Latest news with #multilateralTrade
Reuters
3 days ago
- Business
- Reuters
China calls on WTO for greater oversight on unilateral tariffs
BEIJING, June 4 (Reuters) - China's commerce minister has called on the World Trade Organisation to strengthen supervision over unilateral tariffs, and put forward objective and neutral policy proposals, the ministry said on Wednesday. At a WTO ministerial meeting in France, Commerce Minister Wang Wentao reiterated China's stance on upholding a multilateral trading system and said WTO has the country's backing for a more important role in global economic governance. Wang also met with European Trade Commissioner Maros Sefcovic and had a "pragmatic and frank" discussion with his Canadian counterpart.
BreakingNews.ie
13-05-2025
- Business
- BreakingNews.ie
World trade chief says global free trade is in a crisis while on visit to Japan
Global free trade is in crisis, the head of the World Trade Organisation said while meeting Japanese Prime Minister Shigeru Ishiba on Tuesday. Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), told Mr Ishiba that she has high expectations for Japan as a champion of open markets, as US President Donald Trump disrupts world commerce with his fast-changing tariffs and other policies. Advertisement 'Trade is facing very challenging times right now and it is quite difficult,' she said. 'We should try to use this crisis as an opportunity to solve the challenges we have and take advantage of new trends in trade.' Japan, as 'a champion of the multilateral trading system', must help maintain, strengthen and reform the WTO, the Japanese Foreign Ministry cited her as saying. Later Tuesday, the WTO chief met with Japanese Foreign Minister Takeshi Iwaya and issued a joint statement, saying that 'in a time of uncertainty and disruption, the value of the multilateral trading system is unquestionable'. Japan said in the same statement that the current trade turmoil 'would have a significant impact on the global economy and the entire multilateral trading system' and called for promoting WTO reforms, including its rule-making function, dispute settlement and monitoring of the implementation of agreements. Advertisement They met a day after the United States and China said they had agreed to slash recent sky-high tariffs for 90 days to allow time for negotiations. Japan is among many countries yet to reach a deal with the Trump administration on hikes to US tariffs, including those on autos, steel and aluminium. The WTO played a pivotal role in past decades as the US and other major economies championed the trade liberalisation that facilitated the growth of global supply chains, many of which are anchored in China. Ngozi Okonjo-Iweala told Shigeru Ishiba that she has high expectations for Japan as a champion of open markets (Kazuhiro Nogi/Pool Photo via AP) By dismantling many protectionist barriers to trade, it has aided the ascent of Japan and China, and many other countries, as export manufacturing hubs. Advertisement Since taking office for a second time, Mr Trump has prioritised higher tariffs to try to reduce US imports and compel companies to locate factories in the United States, doubling down on a trade war that he launched during his first term. Ms Okonjo-Iweala and Mr Ishiba agreed that WTO member countries should unite to restore the organisation's capacity to address challenges. The trade chief visited Japan to strengthen co-operation between the east Asian country and the WTO to maintain and reinforce the multilateral trading system, Japanese officials said. She also met with Finance Minister Katsunobu Kato and Economy, Trade and Industry Minister Yoji Muto. Advertisement
