizing, seems to throw its values out the window when dealing with China. What is at stake here is nothing less than what kind of society we want to live in and our concept of humanity.Germany and Europe should decide to remain with the US and pursue a strict process of decoupling from China. The exact details of this decoupling will be one of the most interesting questions of the future.It would happen late, but not too late. It would be expensive, but not too expensive. Germany, for example, has an annual trade volume of around 200 billion euros with China. All German trade is valued at 2.4 trillion euros, so the loss of Chinese trade would be massive, but not insupportable. The coroanvirus recession is already bringing Germany to a new and devastating bottom line, but that gives us a unique opportunity to get us back on the right track.The question as to which leader — Trump or Xi Jinping — is presented by the media as a more likeable figure is of little import in this decision. And there is no question that the American president is making it difficult for us.But the transatlantic alliance, our community of interests and values that has grown historically over time, should be more important in the long term than our widespread frustration about the current American administration. We must concentrate on the post-Trump era. For all its weaknesses, America is still the free world's largest and most successful power.Just as misleading are references to the fact that America also violates data protection rights, or the principles of the rule of law, that it disregards human rights and makes many other terrible mistakes. There is a difference: China has no data protection for its citizens at all, no rule of law. China has no opposition in parliament, no freedom of the press, no freedom of opinion. And China has no human rights as we understand them. <h2>Democracy dies in darkness</h2><div type="image" title="trump g7 summit leaders" height="1000" width="2000" msid="75521553" hostid="261"></div>When both sides make mistakes, that does not mean that the truth automatically lies somewhere in the middle. It depends on the context in which these mistakes are made, whether they can be called mistakes at all or recognized as such.States need a suitable constitution as a self-correcting mechanism. Democracy may die in darkness, but dictatorship thrives in it. In America, people laugh at their president. Something that is forbidden in China. And the authoritarian power of the latter even stretches as far as Germany. When the Daimler Group (whose biggest single shareholder is Chinese) <a href="https://www.nytimes.com/2018/02/06/business/mercedes-daimler-dalai-lama-china.html">quoted the Dalai Lama</a> – an enemy of the state in China – in an Instagram post, the company's CEO Dieter Zetsche had to apologize twice to the government in Beijing. Is that Europe's future? If current European and, above all, German policy on China continues, this will lead to a gradual decoupling from America and a step-by-step infiltration and subjugation by China.Economic dependence will only be the first step. Political influence will follow. In the future, whoever dominates the field of artificial intelligence will dominate first economically and then politically.At the present time, this race is between the US and China alone. China's great advantage is that it does not have any regulation as a democratic corrective. Whatever serves to strengthen the unitary Chinese state is allowed. This makes the Chinese state more unscrupulous but, more than anything, it makes it faster.It is no small probability that Beijing will eventually overtake Silicon Valley. This is where European research excellence can become a decisive factor. On what side do we want to use it? In the end, it is quite simple. What kind of future do we want for Europe? An alliance with an imperfect democracy or with a perfect dictatorship? It should be an easy decision for us to make. It is about more than just money. It is about our freedom, about Article 1 of Germany's Basic Law, the greatest legal term that ever existed: human dignity.Read the original article on <a href="https://www.businessinsider.com/coronavirus-pandemic-crisis-clear-europe-must-choose-us-china-2020-5">Business Insider</a>

The coronavirus pandemic makes it clear: Europe must decide between the US and China

New Delhi, Mar 8 () Special and differential treatment for developing countries like India will figure prominently in the World Trade Organization's (WTO) 12th Ministerial Conference meet in June in Kazakhstan, an official said. The Ministerial Conference is the highest decision-making body of the 164-member WTO. Trade ministers of all the member countries participate in the deliberations. The 12th Ministerial Conference will take place from June 8-11 this year at Nur-Sultan in Kazakhstan. "This time, besides fishery subsidies, special and differential treatment and investment facilitation will figure in the meeting," the official said. As part of reforms at the WTO, the US wants the formulation of some guidelines that countries with high economic growth are prevented from taking benefits of special and differential treatment (S&amp;DT), which is meant for developing and poor nations. The S&amp;DT allows developing countries to enjoy certain benefits, including taking longer time periods for implementing agreements and binding commitments, and measures to increase trading opportunities for them. Currently, any WTO member can designate itself as a developing country and avail these benefits. The US had submitted its suggestions to the WTO that states that self-declaration puts the WTO on a path to failed negotiations and it is also a path to institutional irrelevance. India is of the view that the matter needs to be negotiated comprehensively in the WTO and a consensus-based decision needs to be taken on S&amp;DT. Further, on fishery subsidies, India wants an equitable and balanced outcome in the negotiations as the country provides support to its small and marginal fishermen who depend on the sector for sustenance. Unlike rich nations, which provide billions of dollars of subsidies to their fishermen, India's subsidy amounts to only about Rs 770 crore. The government provides subsidy on things like fuel and boat. Unlike India, the fishing community of developed countries use highly mechanised boats for fishing, which are called mother boats wherein they have processing units also. Developed countries want to intensify negotiations on fisheries subsidies so that an agreement can be clinched at the Kazakhstan meeting. At the 11th WTO Ministerial Conference, held at Buenos Aires in Argentina in December 2017, members had agreed to continue to engage constructively in fisheries subsidies negotiations, with a view to adopting an agreement by the next ministerial conference. India had earlier raised serious concerns over bringing issues related to investment facilitation within the ambit of WTO saying these are bilateral matters and cannot be decided at multi-lateral forums. RR HRS

Special, differential treatment for developing countries to figure in WTO meet in Kazakhstan

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgar SuIndia's trade minister Anand Sharma speaks about food security during a news conference at the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 5, 2013. </div></div></div>GENEVA/NUSA DUA, Indonesia (Reuters) - The first global trade reform since the creation of the World Trade Organization is ready for agreement by ministers from the body's 159 member countries later on Friday, sources involved in the talks said.
WTO Director-General Roberto Azevedo has drafted a text that he will submit to the full membership, signaling that he believes he has found terms that are acceptable to all members, including India which had raised vocal objections over agriculture.
Barring any last-minute veto, the deal aims to slash red tape at customs around the world, give improved terms of trade to the poorest countries, and allow developing countries to skirt the normal rules on farm subsidies if they are trying to feed the poor.
It would also revive confidence in the WTO's ability to negotiate global trade deals, after a string of failures that left the body at risk of sliding into irrelevance.
"We are very close," WTO spokesman Keith Rockwell told reporters at the meeting on the Indonesian resort island of Bali. "As things stand now, the prospects are promising."
Just a day earlier, a deal that would add hundreds of billions of dollars to the world economy by some estimates teetered on the brink of collapse.
In an organization based on consensus among all of its members, attention focused squarely on India as the main stumbling block to the WTO's first global trade deal in two decades.
India has insisted it would not compromise on a policy of subsidizing food for hundreds of millions of poor, putting it at odds with the United States and other developed countries.
Azevedo, a former Brazilian trade negotiator, told delegates at the start of the last day of talks that there was more work to be done, but sounded upbeat on prospects for success.
"He told members they were now very close to something that has eluded us for many years and that the decisions over the next few hours would have great significance beyond this day," the spokesman said.
It is 12 years since the WTO launched the Doha Round, which failed to yield concrete results, and many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only avenue for trade reform, dividing the world and reversing the globalizing goal of the WTO.
A Bali trade deal, which is far less ambitious than the Doha Round had aimed for up until two years ago, would open the way to much wider trade reforms and enable the body to modernize its rules for the internet era.
The "all or nothing" agreement covers several areas, the largest of which is trade facilitation - a global standardization and simplification of customs procedures that would tear down barriers to cross-border movement of goods.
The deal also includes limited reforms in agriculture, including reducing export subsidies, opening borders to least developed countries, and the food subsidy policy championed by India, which proved the biggest obstacle.
<h3>SEEKING JUSTICE FOR THE POOR</h3>
India, whose government faces the risk of losing elections next year, has said its tough stance drew support from developing countries in Asia, Africa and South America, though the meeting's host, Indonesia, pressed for it to soften its stand.
"We are trying to get justice for the poor people," Indian Trade Minister Anand Sharma told reporters as he entered the final day of the meeting.
India will next year fully implement a welfare program to provide cheap food to 800 million people that it fears will contravene WTO rules curbing farm subsidies to 10 percent of production.
The program, which relies on large-scale stockpiling and purchases at minimum prices, is a central plank of the government's bid to win a third term in office next year.
A proposal led by the United States offered to waive the 10 percent rule until 2017. But India has rejected it, demanding the exemptions continue indefinitely until a solution is found.
If talks were to fail, the WTO may see its role eroded by regional trade pacts now being negotiated, such as the U.S.-led 12-nation Trans-Pacific Partnership and a U.S.-EU tie-up known as the TTP.
Ministers in the TPP are expected to meet in Singapore shortly after the WTO meeting in the hopes of reaching a free trade pact by the end of this year.
(Editing by Jonathan Thatcher and Simon Cameron-Moore)

First Trade Reform In History Of The World Trade Organization Is Ready For Approval

Several members of the <keyword id="84934" type="ORGANIZATION" weightage="100" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> were annoyed after India's demands for concessions on agricultural stockpiling led to the failure of the first major global trade reform pact in two decades. 
 
"We have not been able to find a solution that would allow us to bridge that gap," WTO Director General Roberto Azevedo said in Geneva. 
Most diplomats had expected the pact to be rubber-stamped this week, marking a unique success in the WTO's 19-year history, which as per estimates, would add $1 trillion and 21 million jobs. They were anguished when India exercised its veto and the failure drew severe criticism. 
 
"Australia is deeply disappointed that it has not been possible to meet the deadline. This failure is a great blow to the confidence revived in Bali that the WTO can deliver negotiated outcomes," Australian Trade Minister Andrew Robb said. "There are no winners from this outcome - least of all those in developing countries which would see the biggest gains."

WTO Talks Fail As India Remains Adamant

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgar SuIndia's <keyword id="44844" type="ORGANIZATION" weightage="60" keywordseo="Trade">trade</keyword> minister Anand Sharma speaks about food security during a news conference at the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 5, 2013. </div></div></div>The World Trade Organization (WTO) reached a <a href="http://www.wto.org/english/news_e/news13_e/mc9sum_07dec13_e.htm">major trade reform agreement</a> on Saturday, the first in its history.
The deal required unanimous approval from the 159 countries involved and took until the final hour to complete.
This round of talks, known as the Doha Round, began back in 2001 and has seen little success. Member countries had already given up finding a compromise that would reduce tariffs and quotas and instead were looking to strike any deal. Since the WTO needs a consensus to pass anything, one country can blow up the talks.
Cuba almost did that in this round when it attempted to insert language that would undermine the U.S.'s long-standing embargo against the state. Eventually, Cuba relented on that demand.
Despite the historic nature of the agreement, the actual <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">policy</keyword> implications of it are small. Here's a run-down of them:
<ul>
<li>Goods can pass quicker through customs. This could add hundreds of billions of dollars to the global economy - <a href="http://www.piie.com/publications/papers/icc-wta20130614.pdf">the Peterson Institute for International Economics estimates that it could add nearly a trillion dollars</a> - especially in developing nations. Developing and least developed countries will receive assistance to help upgrade their infrastructure and train customs officials. This is known as "trade facilitation" and helps reduce the bureaucratic red tape that slows down world commerce. </li>
<li>India can continue its food subsidies. This was the biggest roadblock to a deal. India wanted to keep its food subsidies so that it can feed its people, but these subsidies are illegal under WTO rules. Other countries, including the United States, worried that the subsidies would affect global food prices and wanted New Delhi to end them before any agreement was reached. In the end, the two sides compromised, allowing India and other developing countries to continue their subsidies as long they don't distort international prices, but they must also come up with an alternative solution. There is no deadline for that though.</li>
<li>Member countries reaffirm their commitment to the least developed ones. Member countries give least developed nations duty-free, quota-free access to their markets and to help foster greater economic growth in those nations. Most developed countries have adopted this standard and this deal encourages developing ones to do so as well. Member countries also agree to help least developed ones integrate into world commerce</li>
<li>The deal didn't fall apart. The WTO has never come to an agreement before in its almost 20 year history. The fact that all 159 countries finally made a deal, no matter its limited scope, is an accomplishment in and of itself. The WTO's hopes that this deal will lead to a larger, more comprehensive one in the future. </li>
</ul>
Each member government still must approve the deal so nothing is official, but all trade representatives have given their approval.

The WTO Just Came To A Historic Trade Deal -&#160;Here's What You Need To Know

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Pascal LauenerPascal Lamy, Director-General of the World Trade Organization (WTO) attends the annual meeting of the World Economic Forum (WEF) in Davos January 26, 2013. </div></div></div>PARIS (Reuters) - If European policy elites could choose the next head of the EU's executive, Pascal Lamy, the Frenchman who stepped down as head of the World Trade Organisation in July, would be near the top of most people's list.
Lamy, 66, was chief-of-staff to Jacques Delors, the Commission president who pulled <keyword id="6431122" type="PERSON" weightage="60" keywordseo="euro">Euro</keyword>pe out of the doldrums in the 1980s by tearing down internal barriers to create a single market and paving the way for the euro single currency.
Now he says the European Union needs a new dream to revive its sagging fortunes, based on modernizing its "social market" model of tempering economic forces with social protection to keep it sustainable.
That's why he probably won't get the job.
Lamy is not a candidate and says he will support Socialist European Parliament President Martin Schulz for the role, but he makes no secret of his readiness to "serve Europe" again if the opportunity arises.
"I am in agreement with 95 percent of social democrats in Europe. The trouble is the other five percent all live in my country," he joked at the annual conference of the Friends of Europe think-tank in Brussels, where he was guest of honor.
Four years of financial and economic crisis have shattered public confidence in the EU, and the moderate socialist is a bogeyman to many on the left in France, where he is associated with "ultra-liberal" free-trade policies.
Eurosceptical parties are expected to make unprecedented gains in European Parliament elections next May and Lamy's federalist vision of Europe is at odds with the Zeitgeist.
He says EU governments deliberately weakened the European Commission during the euro zone debt crisis by taking decision-making out of its hands but leaving it to enforce austerity policies made elsewhere.
As a result, citizens are confused about who is responsible for what in Europe and "Brussels" takes the blame.
Noting that support for Europe has historically ebbed and flowed with the economic cycle and is now at low tide, Lamy argues that the EU needs a new narrative reconciling economic efficiency with social progress.
"When the cake is getting bigger, people are less reluctant to share it. When it stops growing, there's a sense of crisis amplified by the fact that Europe was long sold to citizens as a protection against a menacing outside world," he told Reuters in an interview.
"Now we have to reformulate the European project," he said.
<h3>EUROPEAN IDENTITY</h3>
The "never again" spirit that inspired the EU's founders to pool their coal and steel industries in a common market on the ruins of World War Two no longer resonates with today's Europeans, most of whom have never experienced armed conflict.
Instead, Europe needs a new rationale based on preserving a combination of high living standards, democracy and civil rights, environmental protection, social justice and work-life balance that still make it the envy of many beyond its borders.
"Europeans have to live up to what non-Europeans see as the European identity," Lamy said.
"The 'European way of life' remains an attractive brand... It's a peculiar balance between individual freedom, the market, systems of solidarity and a certain economic dynamism."
Dismantling the 17-nation euro zone, breaking up the EU or re-erecting protectionist barriers would bring economic disaster and make it impossible to go on financing the generous benefits that distinguish the European social model, he said.
Failure to keep Europe's economies competitive could also undermine the ability to fund the welfare state.
"There are no solutions that could resolve today's global challenges better without European integration than with it."
Lamy earned his spurs first at the French Finance Ministry and then at the Commission.
A workaholic who ran marathons and eschewed the Brussels business lunch for a banana and a piece of wholemeal bread at his desk, he made sure the Commission machine delivered an unprecedented wave of single market legislation on schedule. Wags dubbed him the "Dalai Lamy" because of his shaven head and ascetic lifestyle.
After returning to France in 1995 to help rescue stricken Credit Lyonnais bank, he became EU Trade Commissioner in 1999, helping launch the Doha round of global negotiations, before heading the WTO in Genevafor eight years.
Those jobs put him in the cockpit of globalization just as China, India, Brazil and other emerging economies were challenging the pre-eminence of Europe and the United States.
Lamy quoted an Asian statesman as telling him that the world looks to Europe to "civilize globalization" by spreading its rules-based system of governance that smoothes the rough edges of capitalism.
Without directly criticizing outgoing Commission President Jose Manuel Barroso, he says the former Portuguese prime minister was installed by EU leaders because they wanted to call the shots themselves.
"He was put there deliberately. He didn't fall from the moon," Lamy said. "The fact is that in this difficult period, member states took things back into their own hands in the institutional set-up."
Barroso's successor should revert to Delors' method of building a consensus among member states and parliamentarians on one or two major objectives for European reform, Lamy said.
This could involve creating a real single energy market, true liberalization of the internal market for services that make up two-thirds of European output and employment, and the transition to a low-carbon economy.
"I don't have that project and I have no mandate to draw it up. But we need that kind of project," he said.
(Writing by Paul Taylor; Editing by Ruth Pitchford)

Former WTO Chief: Europe Needs A New Dream To Revive Its Fortunes

<div class="KonaFilter image-container float_right"><div class="image on-image">Reuters</div></div>It's a long way from Beijing to Belgravia but London's upmarket estate agents would be well advised to keep a close eye on developments in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> over the next 10 days. The price of a mansion in London's more fashionable districts is rising fast. Cash buyers from overseas have snapped up houses with little or no regard of the cost, creating a property microclimate divorced from the rest of the market.
The Bank of England is keeping tabs on the boom, concerned that the flood of foreign cash pushing up the price of mansions could - if left unchecked - herald the start of the next bubble.
Well, you ain't seen nothing yet. The freeing up of China's economy over the past 35 years has been methodical. First it was agriculture. Then it was industry. Now, the next phase of liberalisation planned by the ruling cadre of the Communist party includes finance.
A host of possible reforms are being considered. These include offering higher interest rates for domestic savers backed up by deposit insurance for savings accounts and making China's currency, the renminbi, convertible.
Unfettered movement of capital out of China is not going to happen overnight, but it could happen within five to 10 years. That's why George Osborne was in China last month seeking to make London the global hub for dealings in the renminbi. That is why fund managers, hedge funds, private equity firms and property specialists in Britain are licking their lips.
China's leaders have encouraged speculation that radical change is afoot by talking about a "masterplan" for the economy. There have been signs that Beijing is prepared to sacrifice quantity for quality: accepting that growth needs to be slower but more sustainable.
Although living standards have risen sharply, China's economic model is investment-intensive. There has been a rapid expansion of industrial capacity to provide goods for export. Heavy debts have been incurred in the process, particularly by local government. The sluggish recovery in the global economy that followed the financial crisis of 2007-08 means that demand for China's manufactured products is growing less quickly than it once was. Hence the feeling that the economy needs more of a domestic focus and that capital should be used less wastefully.
The internal debates about the future of the economy will come to a head next weekend when the central committee of the Communist party meets in its third plenary session since it was elected for a five-year term in 2012.
Historically, the so-called third plenum has been the occasion for the party hierarchy to focus on the economy, followed by big shifts in policy. It was at the third plenum in 1978 that Deng Xiaoping announced the opening up of the Chinese economy: the move that triggered 35 years of stupendous growth.
Fifteen years later, Deng said the economy needed more investment and had to become more export-focused. Within a decade, the country's success in breaking into western markets was crowned by admission into the World Trade Organisation. WTO membership, together with a period in the early 2000s when the global economy was expanding at its fastest rate since the late 1960s and early 1970s, meant there was little pressure to reform China's economy. It was hard to argue with growth rates of 10% and record rates of poverty reduction. Now, though, expectations are high that President Xi Jinping and Premier Li Keqiang will act.
Analysts at Capital Economics say the third plenum will come up with a direction of travel rather than a detailed policy programme. But they expect the new leadership to address three key issues: the low share of national income going to average households; the dominant role of the state in much of the economy; and the inefficient use of capital.
Xi and Li are likely to proceed with caution. There will be strong opposition to reform from vested interests who like the status quo. What's more, China's fragile financial sector needs handling with care. The balance sheets of commercial banks and the shadow banking sector are bloated with loans to state-owned enterprises and real estate companies. Many of these loans are non-performing, and there are enough parallels between China today and the United States half a dozen years ago if Beijing wishes to observe the consequences of over-hasty or badly sequenced reforms.
Even so, the feeling seems to be that ducking the need for change will merely store up even bigger problems for the future. Deregulation, land reform and a strengthening of the social security system are on the agenda.
But it will be financial reform that will be of most interest to the outside world. There has been liberalisation in this sector but Capital Economics says this is set to accelerate by allowing the renminbi to operate in a wider trading band, allowing full private ownership of banks, facilitating the development of the corporate bond market and loosening curbs on cross-border capital flows.
In the US, there has been much agonising over the emergence of China as a rival economic superpower. America's trade deficit with China has been a particular cause of concern, with Beijing accused of manipulating the renminbi exchange rate to dump goods in the west. Fears have been expressed that America is vulnerable to a financial Pearl Harbor: a sudden decision by Beijing to stop buying US Treasury bills.
In the light of what is going to be discussed later this week, such fears look overblown. That's not just because such a move would be a pyrrhic victory for China, since it would destroy the value of its assets. It's also because bit by bit, China's economy - if not its political structure - is being reshaped along the lines sought by Wall Street and by American-owned transnational corporations.
Back in the late 1990s, US multinationals demanded that China accept more stringent conditions than had been imposed on other developing countries in order to secure WTO membership. Beijing accepted. Now America wants two things: China's financial sector to be opened up to US banks and the country's savings to boost western capital markets. More than likely, Washington will get its way, perhaps not immediately but with profound effects.
Why? Well, consider this. America, the world's biggest economy, has savings of $2.8tn (£1.7tn); China has more than $4tn. As a result, the impact of financial liberalisation in China will make the flow of funds into the west from Russian oligarchs look inconsequential.
As Diana Choyleva of Lombard Street Research notes, China's elite already sends its children to Britain to be educated. The money is about to follow. Which is why the hedge-fund owners of Mayfair and the estate agents of Belgravia have every reason to be cheerful.

This article originally appeared on <a>guardian.co.uk</a>

China Is On The Verge Of Historic Reforms, And Big Investors Should Be Salivating

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Denis Balibouse/ReutersWTO Director General Roberto Azevêdo</div></div></div><ul><li>Trade tensions are growing around the world, due in large part to President Donald Trump's trade battles.</li><li>World Trade Organization Director General Roberto Azevêdo warned that current trade tensions risk hurting the world economy and undermining the post-World War II trading order.</li><li>"Whether or not you call the current situation a trade war, certainly the first shots have been fired," Azevêdo wrote. "This calls for our attention, and most importantly, our action."</li></ul>One of the most important trade officials in the world is sounding the alarm about President Donald Trump's <a href="https://www.businessinsider.com/category/trade-war">trade war</a> and the rising tide of protectionism.Roberto Azevêdo, the director general of the World Trade Organization, warned in an op-ed published Thursday of the shift toward more protectionist trade policies and increased barriers."Global trade is under threat," Azevêdo <a href="https://www.independent.co.uk/voices/wto-world-trade-us-trump-iran-sanctions-eu-brexit-china-agreements-a8481241.html">wrote in The Independent</a>. "Whether or not you call the current situation a trade war, certainly the first shots have been fired. This calls for our attention, and most importantly, our action."Azevêdo also warned that further escalation could result in significant downsides for the economic growth of the US and other nations around the world."The situation is extremely serious," he said. "Reciprocal trade restrictions cannot be the new normal. A continued escalation would risk a major economic impact, threatening jobs and growth in all countries, hitting the poorest hardest."A large percentage of <a href="https://www.businessinsider.com/trump-tariffs-trade-war-hurt-business-jerome-powell-2018-7?r=UK&amp;IR=T">economists agree</a> that increased international trade and a free exchange of goods is <a href="https://www.businessinsider.com/trump-tariffs-trade-war-cea-study-shows-hurt-economy-2018-6">generally positive for the countries</a> involved. They also agree that current trade rules prevent certain populations, including parts of the US, from benefitting. Managing these downsides while growing trade is a key challenge for governments.The danger from a possible slowdown in global trade is already on the rise. The WTO's latest World Trade Outlook Indicator, which measures trade growth, dropped to 100.3 in August's release from 101.8 last month. The report said the index further bolsters the WTO's predictions that world merchandise trade growth is slowing."Rising trade tensions continue to pose risks to the trade forecast and will be monitored closely going forward," <a href="https://www.wto.org/english/news_e/news18_e/wtoi_09aug18_e.htm">the WTO said</a>.Azevêdo acknowledged that the WTO could benefit from reform to make dispute settlement and regulatory functions work better. But he reiterated that reform should come in the spirit of cooperation rather than antagonism.The WTO plays a key role in the current trade fights between the US and other countries since the organization is the arbiter of international trade rules. As part of the tariff fight, several countries <a href="https://www.wto.org/english/tratop_e/dispu_e/dispu_current_status_e.htm">have filed formal WTO complaints</a> regarding Trump's tariffs. The US, in turn, has filed counter-complaints on countries including China and Canada.The Trump administration has openly weighed the possibility of pulling out of the organization. Such a move would likely cause a collapse of the post-World War II international trading order.""The world needs this organisation more than ever," Azevêdo said. "Without it, we would face a future of uncertainty, trade war, lower growth, lower salaries and diminished job opportunities everywhere - in both poor and powerful countries alike." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-to-north-korea-defector-2018-8">A North Korean defector's harrowing story of escape</a></h3> <div> </div> </div>

The man in charge of overseeing global trade says 'the first shots have been fired' in a trade war, and 'the situation is extremely serious'

Brussels, Jun 22 (AP) Top European Union officials on Monday pressed China's leaders to open the country's markets further to European companies, show stronger leadership in reforming world trade's governing body and step back from the brink in Hong Kong. With criticism mounting that the EU has been kowtowing to Beijing, European Council President Charles Michel and EU commission President Ursula von der Leyen attempted to strike a tougher tone than usual, after video talks with Chinese President Xi Jinping and Premier Li Keqiang. The 27-nation bloc is China's biggest trading partner, but also an economic competitor, and as Beijing has become more assertive in recent years, the EU has struggled to balance its commercial interests with a country that it also sees as "a systemic rival." "Progress is needed in many areas to re-balance this relationship, and we made clear that we need to resolve concrete problems," Michel said, firing off a list of outstanding issues like market access, subsidies, regulatory issues, public procurement, the forced transfer of technologies and WTO reforms. No Chinese officials took part in the news conference. Von der Leyen said Brussels and Beijing hope soon to sign an agreement on geographical indicators that would protect national producers, but she lamented the general lack of progress, particularly on lifting market access barriers, since last year's EU-China summit. "We continue to have an unbalanced trade and investment relationship," she told reporters. "We need to follow up on these commitments urgently. And we also need to have more ambition on the Chinese side in order to conclude negotiations on an investment agreement." In a statement after the meeting, the Europeans expressed "grave concerns" at China's decision to impose its security law on Hong Kong, saying that Beijing's actions contravene its international commitments and "put pressure on the fundamental rights and freedoms of the population." They also raised concerns about human rights abuses in Xinjiang and Tibet, as well as reports of people who disappeared after expressing their views on China's handling of the coronavirus. The "continued arbitrary detention" of Swedish citizen Gui Minhai and two Canadian citizens – Michael Kovrig and Michael Spavor - was also highlighted. "For the European Union, human rights and fundamental freedoms are non-negotiable," von der Leyen said. She also raised concerns about a disinformation campaign by China linked to the coronavirus, and noted, without elaborating, that "we've seen cyber attacks on computing systems, on hospitals, and we know the origin of the cyber attacks. " While Monday's video summit did not produce concrete results - no joint statement was issued - the Europeans hope it will boost slow-moving talks on an investment agreement they have been working on at technical level, and build some common ground for tackling thorny political issues at a face-to-face meeting, hopefully late in the year. The meetings come at a time when China stands accused of trying to influence European officials and EU foreign policy chief Josep Borrell, who also took part in the meetings, has twice denied in recent months that the External Action Service - a kind of EU foreign office that he leads - has bowed to Beijing's pressure to alter documents. Von der Leyen described the EU-China relationship as "not an easy one, but one we're working on." (AP) MRJ

EU urges China to move on trade, back off in Hong Kong

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li>Trump has imposed trade tariffs against the EU and China, sparking a trade with allies and rivals alike.</li><li>European and Chinese officials have formed an unlikely team at the World Trade Organization.</li><li>At a meeting this week, officials attacked Trump's approach and said they wanted to set the rules to suit their approach.</li><li>A trade expert warned against "creating a fortress America while the EU, China and others play offense."</li></ul> The European Union and China are teaming up to rewrite global trade rules, their latest move in a wider fightback against the trade war Donald Trump has launched as part of his "America First" agenda.The two powers usually find themselves on opposite sides in economic disputes.&#xa0;The EU has long blamed China for flooding its markets with cheap steel, and has imposed its own steep tariffs on Beijing.&#xa0;But on this issue they have been driven together by Trump's increasingly aggressive push to levy tariffs both on rival powers - like China - and also longtime allies like the EU.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The pushback took the form of Brussels and Beijing agreeing to form a group inside the&#xa0;World Trade Organization (WTO) dedicated to rewriting the global rules on subsidies and tech policy in the light of Trump's actions.Both also agreed to uphold the global trading system under the WTO, which Trump has described as "<a href="https://twitter.com/realDonaldTrump/status/982264844136017921">unfair</a>" and "<a href="https://twitter.com/realDonaldTrump/status/986436520444866560">bad... to the US</a>."The US slapped a series of tariffs on <a href="http://uk.businessinsider.com/trump-steel-aluminum-tariffs-trade-war-europe-canada-mexico-2018-5">EU steel and aluminum</a> on May 31, and on <a href="http://uk.businessinsider.com/trump-china-tariff-full-list-of-goods-products-2018-6">$50 billion worth of Chinese goods</a>, including aircraft tires, agricultural machinery, and printer parts on June 15.The EU and China have called Trump's actions&#xa0;"<a href="http://uk.businessinsider.com/how-uk-france-eu-canada-other-us-allies-respond-to-trump-trade-war-2018-6">totally unacceptable</a>" and an "<a href="http://uk.businessinsider.com/china-trump-tariffs-threat-blackmail-trade-war-2018-6">act of extreme pressure and blackmail</a>" respectively, and retaliated with <a href="http://uk.businessinsider.com/trump-china-tariff-list-states-exports-losers-2018-6">billions of dollars</a> <a href="http://uk.businessinsider.com/trump-european-union-tariff-list-states-that-lose-the-most-exports-2018-6">worth of tariffs</a> of their own.Trump on Tuesday once again hit out at countries that had placed tariffs on US goods, and threatened to impose even more tariffs. "They must play fair or they will pay tariffs!" he tweeted.Speaking in Beijing ahead of an annual EU-China summit, representatives warned against single countries taking drastic action on trade policy by themselves, a barely-disguised attack on Trump's approach.Liu He, vice premier of China's State Council, said in a speech <a href="https://asia.nikkei.com/Economy/China-and-EU-agree-to-work-together-to-tackle-Trump-s-higher-tariffs">quoted by Japan's Kyodo news agency</a>: "Both sides agree to firmly oppose unilateralism and protectionism and prevent such practices from impacting the world economy or even dragging the world economy into recession."Jyrki Katainen, the EU's vice president on jobs and economic growth, added that actions like Trump's unilateral tariff hikes against China show that WTO rules on global trade had to change,&#xa0;<a href="http://newsroom.ap.org/detail/APFN-AS--China-EU/d9aa95feec654d5fb3a4771f93530a61/text?Query=China,%20EU%20to%20form%20group%20to%20modernize%20global%20trade%20rules&amp;mediaType=text&amp;sortBy=arrivaldatetime:desc&amp;dateRange=Anytime&amp;totalCount=200&amp;currentItemNo=7">the Associated Press reported</a>.<a href="https://www.cnbc.com/video/2018/06/25/eus-katainen-there-are-no-winners-in-a-trade-war.html">He told CNBC</a>: "We have to reform WTO in order to make multilateralism better functioning in the future. This unites the EU and China and the moment."I'm not naive. I don't expect fast delivery on all fronts but first you have to decide whether you are in favor of unilateralism or multilateralism. If you are in favour of multilateralism, then you have to engage seriously, for instance in reforming the WTO."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Scott Kennedy, a Chinese economy expert at the Center for Strategic and International Studies in Washington, DC, said the new EU-China partnership was "a big deal," and risks leaving the US isolated.He told the AP:&#xa0;"It is not in the interests of the United States to just be playing defense and creating a fortress America while the EU, China and others play offense and attempt to set the rules of the game for the next century."The EU wants other governments to join the group, the Associated Press reported Katainen as saying.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The EU has long blamed China for the global over-capacity of steel, and has <a href="https://www.theguardian.com/business/2016/oct/07/european-union-import-duties-chinese-steel-port-talbot-tata">imposed steep tariffs</a> on Chinese steel to protect Europe's domestic metals industry. Katainen urged China to tackle overcapacity in its steel, aluminum, and other sectors including technology, the EU <a href="http://europa.eu/rapid/press-release_IP-18-4281_en.htm">said in a statement</a>.Separately, France and China also upgraded their bilateral trade relations this week, with Beijing promising to buy more French farm produce and continue talks&#xa0;over the purchase of billions of dollars worth of Airbus jets, <a href="https://www.reuters.com/article/us-china-eu/china-france-agree-to-expand-trade-eu-raises-difficult-issues-idUSKBN1JL0B8">according to Reuters</a>.&#xa0;President Emmanuel Macron declared China's interest in buying $18 billion worth of Airbus A320 narrow-body jets, but failed to clinch a deal during a state visit in January.France also expressed support for <a href="http://uk.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1/">China's Belt and Road Initiative</a>, a massive Chinese project to link some 70 countries across Asia, Africa, Europe, and Oceania through land and maritime trade.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-happened-at-the-trump-north-korea-summit-2018-6">Why the North Korea summit mattered even if it was 'mostly a photo op'</a></h3> <div> </div> </div></hr>

You Searched For "WTO reforms" and got 13 results

Three of the world’s leading financial institutions band together for international trade reforms

Prabhjote Gill

EU's Tusk calls for WTO reform to stop 'conflict and chaos' of Trump's growing trade war

Michael Selby-Green,Michael S…

India for elimination of trade-distorting subsidies on agriculture in WTO

PTI

The coronavirus pandemic makes it clear: Europe must decide between the US and China

Mathias Döpfner

Special, differential treatment for developing countries to figure in WTO meet in Kazakhstan

PTI

First Trade Reform In History Of The World Trade Organization Is Ready For Approval

Randy Fabi and Tom Miles, Reu…

WTO Talks Fail As India Remains Adamant

BI India Bureau

The WTO Just Came To A Historic Trade Deal - Here's What You Need To Know

Danny Vinik

Former WTO Chief: Europe Needs A New Dream To Revive Its Fortunes

Paul Taylor, Reuters

China Is On The Verge Of Historic Reforms, And Big Investors Should Be Salivating

Larry Elliott, The Guardian

The man in charge of overseeing global trade says 'the first shots have been fired' in a trade war, and 'the situation is extremely serious'

Bob Bryan

EU urges China to move on trade, back off in Hong Kong

PTI

China and the EU are teaming up to fight back against Trump's trade war

Alexandra Ma

Popular Keywords

Buying Guides

You Searched For "WTO reforms" and got 13 results

Three of the world’s leading financial institutions band together for international trade reforms

Prabhjote Gill

EU's Tusk calls for WTO reform to stop 'conflict and chaos' of Trump's growing trade war

Michael Selby-Green,Michael S…

India for elimination of trade-distorting subsidies on agriculture in WTO

PTI

The coronavirus pandemic makes it clear: Europe must decide between the US and China

Mathias Döpfner

Special, differential treatment for developing countries to figure in WTO meet in Kazakhstan

PTI

First Trade Reform In History Of The World Trade Organization Is Ready For Approval

Randy Fabi and Tom Miles, Reu…

WTO Talks Fail As India Remains Adamant

BI India Bureau

The WTO Just Came To A Historic Trade Deal -&#160;Here's What You Need To Know

Danny Vinik

Former WTO Chief: Europe Needs A New Dream To Revive Its Fortunes

Paul Taylor, Reuters

China Is On The Verge Of Historic Reforms, And Big Investors Should Be Salivating

Larry Elliott, The Guardian

The man in charge of overseeing global trade says 'the first shots have been fired' in a trade war, and 'the situation is extremely serious'

Bob Bryan

EU urges China to move on trade, back off in Hong Kong

PTI

China and the EU are teaming up to fight back against Trump's trade war

Alexandra Ma

Popular Keywords

Buying Guides

The WTO Just Came To A Historic Trade Deal - Here's What You Need To Know