As the Group of Seven prepares to meet in Biarritz, France on 24-26 August, BusinessEurope sends a strong message against trade tensions, in favour of free and open trade, supporting the critical role of the multilateral trading system.
The growth of world merchandise trade volumes is likely to remain weak in the third quarter of 2019 according to the WTO’s Goods Trade Barometer, released on 15 August. The latest reading of 95.7 from the barometer, formerly the World Trade Outlook Indicator (WTOI), is lower than the previous release and signals that stronger trade growth is not yet in sight.
The European Union and the United States, represented respectively by Stavros Lambrinidis, EU Ambassador to the United States and Jani Raappana, Deputy Head of Mission, for the Finnish Presidency of the Council of the EU, and Robert Lighthizer, U.S. Trade Representative, signed in Washington D.C. an agreement reviewing the functioning of an existing quota to import hormone-free beef into the EU.
Today, the EU has requested the establishment of a panel at the World Trade Organization (WTO) on Turkey’s unlawful measures on the importation and sale of pharmaceuticals.
The European Economic and Social Committee (EESC) calls on the Commission to reflect in more depth on policy options that help both to reduce greenhouse gases and thus fight climate change and to maintain competitiveness.
Following the successful EU-Canada Summit on July 17-18, 2019, leaders from the EU and Canada reaffirmed a shared commitment to the rules-based international order and to preserve and safeguard a functioning World Trade Organization (WTO) dispute settlement system.
In January 2019, the Organisation for Economic Cooperation and Development (OECD) released a landmark report, “Measuring distortions in international markets: The aluminium value chain.” It highlights how non-market forces are responsible for some of the recent increases in aluminium smelting capacities, with adverse impacts throughout the value chain.
A summary of the exchange of views is now available.
On 22 July 2019, Madagascar notified the WTO’s Committee on Safeguards that it had decided to initiate on 18 July 2019 a safeguard investigation on pasta.
Update – the programme is now available.
This year’s Public Forum theme is ‘Trading Forward: Adapting to a Changing World’. The sub-themes will be: “services — the next trade frontier”, “the next generation — what do Millennials & Gen Z want to see from global trade” and “the next chapter of the WTO — strengthening the trading system”.
The European Economic and Social Committee (EESC) calls on the Commission to reflect in more depth on policy options that help both to reduce greenhouse gases and thus fight climate change and to maintain competitiveness. The goal must be to better protect and promote the EU’s resource and energy-intensive industries (REII), otherwise Europe runs the risk of losing jobs to less clean economies and missing its goal of reducing greenhouse gas (GHG) emissions.
Speaking at an event held at the Banque de France Conference Centre in Paris on 16 July to mark the 75th Anniversary of the Bretton Woods Agreements, Deputy Director-General Alan Wolff called on leaders to ensure “open trade under agreed global rules is an essential part of a revitalized international economic order that can continue to deliver the benefits that its founders envisioned”. An opportunity for reform of the WTO has been created, he said, which should result in the creation of an updated and strengthened multilateral trading system.