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Times of Oman
14-05-2025
- Business
- Times of Oman
WTO roundtable highlights Oman's role in supporting multilateral trade system
Muscat: The 13th World Trade Organization (WTO) Accessions Roundtable concluded its sessions by underscoring Oman's pivotal role in advancing the organization's mission and the technical support it has provided to facilitate the accession of several countries. Held in Muscat, the meeting emphasized the Arab region's growing presence in the global economic landscape by addressing key issues related to WTO accession. As one of the foremost international forums, the roundtable shed light on the challenges and opportunities tied to integration into the multilateral trading system. In statements to Oman News Agency (ONA), officials and experts highlighted the WTO's role in strengthening member economies and fostering an attractive environment for trade and investment. They reviewed Oman's successful 25-year journey within the organization, noting its active role in technical coordination and sustained support among member states, which has helped drive investment-friendly policies. They emphasized that Oman's hosting of this international event reflects its unwavering support for global cooperation efforts, reinforcing its position as a key platform for economic dialogue at regional and international levels. The discussions also underscored the importance of Arab economic integration, investment promotion, and the growing need for fair and inclusive trade mechanisms that align with aspirations for sustainable growth and balanced partnerships. Dr. Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Investment, stated that the 13th WTO Roundtable's significance lies in fostering constructive dialogue and cooperation within the multilateral trading system. He noted that the roundtable served as a platform for exchanging views and experiences among WTO members, particularly as Oman has worked in recent years to modernize its legislative framework and business environment in line with WTO standards. Masn stressed that Oman has not merely joined the WTO but has been an active contributor to its development, providing technical support to several countries—especially Arab states—in their accession efforts. He added that Muscat's hosting of the event coincides with the 25th anniversary of Oman's WTO membership, reaffirming its commitment to strengthening its role in the organization, advancing global trade integration, and supporting Arab nations' accession to the international trading system. On his turn, Sheikh Khalifa Ali Al Harthy, Undersecretary of the Foreign Ministry for Political Affairs, emphasized that WTO accession is a strategic milestone that opens broad horizons for growth and investment while enhancing competitiveness. He stressed the importance of fostering a more transparent and fair trade environment, enabling developing and emerging economies to actively participate in global markets and strengthen international partnerships. He noted that public-private partnerships play a central role in achieving sustainable economic development, with the exchange of best practices and success stories helping aspiring nations overcome challenges and accelerate trade and economic reforms. He highlighted Oman's longstanding role in regional and international trade, leveraging its strategic geographic location and open economic policies. Meanwhile, Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry, and Investment Promotion, stated that Oman's WTO accession was a strategic milestone, enabling the nation to achieve numerous objectives, capitalize on opportunities, and enhance its economic standing. He pointed out that Oman's investment environment has seen remarkable growth over the past 25 years since joining the WTO, with investments now exceeding $30 billion. These investments span diverse sectors, including food, logistics, oil and gas, and other areas that attract global capital. He affirmed that Oman has signed multiple free trade agreements, creating an attractive and conducive investment environment backed by incentives and facilitations. The establishment of integrated industrial and free zones has also been instrumental in attracting investors across economic sectors, particularly in promising industries that bolster Oman's regional and international standing. For her part, Hilda Ali Al Hinai, Secretary-General of the Arab-Swiss Chamber of Commerce and Industry in Geneva, emphasized Oman's vital role within the WTO, noting that its accession was a strategic step that supported the multilateral trading system and fostered a transparent, open investment climate. She explained that Oman's active presence in the organization reflects its ambitious economic vision and commitment to expanding global trade relations, aligning with its plans for economic diversification and sustainable development. Faisal Ali Al Hinai, Deputy Head of Oman's Mission to the WTO, highlighted the roundtable's importance as a high-level annual platform bringing together WTO members and aspiring nations. He noted Oman's initiatives in promoting Arab and international cooperation under the WTO's umbrella, solidifying its position as a hub for economic dialogue and trade diplomacy. Yan Dong, Vice Minister of Commerce of the People's Republic of China, praised Oman's prominent role in the WTO, stating that the roundtable's convening in Muscat—coinciding with Oman's 25th accession anniversary—offered a unique opportunity to discuss accelerating other nations' WTO integration. He commended Oman's rapid economic growth and sustained development, stressing the importance of trade flows and multilateral principles in enhancing global economic stability. China, he affirmed, stands ready to collaborate with all WTO members to safeguard and advance this system, contributing to global economic stability and shared development. Ambassador Xiangchen Zhang, WTO Deputy Director-General, lauded Oman's active contributions to the organization, noting that its 25th accession anniversary marks an important occasion to reflect on achievements and future prospects. He announced that the event compared Gulf Cooperation Council (GCC) members' economic visions and launched a joint Arab study highlighting best practices in completed and ongoing accessions. He also praised Oman's leadership in advancing economic diplomacy and regional prosperity. He emphasized the importance of expanding WTO membership to strengthen global trade ties, commending Oman's contributions to economic integration and constructive collective action. He concluded by stressing the value of knowledge-sharing among members and welcoming Oman's hosting of such collaborative forums.
ABC News
12-05-2025
- Business
- ABC News
US and China hail 'constructive' Geneva trade talks
The US and China have ended high-stakes trade talks on a positive note, with US officials touting a "deal" to reduce the US trade deficit. Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks on Sunday in Switzerland. Chinese Vice-Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice-Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Mr Greer and Mr Bessent took no questions from reporters. The US Treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be "de-escalated." Financial markets have been on edge for signs of a thaw in a bitter US-China trade war that has already begun to disrupt supply chains, prompt layoffs and raise wholesale prices. Mr Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that would help reduce the $US1.2 trillion ($1.9 trillion) US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Mr Greer said. The US trade chief called Mr He, Mr Li and Vice-Finance Minister Liao Min "tough negotiators". Mr He, speaking to reporters at China's mission to the World Trade Organization, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," Mr He said, drawing applause from a large audience of Chinese officials present at the WTO office. He also met with WTO Director-General Ngozi Okonjo-Iweala, who said she was "pleased with the positive outcome" of the talks and urged the two countries to build on momentum to mitigate trade tensions. The WTO has ruled against Mr Trump's past tariffs on Chinese goods, but the cases have been stalled in the WTO's paralysed appellate body due to the US blocking judge appointments. The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, Mr He added. China and the US have convened numerous consultation bodies to try to resolve trade and economic differences in recent decades, including the Economic Working Group that former president Joe Biden's Treasury secretary Janet Yellen established with Mr He in 2023. These dialogues have provided forums for airing bilateral grievances, but have done little to advance Washington's longstanding goal to shift China's state-dominated, export-driven economic model toward one driven by consumer spending. The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Mr Trump took office and launched a global tariff blitz, declaring a national emergency over the US fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Mr Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($935 billion) in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Mr Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Mr Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and that the result would address the national emergency that Mr Trump declared over growing US trade deficits. A White House press release that simply repeated Mr Bessent's and Mr Greer's brief comments with no details ran the headline: "US announces China trade deal in Geneva." Earlier on Sunday, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the US. Mr Hassett also told Fox News's Sunday Morning Futures program that more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Overnight, Mr Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset … in a friendly, but constructive, manner." Reuters
CNA
11-05-2025
- Business
- CNA
US, China hail 'constructive' trade talks in Geneva
GENEVA: The US and China ended high-stakes trade talks on a positive note on Sunday (May 11), with US officials touting a "deal" to reduce the US trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain "good news for the world". US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods. Greer and Bessent took no questions from reporters. The US Treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be "de-escalated". Financial markets have been on edge for signs of a thaw in a bitter US-China trade war that has already begun to disrupt supply chains, prompt layoffs and raise wholesale prices. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the US$1.2 trillion US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not so large as maybe thought." The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators". Vice Premier He, speaking to reporters at China's mission to World Trade Organization (WTO), described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials at the WTO office. He also met with WTO Director General Ngozi Okonjo-Iweala, who said she was "pleased with the positive outcome" of the talks and urged the two countries to build on momentum to mitigate trade tensions. The WTO has ruled against Trump's past tariffs on Chinese goods, but the cases have been stalled in the WTO's paralysed appellate body due to the US blocking judge appointments. NEW CONSULTATION PLATFORM The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added. China and the US have convened numerous consultation bodies to try to resolve trade and economic differences in recent decades, including the Economic Working Group that former president Joe Biden's Treasury secretary, Janet Yellen, established with Vice Premier He in 2023. These dialogues have provided forums for airing bilateral grievances, but have done little to advance Washington's longstanding goal to shift China's state-dominated, export-driven economic model toward one driven by consumer spending. FIRST MEETING The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the US fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February. Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly US$600 billion in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and that the result would address the national emergency that Trump declared over growing US trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. A White House press release that simply repeated Bessent's and Greer's brief comments with no details ran the headline: "US announces China trade deal in Geneva." MORE TARIFF DEALS Earlier on Sunday, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the US. Hassett also told Fox News' Sunday Morning Futures program that more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products. Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer. "They all look a little bit like the UK deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner". GATED VILLA The teams met at the gated villa of Switzerland's UN ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, bathed in bright sunshine. Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the US. Washington is seeking to reduce its US$295 billion goods trade deficit with Beijing and persuade China to renounce what Washington calls a mercantilist economic model, a shift that would require politically sensitive domestic reforms.
Japan Times
11-05-2025
- Business
- Japan Times
U.S. and China cite ‘substantial progress' in Geneva trade talks
The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain "good news for the world." U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW In separate briefings with reporters, neither side mentioned any agreement to cut U.S. tariffs of 145% on Chinese goods and China's 125% tariffs on U.S. goods. Greer and Bessent took no questions from reporters. The U.S. Treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be "deescalated." Financial markets have been on edge for signs of a thaw in a bitter U.S.-China trade war that has already begun to disrupt supply chains, prompt layoffs and raise wholesale prices. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $1.2 trillion U.S. global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said. The U.S. trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators." Vice Premier He, speaking to reporters at China's mission to World Trade Organization, described the talks as "candid, in-depth and constructive" on issues of concern to both countries. "The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office. He also met with WTO Director-General Ngozi Okonjo-Iweala, who said she was "pleased with the positive outcome" of the talks and urged the two countries to build on momentum to mitigate trade tensions. The WTO has ruled against Trump's past tariffs on Chinese goods, but the cases have been stalled in the WTO's paralyzed appellate body due to the U.S. blocking judge appointments. The U.S. and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalized as soon as possible, He added. China and the U.S. have convened numerous consultation bodies to try to resolve trade and economic differences in recent decades, including the Economic Working Group that former president Joe Biden's Treasury secretary, Janet Yellen, established with Vice Premier He in 2023. These dialogues have provided forums for airing bilateral grievances, but have done little to advance Washington's longstanding goal to shift China's state dominated, export-driven economic model toward one driven by consumer spending. The meeting was the first face-to-face interaction between senior U.S. and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the U.S. fentanyl crisis and imposing a 20% tariff on Chinese goods in February. Trump followed with a 34% "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $600 billion in two-way trade to a standstill. Chinese Vice Premier He Lifeng attends a meeting with global business leaders at the Great Hall of the People in Beijing on March 28. | REUTERS China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific reduction target. Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and that the result would address the national emergency that Trump declared over growing U.S. trade deficits. "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said. A White House press release that simply repeated Bessent's and Greer's brief comments with no details ran the headline: "U.S. announces China trade deal in Geneva." Earlier on Sunday, White House economic adviser Kevin Hassett said the Chinese were "very, very eager" to engage in discussions and rebalance trade relations with the U.S. Hassett also told Fox News' Sunday Morning Futures program that more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10% U.S. duties in place on many U.K. products. Hassett said he had been briefed by U.S. Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer. "They all look a little bit like the U.K. deal but each one is bespoke," Hassett said. Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner." The teams met at the gated villa of Switzerland's U.N. ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, bathed in bright sunshine. Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the U.S. "It's definitely encouraging," Asia Society Policy Institute vice president Wendy Cutler said after the talks had concluded. "The two sides spent over 15 hours in discussions," she said. "That's a long time for two countries to be meeting, and I view that as positive." The fact the talks are even happening "is good news for business, and for the financial markets", Gary Hufbauer, a senior nonresident fellow at the Peterson Institute for International Economics, said in an interview while the talks were ongoing. But Hufbauer cautioned he was "very skeptical that there will be any return to something like normal U.S.-China trade relations". Even a tariff rate of 70-80% would still potentially halve bilateral trade, he said. "The devil will be in the details," said ASPI's Cutler. "Without the details, it's hard to assess whether the meeting was successful or not." Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what Washington calls a mercantilist economic model, a shift that would require politically sensitive domestic reforms.
CNA
11-05-2025
- Business
- CNA
US, China hail 'constructive' Geneva trade talks, details due Monday
GENEVA: The US and China ended high-stakes trade talks on a positive note on Sunday (May 11), with US officials touting a "deal" to reduce the US trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain "good news for the world." US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday. In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 percent on Chinese goods and China's 125 percent tariffs on US goods. Greer and Bessent took no questions from reporters. The US Treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be "de-escalated." Financial markets have been on edge for signs of a thaw in a bitter US-China trade war that has already begun to disrupt supply chains, prompt layoffs and raise wholesale prices. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the US$1.2 trillion US global goods trade deficit. "And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said.
