By: Jane Kelsey, University of Auckland, Waipapa Taumata Rau The 13th World Trade Organization (WTO) ministerial conference in Abu Dhabi has failed to resolve any issues of significance, raising the […]
WTO
WTO predicts “sharp slowdown” in trade growth
Multiple shocks to the world economy will cause a “sharp slowdown” in the rate of trade growth, according to the World Trade Organization.
Global merchandise trade volumes are forecast to grow by 3.5% in 2022, but trade growth is expected to slow to 1.0% in 2023.
Surging costs around the world caused by the invasion of Ukraine, tighter monetary policy (i.e. central banks hiking interest rates) hitting interest-sensitive...
https://www.shippingaustralia.com.au/wto-predicts-sharp-slowdown-in-trade-growth/
US Backs Waiving Patents on COVID Vaccines
In a historic move, the US government has today announced its support for waiving patent protections for COVID-19 vaccines, a measure aimed at boosting supplies so that people around the world can get the shots, says an article published in Nature.
“The extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures,” said US Trade Representative Katherine Tai in a statement.
Vaccines to make it Legal through PatentsThe move comes on 5 May, the first of a two-day meeting of...
https://mfame.guru/us-backs-waiving-patents-on-covid-vaccines/
WTO Chief Seeks Boost For Vaccine Production
WTO chief lays out global action to increase vaccine access, says an article on Reuters.
To increase vaccine productionCountries and drug makers to increase the production of coronavirus vaccines and share them more widely and fairly.
Role of WTO in covid-19 pandemicNgozi Okonjo-Iweala(WTO director-general) said that concerns over cross-border supply chains had reinforced her view that the WTO must play a central role in the response to the pandemic.
“WTO members needed to reduce export...
https://mfame.guru/wto-chief-seeks-boost-for-vaccine-production/
66 Vessels, 5.7MT Coal, 1000 Seafarers Stranded by China Ban
- The 5.7 million tons of coal is worth more than $500 million.
- An estimated 1,000 seafarers are manning the bulk carriers.
- A total of 66 vessels loaded with Australian coal are positioned in Chinese waters.
- Kpler identified 53 vessels holding Australian coal waiting about four weeks or longer to discharge at Chinese ports.
- Thirty-nine of the ships are carrying about 4.1 million tonnes of metallurgical coal.
More than $500 million worth of Australian coal is on ships anchored off Chinese ports,...
https://mfame.guru/66-vessels-5-7mt-coal-1000-seafarers-stranded-by-china-ban/
COVID-19 Commodity Chain Disruption and The Global Bullwhip Effect
- New pathogens generated unintentionally by agribusiness are not themselves natural-material use-values.
- They are toxic residues of the capitalist production system.
- It can be traced to agribusiness commodity chains as part of a globalized food regime.
- The ripple effects of combined ecological and epidemiological disasters are felt.
- They have been introduced by today’s global commodity chains and agribusiness.
- This has given rise to the COVID-19 and disrupted the entire system of global...
https://mfame.guru/covid-19-commodity-chain-disruption-and-the-global-bullwhip-effect/
Foolhardy forecasts and trading places
Even as some 21 states postpone the roll back on plans to ease their lockdown regimes and the International Maritime Fund (IMF) has revised its global economic projections downwards, patchy demand in the United States is being seen as a sign of recovery.
A surge in demand for container space is temporary according to consultant Jon Monroe, and a similar message has come from three leading economic thinktanks who have warned that international collaboration is essential if a strong global...
https://container-news.com/foolhardy-forecasts-and-trading-places/
ECSA Urges Rapid Conclusion of Brexit Negotiations
- ECSA has expressed concern for the looming end of the UK’s Brexit negotiations and has called for all parties to avoid a no deal at all costs.
- ECSA is calling for a strong EU-UK maritime dialogue as a platform to discuss common approaches to shipping policies.
The European Community Shipowners’ Associations (ECSA) has expressed concern for the looming end of the UK’s Brexit negotiations and has called for all parties to avoid a no deal at all costs, reports Port Technology.
Avoidance of no-deal...https://mfame.guru/ecsa-urges-rapid-conclusion-of-brexit-negotiations/
COVID-19: WTO Predicts World Trade To Fall by 32%
- WTO reported that world trade is expected to fall by up to 32% in 2020 due to COVID-19.
- It can range anywhere from 13% to 32%, greater than the slump in trade during the global financial crisis of 2008.
- All regions will suffer a decline in trade volumes, with North America and Asia hit hardest.
- The immediate goal is to bring the pandemic under control.
- It also urged policymakers to start planning for the aftermath of the pandemic.
- The strength of the recovery is uncertain and outcomes will...
http://mfame.guru/covid-19-wto-predicts-world-trade-to-fall-by-32/
WTO: World trade could fall by up to 32%
The World Trade Organization (WTO) issued a report stating that global trade is expected to decrease by up to 32% this year due to the disruption of economic activity caused by the COVID-19 pandemic.
Roberto Azevêdo, WTO director-general, stated that “This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people’s lives. The unavoidable declines in trade and output will have painful consequences for households and businesses, on...
https://safety4sea.com/wto-world-trade-could-fall-by-up-to-32/