China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms.

China has stepped up efforts to open its financial sector amid a festering <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">trade war </a>with the United States, with increased access to its financial sector among a host of demands from Washington.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute.

The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said.

China will not allow forced technology transfers by foreign firms, it said.

Stabilising foreign investment is part of Beijing's policies to support the<a href="https://www.wionews.com/business-economy/global-markets-asia-relieved-at-latest-trade-truce-china-data-disappoints-255740"> slowing economy </a>that has been hit by the country's trade war with the United States.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia&nbsp;and Citigroup&nbsp;became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector.

But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China&nbsp;and Bank of China.

"Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's&nbsp;China head of global markets told a financial conference over the weekend.

He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment."

In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase&nbsp;and Japan's Nomura Holdings&nbsp;have obtained regulatory approval to set up majority-owned China ventures.

But China has yet to open more sensitive areas of its financial industry. US&nbsp;payments card giants Mastercard Inc&nbsp;and Visa Inc&nbsp;are still awaiting regulatory approval to conduct yuan clearing business in the country.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent&nbsp;this year and cool further to 5.9 per cent&nbsp;in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment.

Tax and fee cuts amounted to 1.5 trillion yuan&nbsp;in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said.

The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute. The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope. China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said. China will not allow forced technology transfers by foreign firms, it said. Stabilising foreign investment is part of Beijing's policies to support the slowing economy that has been hit by the country's trade war with the United States. In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector. But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China and Bank of China. "Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's China head of global markets told a financial conference over the weekend. He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment." In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase and Japan's Nomura Holdings have obtained regulatory approval to set up majority-owned China ventures. But China has yet to open more sensitive areas of its financial industry. US payments card giants Mastercard Inc and Visa Inc are still awaiting regulatory approval to conduct yuan clearing business in the country. China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year and cool further to 5.9 per cent in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment. Tax and fee cuts amounted to 1.5 trillion yuan in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said. The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China to scrap business curbs on foreign banks, brokerages

<a href="https://www.wionews.com/world/britains-brexit-talks-with-eu-teeter-on-verge-of-collapse-254597">Britain is looking forward to "taking back control" of its trade policy</a> after it exits the European Union later this month, a government minister told the World Trade Organization Wednesday.

Speaking at a WTO conference, International Trade Secretary Liz Truss said her country was preparing to seize "a golden opportunity."

Britain will be able "to determine our own trade policy for the first time in almost half a century and retake our seat at the WTO as a fully independent, sovereign nation," she said, according to a written version of her speech.

"For those of you worried about where we might have been for 45 years, let me reassure you: Britain is back."

Truss was addressing a closed-door event hosted by the International Chamber of Commerce, attended by British businesses such as BT and mining firm Anglo American, and diplomats.

In a statement released before her address, she claimed that "Britain is on the verge of taking back control of its trade policy."

"We live in an increasingly protectionist world and it is vitally important – now more than ever – that Britain and other WTO members fly the flag for free trade," she said.&nbsp;

Her comments came as Brexit talks between <a href="https://www.wionews.com/world/european-commissions-juncker-says-britain-will-be-responsible-if-no-brexit-deal-252324">Britain and the European Union</a> teetered on the brink of collapse just three weeks ahead of the deadline for finding a deal for an orderly departure.

Truss insisted in her address that Britain's exit from the bloc would be beneficial the country, and also for the international trading system, which currently finds itself under attack.

"We will use our new-found freedom to champion free, fair, rules-based international trade with the WTO at its centre," she said.

US President Donald Trump has repeatedly attacked the WTO and has launched bruising trade wars with China especially, but also with European allies.

Earlier this month, Washington announced that starting October 18, it would slap tariffs on $7.5 billion worth of European goods in retaliation against illegal subsidies for Airbus, with the tariffs hitting everything from French cheeses to Scotch whisky.

"Some may be content to live in a world of rising trade tensions and tit-for-tat tariffs, a world in which, for example, the good people of America are deprived of the chance to sample excellent Scotch whisky," Truss said.

"But this is not a world that I want to see, and when we take our independent seat around the WTO table, I can assure you we will be unapologetic in fighting the forces of protectionism, in favour of genuinely free trade."

Britain is looking forward to "taking back control" of its trade policy after it exits the European Union later this month, a government minister told the World Trade Organization Wednesday.

Britain is looking forward to "taking back control" of its trade policy after it exits the European Union later this month, a government minister told the World Trade Organization Wednesday. Speaking at a WTO conference, International Trade Secretary Liz Truss said her country was preparing to seize "a golden opportunity." Britain will be able "to determine our own trade policy for the first time in almost half a century and retake our seat at the WTO as a fully independent, sovereign nation," she said, according to a written version of her speech. "For those of you worried about where we might have been for 45 years, let me reassure you: Britain is back." Truss was addressing a closed-door event hosted by the International Chamber of Commerce, attended by British businesses such as BT and mining firm Anglo American, and diplomats. In a statement released before her address, she claimed that "Britain is on the verge of taking back control of its trade policy." "We live in an increasingly protectionist world and it is vitally important – now more than ever – that Britain and other WTO members fly the flag for free trade," she said. Her comments came as Brexit talks between Britain and the European Union teetered on the brink of collapse just three weeks ahead of the deadline for finding a deal for an orderly departure. Truss insisted in her address that Britain's exit from the bloc would be beneficial the country, and also for the international trading system, which currently finds itself under attack. "We will use our new-found freedom to champion free, fair, rules-based international trade with the WTO at its centre," she said. US President Donald Trump has repeatedly attacked the WTO and has launched bruising trade wars with China especially, but also with European allies. Earlier this month, Washington announced that starting October 18, it would slap tariffs on $7.5 billion worth of European goods in retaliation against illegal subsidies for Airbus, with the tariffs hitting everything from French cheeses to Scotch whisky. "Some may be content to live in a world of rising trade tensions and tit-for-tat tariffs, a world in which, for example, the good people of America are deprived of the chance to sample excellent Scotch whisky," Truss said. "But this is not a world that I want to see, and when we take our independent seat around the WTO table, I can assure you we will be unapologetic in fighting the forces of protectionism, in favour of genuinely free trade."

Britain preparing to 'take back control' at World Trade Organisation: Minister

US and Chinese trade negotiators will resume talks in Washington in early October, Beijing said Thursday after new punitive tariffs raised fears of a breakdown in the protracted negotiations.

The world's two biggest economies have been embroiled in a tense year-long trade war, which escalated further on September 1 when both sides implemented fresh levies.

The negotiations were supposed to have resumed this month but the Chinese commerce ministry said Vice Premier Liu He, Beijing's point man on trade, agreed to October talks in a phone call with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.

The officials agreed to "work together and take practical actions to create favourable conditions for consultations", the ministry said in a statement.

It said the two sides would "maintain close communication" ahead of the talks.

The top officials last met in Shanghai in July for a round of trade talks, which were described as "constructive" but ended with no announcements.

US President Donald Trump announced afterwards he would increase tariffs on more than half-a-trillion dollars' worth of imports in a new round of punitive measures, prompting Beijing to respond with fresh tariffs on US goods worth $75 billion.

New tensions

Tensions continued to mount over the summer, with Trump accusing Chinese negotiators of holding out for a better deal in hopes he will be voted out in next year's presidential elections.

But at the recent G7 meeting of rich democracies in France, Trump spoke of new communications between US and Chinese negotiators -- giving financial markets a brief boost -- while China's foreign ministry said it was unaware of such contacts.

This week China said it had lodged a complaint against the US with the World Trade Organization (WTO), one day after new tariffs came into force.

While the US-China negotiations began in earnest in January and seemed at first to make progress, they were abruptly called off in the spring by Trump.&nbsp;

They resumed in June at the highest levels in the margins of the G20 summit meeting in Osaka, Japan, when Trump met his Chinese counterpart Xi Jinping.

But in its complaint to the WTO, Beijing accused the new US tariffs of "seriously violating the consensus reached by the leaders of our two countries in Osaka".

The new round of talks will be seen as a sign of optimism in a trade war that has weighed on the global economy and shaken diplomatic relations between the two global powers.

US and Chinese trade negotiators will resume talks in Washington in early October, Beijing said Thursday after new punitive tariffs raised fears of a breakdown in the protracted negotiations.

US and Chinese trade negotiators will resume talks in Washington in early October, Beijing said Thursday after new punitive tariffs raised fears of a breakdown in the protracted negotiations. The world's two biggest economies have been embroiled in a tense year-long trade war, which escalated further on September 1 when both sides implemented fresh levies. The negotiations were supposed to have resumed this month but the Chinese commerce ministry said Vice Premier Liu He, Beijing's point man on trade, agreed to October talks in a phone call with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday. The officials agreed to "work together and take practical actions to create favourable conditions for consultations", the ministry said in a statement. It said the two sides would "maintain close communication" ahead of the talks. The top officials last met in Shanghai in July for a round of trade talks, which were described as "constructive" but ended with no announcements. US President Donald Trump announced afterwards he would increase tariffs on more than half-a-trillion dollars' worth of imports in a new round of punitive measures, prompting Beijing to respond with fresh tariffs on US goods worth $75 billion. New tensions Tensions continued to mount over the summer, with Trump accusing Chinese negotiators of holding out for a better deal in hopes he will be voted out in next year's presidential elections. But at the recent G7 meeting of rich democracies in France, Trump spoke of new communications between US and Chinese negotiators -- giving financial markets a brief boost -- while China's foreign ministry said it was unaware of such contacts. This week China said it had lodged a complaint against the US with the World Trade Organization (WTO), one day after new tariffs came into force. While the US-China negotiations began in earnest in January and seemed at first to make progress, they were abruptly called off in the spring by Trump. They resumed in June at the highest levels in the margins of the G20 summit meeting in Osaka, Japan, when Trump met his Chinese counterpart Xi Jinping. But in its complaint to the WTO, Beijing accused the new US tariffs of "seriously violating the consensus reached by the leaders of our two countries in Osaka". The new round of talks will be seen as a sign of optimism in a trade war that has weighed on the global economy and shaken diplomatic relations between the two global powers.

US, China officials agree to 'take practical actions' and resume trade talks in October

China has lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on US crude oil, the latest escalation in their trade war.

China has lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on US crude oil, the latest escalation in their trade war. China did not release details of its legal case but said the US tariffs affected $300 billion of Chinese exports. The latest tariff actions violated the consensus reached by leaders of China and the United States in a meeting in Osaka, the Commerce Ministry said in the statement. China will defend its legal rights in accordance with WTO rules, it said. The lawsuit is the third Beijing has brought to challenge US President Donald Trump's China-specific tariffs at the WTO, the international organisation that limits the tariffs each country is allowed to charge. US officials say that they are penalising China for theft of intellectual property that is not covered by WTO rules, although many trade experts say that any tariff hike above the allowed maximum must be justified at the WTO. Many experts also decry China's decision to fight fire with fire, by imposing tariffs on U.S. goods imported into China, also without the WTO's approval. On Friday the United States published a written defence in the first of the three legal cases, asserting that China and the United States agreed the issue should not be judged at the WTO. "China has taken the unilateral decision to adopt aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners; the United States has adopted tariff measures to try to obtain the elimination of China’s unfair and distortive technology-transfer policies," it said. China had chosen to respond not by addressing U.S. concerns but with its own tariffs, "in an effort to maintain its unfair policies indefinitely". The US submission also said its actions were exempt from WTO rules because they were "measures necessary to protect public morals" - a clause used in the past to argue for trade restrictions over gambling, animal rights and public broadcasting. Under WTO rules, Washington has 60 days to try to settle the latest dispute. Then China could ask the WTO to adjudicate, a process that would take several years. It could end with China gaining WTO approval to take trade sanctions, if the United States is found to have broken the rules.

China lodges tariff case at WTO against the US

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik.

Not Feasible

Trump said on August 13 that the United States may pull out of the WTO, following what he claimed were years of mistreatment at the hands of the organisation.

However, trade and economic affairs analyst Alan Tonelson, American research fellow at the US Business and Industry Council Educational Foundation, said Trump’s threat was unlikely to be taken seriously.

"President Trump's threat isn't credible in the very short run, if only because under the WTO agreement itself, he's obligated to give the organisation a six-month notice before the actual pull out," he said.

Trump would face an alliance of traditional free-trade Republicans in his own party and the opposition Democrats who control the House of Representatives since the November 2018 midterm elections, Tonelson, founder of RealityChek blog which covers trade and economics, pointed out.

Over the longer term, US law requires Congress to vote every five years on staying in the WTO, and the next such occasion comes up next year, Tonelson observed.

"So far, continued American membership has proven extremely popular on Capitol Hill," he said.

However, Trump might be able to take advantage of the very different national political dynamics within the United States since WTO membership was last approved in 2015, Tonelson cautioned.

"Clearly the climate is different today from that during the previous vote, in 2015, and the President could unnerve the rest of the world even more than it already has by at least making it a campaign issue, and consequently by boosting the ‘No’ votes considerably, at least on the GOP side," he said.

Trump also enjoyed powers that could enable him to paralyse the workings of the WTO without having to withdraw the United States officially from the organisation, Tonelson commented.

"It's crucial to remember that the President's decision to block the appointment of certain WTO judges could bring the critical appellate level of the organisation's dispute-resolution system to a halt by the end of this year. So unless he reneges, US withdrawal might not even be needed to evade the organisation's rulings," he said.

Washington’s withdrawal from the WTO, he added, would surely further disrupt a global economy that has already been shaken up "by the US trade policy reversal engineered by President Trump." Nevertheless, the US leader might be prepared to run that risk, Tonelson advised.

"Given how slowly cases make their way through the WTO process, it's difficult to believe that the disruption would be significant, since sluggish procedures mean that few businesses can afford to base their planning on expected WTO outcomes," he said. "Longer term, a neutered WTO could even prompt national governments to return to less formal, and probably quicker, ways to resolve their trade disputes."

Other WTO members might decide to keep the organisation going if only as a gesture of anti-Trump defiance.

"But the centrality of the United States to the world trade system and broader economy mean that its US-less survival would be largely symbolic," he said.

Pullout would backfire

Popular Resistance Co-Director Kevin Zeese agreed, however, that Trump was unlikely to overcome broad-based congressional opposition to withdrawing the United States from the WTO.

"Trump would need congressional approval to pull the US out of the WTO so it is unlikely," he said.

Unilateral US withdrawal from the WTO could also backfire on Trump and Washington by boosting China’s global economic and trade standing, Zeese cautioned.

"The WTO was developed by the US, many of the rules were written by the US and the US dominates it. If the US were to leave, China would probably become the leader. It would cause confusion in lots of trade agreements because the WTO is an arbiter of trade disputes," he said.

Zeese also agreed with Tonelson that Trump’s threats increased the dangers of a major international economic recession.

"It is bizarre to be threatening this at this time when the markets are already skittish and there are growing signs of recession. Disrupting the WTO would be one more thing to make investors insecure because of impacts [that] are hard to predict," he said.

Zeese also stressed that unilateral withdrawal from the WTO would be a self-defeating move for Washington.

"Why is Trump doing it? His is a mind I cannot read. So much of what he does makes little sense. Leaving the WTO would be one more step taken by Trump that would weaken the US as a global hegemony," he said.

Dollar dominance was a critical tool on US foreign policy that was now weakening, Zeese observed.

"If the US is no longer the reserve currency and used in trade between nations, it will have unpredictable, but certainly negative consequences for the US economy," he concluded.

 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp; 
&nbsp;

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik.

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik. Not Feasible Trump said on August 13 that the United States may pull out of the WTO, following what he claimed were years of mistreatment at the hands of the organisation. However, trade and economic affairs analyst Alan Tonelson, American research fellow at the US Business and Industry Council Educational Foundation, said Trump’s threat was unlikely to be taken seriously. "President Trump's threat isn't credible in the very short run, if only because under the WTO agreement itself, he's obligated to give the organisation a six-month notice before the actual pull out," he said. Trump would face an alliance of traditional free-trade Republicans in his own party and the opposition Democrats who control the House of Representatives since the November 2018 midterm elections, Tonelson, founder of RealityChek blog which covers trade and economics, pointed out. Over the longer term, US law requires Congress to vote every five years on staying in the WTO, and the next such occasion comes up next year, Tonelson observed. "So far, continued American membership has proven extremely popular on Capitol Hill," he said. However, Trump might be able to take advantage of the very different national political dynamics within the United States since WTO membership was last approved in 2015, Tonelson cautioned. "Clearly the climate is different today from that during the previous vote, in 2015, and the President could unnerve the rest of the world even more than it already has by at least making it a campaign issue, and consequently by boosting the ‘No’ votes considerably, at least on the GOP side," he said. Trump also enjoyed powers that could enable him to paralyse the workings of the WTO without having to withdraw the United States officially from the organisation, Tonelson commented. "It's crucial to remember that the President's decision to block the appointment of certain WTO judges could bring the critical appellate level of the organisation's dispute-resolution system to a halt by the end of this year. So unless he reneges, US withdrawal might not even be needed to evade the organisation's rulings," he said. Washington’s withdrawal from the WTO, he added, would surely further disrupt a global economy that has already been shaken up "by the US trade policy reversal engineered by President Trump." Nevertheless, the US leader might be prepared to run that risk, Tonelson advised. "Given how slowly cases make their way through the WTO process, it's difficult to believe that the disruption would be significant, since sluggish procedures mean that few businesses can afford to base their planning on expected WTO outcomes," he said. "Longer term, a neutered WTO could even prompt national governments to return to less formal, and probably quicker, ways to resolve their trade disputes." Other WTO members might decide to keep the organisation going if only as a gesture of anti-Trump defiance. "But the centrality of the United States to the world trade system and broader economy mean that its US-less survival would be largely symbolic," he said. Pullout would backfire Popular Resistance Co-Director Kevin Zeese agreed, however, that Trump was unlikely to overcome broad-based congressional opposition to withdrawing the United States from the WTO. "Trump would need congressional approval to pull the US out of the WTO so it is unlikely," he said. Unilateral US withdrawal from the WTO could also backfire on Trump and Washington by boosting China’s global economic and trade standing, Zeese cautioned. "The WTO was developed by the US, many of the rules were written by the US and the US dominates it. If the US were to leave, China would probably become the leader. It would cause confusion in lots of trade agreements because the WTO is an arbiter of trade disputes," he said. Zeese also agreed with Tonelson that Trump’s threats increased the dangers of a major international economic recession. "It is bizarre to be threatening this at this time when the markets are already skittish and there are growing signs of recession. Disrupting the WTO would be one more thing to make investors insecure because of impacts [that] are hard to predict," he said. Zeese also stressed that unilateral withdrawal from the WTO would be a self-defeating move for Washington. "Why is Trump doing it? His is a mind I cannot read. So much of what he does makes little sense. Leaving the WTO would be one more step taken by Trump that would weaken the US as a global hegemony," he said. Dollar dominance was a critical tool on US foreign policy that was now weakening, Zeese observed. "If the US is no longer the reserve currency and used in trade between nations, it will have unpredictable, but certainly negative consequences for the US economy," he concluded. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Donald Trump’s threat to leave World Trade Organisation not credible

<a href="https://www.wionews.com/south-asia/pakistan-looses-3-key-positions-in-world-trade-organisation-240613">Pakistan faces disappointment at World Trade Organisation, loses 3 key positions</a>

Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body.

<a href="https://www.wionews.com/world/iran-seizes-foreign-vessel-smuggling-fuel-state-media-240586">Iran seizes third foreign tanker, says it was carrying ‘smuggled fuel’</a>

Iranian naval forces have seized a "foreign vessel" in the Gulf, state news agency IRNA reported Sunday, in the country's third such seizure in a month.

<a href="https://www.wionews.com/world/29-killed-in-two-us-mass-shootings-within-hours-240608">29 killed in two US mass shootings within hours</a>

Two mass shootings in the United States have left 29 people dead within 24 hours, the latest such attacks in a nation torn over how to tackle gun violence.

A gunman armed with an assault rifle killed 20 people Saturday when he opened fire on shoppers at a packed Walmart store in El Paso, Texas.

<a href="https://www.wionews.com/india-news/india-test-fires-quick-reaction-surface-to-air-missile-in-odishas-balasore-240636">India test-fires quick-reaction surface-to-air missile in Odisha's Balasore</a>

Defence Research and Development Organisation (DRDO) on Sunday successfully flight-tested Quick Reaction Surface to Air Missile (QRSAM) air defence system at Balasore flight test range.

<a href="https://www.wionews.com/sports/ashes-2019-australias-steve-smith-scores-second-hundred-of-comeback-test-240648">Ashes 2019: Australia's Steve Smith scores second hundred of comeback Test</a>

Australia's Steve Smith scored the second hundred of his comeback Test when he reached three figures against England in the Ashes opener at Edgbaston.

&nbsp;

&nbsp;

Pakistan faces disappointment at World Trade Organisation, loses 3 key positions Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body.

Pakistan faces disappointment at World Trade Organisation, loses 3 key positions Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body. Iran seizes third foreign tanker, says it was carrying ‘smuggled fuel’ Iranian naval forces have seized a "foreign vessel" in the Gulf, state news agency IRNA reported Sunday, in the country's third such seizure in a month. 29 killed in two US mass shootings within hours Two mass shootings in the United States have left 29 people dead within 24 hours, the latest such attacks in a nation torn over how to tackle gun violence. A gunman armed with an assault rifle killed 20 people Saturday when he opened fire on shoppers at a packed Walmart store in El Paso, Texas. India test-fires quick-reaction surface-to-air missile in Odisha's Balasore Defence Research and Development Organisation (DRDO) on Sunday successfully flight-tested Quick Reaction Surface to Air Missile (QRSAM) air defence system at Balasore flight test range. Ashes 2019: Australia's Steve Smith scores second hundred of comeback Test Australia's Steve Smith scored the second hundred of his comeback Test when he reached three figures against England in the Ashes opener at Edgbaston.

News brief: Big stories of the day

Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body.

The country lost the chairmanship of WTO's Committee on Trade and Environment (CTE) and Advisory Centre on WTO Law (ACWL).

It is also no more a coordinator at Friends of E-commerce for Development, Express Tribune reported.

The WTO is an intergovernmental organisation that is concerned with the regulation of international trade between nations.

The post for the ambassador at the permanent mission of Pakistan at the WTO fell vacant after then-ambassador Tauqir Shah was called back by the government in August last year.

The government started the process for the selection of Shah`s replacement in June.

However, it has failed to finalise a candidate out of 15 applicants.

Out of 15 candidates, some of the applicants do not meet the selection criteria.

At least three of them are over-aged, and at least one applicant does not meet the experience criterion.

Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body.

Pakistan has lost three key positions in the World Trade Organisation (WTO) as Pakistan's Tehreek-e-Insaf (PTI) government failed to finalise a candidate for the post of ambassador at the world body. The country lost the chairmanship of WTO's Committee on Trade and Environment (CTE) and Advisory Centre on WTO Law (ACWL). It is also no more a coordinator at Friends of E-commerce for Development, Express Tribune reported. The WTO is an intergovernmental organisation that is concerned with the regulation of international trade between nations. The post for the ambassador at the permanent mission of Pakistan at the WTO fell vacant after then-ambassador Tauqir Shah was called back by the government in August last year. The government started the process for the selection of Shah`s replacement in June. However, it has failed to finalise a candidate out of 15 applicants. Out of 15 candidates, some of the applicants do not meet the selection criteria. At least three of them are over-aged, and at least one applicant does not meet the experience criterion.

Pakistan faces disappointment at World Trade Organisation, loses 3 key positions

India will keep its sugar export subsidies despite complaints to the <a href="https://www.wionews.com/business-economy/brazil-escalates-world-trade-organisation-dispute-over-india-sugar-subsidies-235185">World Trade Organisation </a>(WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said.

The export subsidies are designed to increase shipments from the world's second-biggest sugar producer and reduce their brimming inventories. But that could pressure global prices that have only eked out a 2.1 per cent gain this year after plunging more than 20 per cent in 2018.

"The industry needs government support for exports. It will be provided without violating the WTO framework," said a senior government official involved in the policymaking. "We may need to make some changes in the way we provide incentives."

Government and industry officials did not say what kind of changes they are planning to make, though they said they are seeking guidance from WTO experts.

Years of bumper cane harvests and record sugar production have hammered Indian sugar prices, making it hard for mills to pay money owed to farmers, who form an influential voting bloc.

To reduce that debt and are rising inventories, New Delhi said in September it would provide incentives to mills for overseas sugar sales and set an export target of 5 million tonnes for the 2018/19 marketing year ending on Sept. 30.

India's exports surged to 3.3 million tonnes from 620,000 tonnes a year earlier. That prompted rivals to complain at the WTO, alleging the incentives violate trade rules.

The Brazilian government said on Thursday it had asked the WTO to establish a panel aimed at resolving its dispute over Indian sugar subsidies. Australia and Guatemala also lodged complaints on Thursday.

India has been providing transport subsidies of between 1,000 rupees a tonne to 3,000 rupees a tonne to sugar mills, depending on the distance to ports. The government has also raised the amount it directly pays to cane growers to 138 rupees a tonne in assistance from 55 rupees a year ago.

On Wednesday, the Indian industry and government officials discussed how an incentive can be provided in the next marketing year starting from October 1 without violating WTO rules.

"The export policy for the next season could be finalised early next month," said an industry official, who participated in Wednesday's discussion.

Sugar mills are requesting that the government provide incentives to export 7 million to 8 million tonnes of sugar in the next season, up from this season's target of 5 million tonnes, said Abinash Verma, director general of the Indian Sugar Mills Association (ISMA).

Announcing the export policy will help mills in deciding whether to produce raw or white sugar for export at the beginning of the season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd (NFCSF).

Indian mills traditionally produce white sugar for local consumption, but they produce raw sugar during years of surplus to help exports. Selling raw sugar is easier in the world market than white. In the next marketing year, India's sugar production is expected to drop by 18 per cent from a year ago after a drought last year forced farmers to curb their cane planting and as weaker monsoon rains this year limit crop growth.

India could start the new season with an inventory of more than 14.7 million tonnes and could produce another 28.2 million tonnes in the season, against local demand of around 26 million tonnes, the ISMA estimates.

India will keep its sugar export subsidies despite complaints to the World Trade Organisation (WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said.

India will keep its sugar export subsidies despite complaints to the World Trade Organisation (WTO) from rival producers Brazil and Australia, though it will tweak how it provides them, four sources directly involved in the matter said. The export subsidies are designed to increase shipments from the world's second-biggest sugar producer and reduce their brimming inventories. But that could pressure global prices that have only eked out a 2.1 per cent gain this year after plunging more than 20 per cent in 2018. "The industry needs government support for exports. It will be provided without violating the WTO framework," said a senior government official involved in the policymaking. "We may need to make some changes in the way we provide incentives." Government and industry officials did not say what kind of changes they are planning to make, though they said they are seeking guidance from WTO experts. Years of bumper cane harvests and record sugar production have hammered Indian sugar prices, making it hard for mills to pay money owed to farmers, who form an influential voting bloc. To reduce that debt and are rising inventories, New Delhi said in September it would provide incentives to mills for overseas sugar sales and set an export target of 5 million tonnes for the 2018/19 marketing year ending on Sept. 30. India's exports surged to 3.3 million tonnes from 620,000 tonnes a year earlier. That prompted rivals to complain at the WTO, alleging the incentives violate trade rules. The Brazilian government said on Thursday it had asked the WTO to establish a panel aimed at resolving its dispute over Indian sugar subsidies. Australia and Guatemala also lodged complaints on Thursday. India has been providing transport subsidies of between 1,000 rupees a tonne to 3,000 rupees a tonne to sugar mills, depending on the distance to ports. The government has also raised the amount it directly pays to cane growers to 138 rupees a tonne in assistance from 55 rupees a year ago. On Wednesday, the Indian industry and government officials discussed how an incentive can be provided in the next marketing year starting from October 1 without violating WTO rules. "The export policy for the next season could be finalised early next month," said an industry official, who participated in Wednesday's discussion. Sugar mills are requesting that the government provide incentives to export 7 million to 8 million tonnes of sugar in the next season, up from this season's target of 5 million tonnes, said Abinash Verma, director general of the Indian Sugar Mills Association (ISMA). Announcing the export policy will help mills in deciding whether to produce raw or white sugar for export at the beginning of the season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd (NFCSF). Indian mills traditionally produce white sugar for local consumption, but they produce raw sugar during years of surplus to help exports. Selling raw sugar is easier in the world market than white. In the next marketing year, India's sugar production is expected to drop by 18 per cent from a year ago after a drought last year forced farmers to curb their cane planting and as weaker monsoon rains this year limit crop growth. India could start the new season with an inventory of more than 14.7 million tonnes and could produce another 28.2 million tonnes in the season, against local demand of around 26 million tonnes, the ISMA estimates.

India to keep sugar export subsidies even as rivals complain: Sources

The Brazilian government said on Thursday it had asked the <a href="https://www.wionews.com/business-economy/us-complains-against-india-at-wto-over-customs-duty-hike-on-28-american-goods-233145">World Trade Organisation</a> to establish a panel aimed at resolving its dispute over Indian sugar subsidies,&nbsp;according to a joint statement by the foreign and agriculture ministries.

The WTO's Dispute Settlement Body is expected to take up Brazil's request at its meeting scheduled for July 22, the statement said. Australia and Guatemala also lodged complaints against India on Thursday, according to the ministries.

Brazil alleges that the Indian government has taken actions that distort global sugar markets. The South American country claims India doubled the minimum price for sugarcane since the 2010/2011 crop year with Indian sugar exports soaring in 2018/19 to 5 million tonnes from 2 million tonnes the prior year.

In February, Brazil had requested that the WTO start consultations on the subject but the two sides failed to reach a resolution, the statement said.&nbsp;

The Brazilian government said on Thursday it had asked the World Trade Organisation to establish a panel aimed at resolving its dispute over Indian sugar subsidies, according to a joint statement by the foreign and agriculture ministries.

The Brazilian government said on Thursday it had asked the World Trade Organisation to establish a panel aimed at resolving its dispute over Indian sugar subsidies, according to a joint statement by the foreign and agriculture ministries. The WTO's Dispute Settlement Body is expected to take up Brazil's request at its meeting scheduled for July 22, the statement said. Australia and Guatemala also lodged complaints against India on Thursday, according to the ministries. Brazil alleges that the Indian government has taken actions that distort global sugar markets. The South American country claims India doubled the minimum price for sugarcane since the 2010/2011 crop year with Indian sugar exports soaring in 2018/19 to 5 million tonnes from 2 million tonnes the prior year. In February, Brazil had requested that the WTO start consultations on the subject but the two sides failed to reach a resolution, the statement said.

Brazil escalates World Trade Organisation dispute over India sugar subsidies

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday.

The WTO's quarterly outlook indicator, a composite of seven drivers of trade, showed a reading of 96.3, the weakest since March 2010 and down from 98.6 in November. A reading below 100 signals below-trend growth in trade.

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday.

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday. The WTO's quarterly outlook indicator, a composite of seven drivers of trade, showed a reading of 96.3, the weakest since March 2010 and down from 98.6 in November. A reading below 100 signals below-trend growth in trade.

WTO warns of global trade slowdown as indicator hits nine-year low

Britain's business minister on Thursday warned that the prospect of crashing out of the European Union without an agreement would be "disastrous" for the country, as fractious MPs prepare to vote on a contentious Brexit deal.

Greg Clark's comments contradicted official government policy of not ruling out a no-deal Brexit and exposed further divisions after embattled Prime Minister Theresa May suffered a series of setbacks in parliament.

A no-deal Brexit would be "a disastrous situation in which we move to the most rudimentary terms of trade with our closest partners," Greg Clark told BBC radio.

In such a scenario, Britain would be forced to trade with the EU on World Trade Organization terms, which could mean much higher tariffs for some products such as cars.

As things stand, Britain will leave the EU with no official deal on March 29 if parliament fails to approve an agreement the government has struck with the bloc.

MPs are set to vote on the agreement on Tuesday.

"It is my strong view that we need to come together now, we need to act to avoid no-deal because I don't think there is anything remotely like a majority in parliament that will tolerate it," he said.

Brexit supporting MPs are opposed to the deal, and May has already pulled the vote once with defeat looming.

Most MPs supported staying in the EU in the 2016 referendum, and many have vowed to do everything within their power to prevent a no-deal scenario.

As Japanese Prime Minister Shinzo Abe visits Britain on Thursday, Clark said of Japanese businesses: "We need to resolve this concern, this very real concern that they have of us crashing out on March 29".

Japanese firms have invested billions of pounds in Britain, and are especially crucial in the car industry, using the country as a business-friendly home from which to trade across the continent.

The car sector was rocked on Thursday by reports that Jaguar Land Rover is set to announce up to 5,000 job cuts, with Brexit uncertainty cited as a factor.

Parliamentary fireworks

May is making a desperate last push to win MPs over to her Brexit deal, ahead of Tuesday's vote.

She faces daunting odds in getting the deal passed, and suffered a stinging defeat on Wednesday when MPs voted for an amendment demanding she produce new plans within three days if the agreement is voted down.

Aiming to capitalise on her weakness, opposition Labour leader Jeremy Corbyn was on Thursday to make a Brexit speech in Wakefield, northern England, in which he was expected to call for a general election to resolve the deadlock.

"Let there be no doubt: Theresa May's deal is a bad deal and Labour will vote against it next week in parliament," he was to say, according to extracts released by his office.

"If the government cannot pass its most important legislation, then there must be a general election at the earliest opportunity."

Many in his party hope that he will call for a second referendum, but the veteran leftist, a long-time critic of the European Union, has so far resisted.

MPs were on Thursday to hold the second of five days of debate ahead of the historic vote, after explosive scenes in the House on Wednesday.

Brexiteers accused speaker of the house John Bercow of anti-Brexit bias when he apparently ignored the advice of Commons officials and selected the amendment demanding May bring forward new plans in the event of defeat.

Britain's business minister on Thursday warned that the prospect of crashing out of the European Union without an agreement would be "disastrous" for the country, as fractious MPs prepare to vote on a contentious Brexit deal.

Britain's business minister on Thursday warned that the prospect of crashing out of the European Union without an agreement would be "disastrous" for the country, as fractious MPs prepare to vote on a contentious Brexit deal. Greg Clark's comments contradicted official government policy of not ruling out a no-deal Brexit and exposed further divisions after embattled Prime Minister Theresa May suffered a series of setbacks in parliament. A no-deal Brexit would be "a disastrous situation in which we move to the most rudimentary terms of trade with our closest partners," Greg Clark told BBC radio. In such a scenario, Britain would be forced to trade with the EU on World Trade Organization terms, which could mean much higher tariffs for some products such as cars. As things stand, Britain will leave the EU with no official deal on March 29 if parliament fails to approve an agreement the government has struck with the bloc. MPs are set to vote on the agreement on Tuesday. "It is my strong view that we need to come together now, we need to act to avoid no-deal because I don't think there is anything remotely like a majority in parliament that will tolerate it," he said. Brexit supporting MPs are opposed to the deal, and May has already pulled the vote once with defeat looming. Most MPs supported staying in the EU in the 2016 referendum, and many have vowed to do everything within their power to prevent a no-deal scenario. As Japanese Prime Minister Shinzo Abe visits Britain on Thursday, Clark said of Japanese businesses: "We need to resolve this concern, this very real concern that they have of us crashing out on March 29". Japanese firms have invested billions of pounds in Britain, and are especially crucial in the car industry, using the country as a business-friendly home from which to trade across the continent. The car sector was rocked on Thursday by reports that Jaguar Land Rover is set to announce up to 5,000 job cuts, with Brexit uncertainty cited as a factor. Parliamentary fireworks May is making a desperate last push to win MPs over to her Brexit deal, ahead of Tuesday's vote. She faces daunting odds in getting the deal passed, and suffered a stinging defeat on Wednesday when MPs voted for an amendment demanding she produce new plans within three days if the agreement is voted down. Aiming to capitalise on her weakness, opposition Labour leader Jeremy Corbyn was on Thursday to make a Brexit speech in Wakefield, northern England, in which he was expected to call for a general election to resolve the deadlock. "Let there be no doubt: Theresa May's deal is a bad deal and Labour will vote against it next week in parliament," he was to say, according to extracts released by his office. "If the government cannot pass its most important legislation, then there must be a general election at the earliest opportunity." Many in his party hope that he will call for a second referendum, but the veteran leftist, a long-time critic of the European Union, has so far resisted. MPs were on Thursday to hold the second of five days of debate ahead of the historic vote, after explosive scenes in the House on Wednesday. Brexiteers accused speaker of the house John Bercow of anti-Brexit bias when he apparently ignored the advice of Commons officials and selected the amendment demanding May bring forward new plans in the event of defeat.

No-deal Brexit would be disastrous: UK minister

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms.

The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products. The case was filed by Japan in December 2017.

"...Having found that India acted inconsistently with certain provisions of the GATT 1994 and the Agreement in Safeguards, we recommend that, to the extent that the measure continues to have any effects, India bring it into conformity with its obligations under those agreements," the panel said in its ruling.

The duty imposed by India already ended in March this year.

As India and Japan failed to resolve the issue in the bilateral consultation process, the WTO had set up the dispute resolution panel earlier this year.

Japan, which is the second largest steel producer in the world, had alleged that duties imposed on steel imports by India violated WTO trade norms.

In September 2015, India imposed provisional safeguard duty of 20 per cent on import of certain categories of steel with a view to protect domestic producers. Later, it was reduced and extended till March this year.

The dispute assumes significance as India and Japan implemented a comprehensive free trade agreement in 2011. It gave easy access to Japan in the Indian steel market.

The bilateral trade between the countries stood at $15.7 billion in 2017-18. Trade is highly in favour of Japan as the trade deficit stood at about $11 billion in that fiscal.

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms. The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products.

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms. The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products. The case was filed by Japan in December 2017. "...Having found that India acted inconsistently with certain provisions of the GATT 1994 and the Agreement in Safeguards, we recommend that, to the extent that the measure continues to have any effects, India bring it into conformity with its obligations under those agreements," the panel said in its ruling. The duty imposed by India already ended in March this year. As India and Japan failed to resolve the issue in the bilateral consultation process, the WTO had set up the dispute resolution panel earlier this year. Japan, which is the second largest steel producer in the world, had alleged that duties imposed on steel imports by India violated WTO trade norms. In September 2015, India imposed provisional safeguard duty of 20 per cent on import of certain categories of steel with a view to protect domestic producers. Later, it was reduced and extended till March this year. The dispute assumes significance as India and Japan implemented a comprehensive free trade agreement in 2011. It gave easy access to Japan in the Indian steel market. The bilateral trade between the countries stood at $15.7 billion in 2017-18. Trade is highly in favour of Japan as the trade deficit stood at about $11 billion in that fiscal.

India's safeguard duty move on steel goods inconsistent with certain global trade norms: WTO

China and Britain have vowed to continue and strengthen cooperation on a wide range of economic, financial and trade issues, including speeding the introduction of a London-Shanghai stock connect programme.

In a joint statement on Saturday, coinciding with an official visit to China by British finance minister Philip Hammond, the countries also said they opposed trade protectionism and reaffirmed their support for the World Trade Organisation as a key pillar of the global trade system.

The statement comes as China, in an unusual step, accused the United States and the European Union of breaking promises that they made when China joined the WTO.&nbsp;Speaking at a press conference in Beijing together with Chinese Vice Premier Ma Kai, Hammond said the two countries were also discussing a long-awaited London-Shanghai stock connect programme, as well as a possible scheme to connect their bond markets.

&quot;We have agreed to accelerate the final preparations for the London-Shanghai stock connect initiative and we&#39;ve agreed to commence feasibility studies for a UK-China bond connect and for mutual recognition of funds between the two jurisdictions&quot;, he said.&nbsp;

Other areas of cooperation highlighted in the joint statement include encouraging each country&#39;s banks to increase their presence and activity in the other country, the promotion of China-UK&nbsp;cross-border yuan business, and support of the yuan as a settlement currency.&nbsp;China and the UK&nbsp;will establish a new joint expert group to exchange views on macroeconomic and fiscal policy, the joint statement said.

Former British prime minister David Cameron will also be involved in a proposed $1 billion bilateral investment fund, the statement added.

Slow progress

Talks on the Shanghai-London stock connect scheme, which would allow investors on one bourse to invest in the other, started two years ago, but progress has been slow partly due to Britain&#39;s unexpected decision to leave the European Union.&nbsp;

Closer ties between China and UK&#39;s capital markets would be welcome by London, whose future as a global financial hub is clouded by Brexit. It would also be a boon to the London Stock Exchange Group, which is grappling with the turmoil that saw the departure of chief executive Xavier Rolet recently.

For China, connecting London and Shanghai&#39;s exchanges would mark another milestone in its capital markets deregulation. Beijing&#39;s commitments to financial reform have won global recognition as US&nbsp;index publisher MSCI has agreed to include China A-shares into its global indexes next year.&nbsp;

The London-Shanghai stock connect is modelled after a similar scheme that links Hong Kong and Shanghai, but unlike the Shanghai-Hong Kong stock connect, it faces more technical and regulatory challenges as Chinese and British investors trade in different time zones.

Closer ties between China and UK's capital markets would be welcome by London, whose future as a global financial hub is clouded by Brexit

China and Britain have vowed to continue and strengthen cooperation on a wide range of economic, financial and trade issues, including speeding the introduction of a London-Shanghai stock connect programme. In a joint statement on Saturday, coinciding with an official visit to China by British finance minister Philip Hammond, the countries also said they opposed trade protectionism and reaffirmed their support for the World Trade Organisation as a key pillar of the global trade system. The statement comes as China, in an unusual step, accused the United States and the European Union of breaking promises that they made when China joined the WTO. Speaking at a press conference in Beijing together with Chinese Vice Premier Ma Kai, Hammond said the two countries were also discussing a long-awaited London-Shanghai stock connect programme, as well as a possible scheme to connect their bond markets. "We have agreed to accelerate the final preparations for the London-Shanghai stock connect initiative and we've agreed to commence feasibility studies for a UK-China bond connect and for mutual recognition of funds between the two jurisdictions", he said. Other areas of cooperation highlighted in the joint statement include encouraging each country's banks to increase their presence and activity in the other country, the promotion of China-UK cross-border yuan business, and support of the yuan as a settlement currency. China and the UK will establish a new joint expert group to exchange views on macroeconomic and fiscal policy, the joint statement said. Former British prime minister David Cameron will also be involved in a proposed $1 billion bilateral investment fund, the statement added. Slow progress Talks on the Shanghai-London stock connect scheme, which would allow investors on one bourse to invest in the other, started two years ago, but progress has been slow partly due to Britain's unexpected decision to leave the European Union. Closer ties between China and UK's capital markets would be welcome by London, whose future as a global financial hub is clouded by Brexit. It would also be a boon to the London Stock Exchange Group, which is grappling with the turmoil that saw the departure of chief executive Xavier Rolet recently. For China, connecting London and Shanghai's exchanges would mark another milestone in its capital markets deregulation. Beijing's commitments to financial reform have won global recognition as US index publisher MSCI has agreed to include China A-shares into its global indexes next year. The London-Shanghai stock connect is modelled after a similar scheme that links Hong Kong and Shanghai, but unlike the Shanghai-Hong Kong stock connect, it faces more technical and regulatory challenges as Chinese and British investors trade in different time zones.

China, UK vow to strengthen economic, financial cooperation

India on Wednesday expressed &quot;deep disappointment&quot; over the decision of a &quot;major member country&quot; to renege on its commitment for a permanent solution to the public food stockholding issue at the ongoing ministerial conference of the World Trade Organisation (WTO).

India&#39;s attempts to find a permanent solution to the food stockpile issue at the 11th edition of the ministerial conference (MC11), has hit a roadblock as the <a href="http://www.wionews.com/world/wto-talks-set-to-collapse-as-us-refuses-to-engage-on-food-security-issue-26582">US refused to engage</a>, threatening a successful conclusion of the four-day conference.

Without naming the US, an official statement said, &quot;India is surprised and deeply disappointed that despite an overwhelming majority of members reiterating it, a major member country has reneged on a commitment made two years ago to deliver a solution of critical importance for addressing hunger in some of the poorest countries of the world.&quot;

&quot;...A major country stated categorically that they cannot agree to any permanent solution on the public stockholding at MC11. This has posed a severe threat to a successful conclusion of the conference as there was a ministerial for mandate for a permanent solution by the MC11,&quot; it said.

The ministerial conference is the highest decision-making body of the WTO.

The Indian team led by Commerce and Industry Minister Suresh Prabhu, in cooperation with the G-33 grouping, has been pitching hard for permanent solution to food security issue as it is crucial for livelihood of 800 million people across the globe. The ministerial conference which began on Sunday, comes to a close on Wednesday.

According to sources, Assistant US Trade Representative Sharon Bomer Lauritsen, in a small group meeting, said that permanent solution to the food stockholding issue was not acceptable to America.

The non-fulfilments of a mandate flowing from a ministerial decision at Nairobi could &quot;irreversibly&quot; damage the credibility of the TWO, it added.

India, however, will continue to participate in the efforts to draft a credible ministerial declaration.

The effort, the release said, would be to ensure that declaration reaffirms the principles of the multilateral trading system, commits to completion of the Doha Development Agenda, maintains centrality of development and availability of special and differential treatment to developing countries.

India, it added, has been participating in MC11 in good faith in the spirit of constructive engagement and tried its best to engage with Members in all formats.

&quot;We have been proponents in several areas of work in the WTO including public stockholding for food security purposes, agricultural Special Safeguard Mechanism, agricultural domestic support and e-commerce. We are committed to preserving and promoting the WTO and the multilateral trading system with a view to take the agreed agenda of the WTO forward,&quot; it added.

India&#39;s coalition partners, the release said, have remained steadfast in their support not only for a permanent solution on public stockholding but also on other issues of interest to developing countries.

The country had the support of over a 100 WTO member countries on all agriculture issues including proposal to set the direction of agriculture reforms by first eliminating the most trade-distorting form of subsidies used mainly by the rich developed countries.

The 53-member African Group as well as a large number of developing countries too have rallied around and firmly supported India in opposing rules on e-commerce and bringing in new issues such as investment facilitation and MSMEs into the WTO&#39;s agenda, it added.

Under the global trade norms, a WTO member country&#39;s food subsidy bill should not breach the limit of 10 per cent of the value of production based on the reference price of 1986-88.

Apprehending that full implementation of food security programme may result in breach of the WTO cap, India has been seeking amendments in the formula to calculate the food subsidy cap.

As an interim measure, the WTO members at the Bali ministerial meeting in December 2013 had agreed to put in place a mechanism popularly called the Peace Clause and committed to negotiate an agreement for permanent solution at MC11 in Buenos Aires.

Under the Peace Clause, WTO members agreed to refrain from challenging any breach in prescribe ceiling by a developing nation at the dispute settlement forum of the WTO. This clause will be there till a permanent solution is found to the food stockpiling issue.

India's attempts to find a permanent solution to the food stockpile issue at the 11th edition of the ministerial conference (MC11), has hit a roadblock as the US refused to engage, threatening a successful conclusion of the four-day conference.

India on Wednesday expressed "deep disappointment" over the decision of a "major member country" to renege on its commitment for a permanent solution to the public food stockholding issue at the ongoing ministerial conference of the World Trade Organisation (WTO). India's attempts to find a permanent solution to the food stockpile issue at the 11th edition of the ministerial conference (MC11), has hit a roadblock as the US refused to engage, threatening a successful conclusion of the four-day conference. Without naming the US, an official statement said, "India is surprised and deeply disappointed that despite an overwhelming majority of members reiterating it, a major member country has reneged on a commitment made two years ago to deliver a solution of critical importance for addressing hunger in some of the poorest countries of the world." "...A major country stated categorically that they cannot agree to any permanent solution on the public stockholding at MC11. This has posed a severe threat to a successful conclusion of the conference as there was a ministerial for mandate for a permanent solution by the MC11," it said. The ministerial conference is the highest decision-making body of the WTO. The Indian team led by Commerce and Industry Minister Suresh Prabhu, in cooperation with the G-33 grouping, has been pitching hard for permanent solution to food security issue as it is crucial for livelihood of 800 million people across the globe. The ministerial conference which began on Sunday, comes to a close on Wednesday. According to sources, Assistant US Trade Representative Sharon Bomer Lauritsen, in a small group meeting, said that permanent solution to the food stockholding issue was not acceptable to America. The non-fulfilments of a mandate flowing from a ministerial decision at Nairobi could "irreversibly" damage the credibility of the TWO, it added. India, however, will continue to participate in the efforts to draft a credible ministerial declaration. The effort, the release said, would be to ensure that declaration reaffirms the principles of the multilateral trading system, commits to completion of the Doha Development Agenda, maintains centrality of development and availability of special and differential treatment to developing countries. India, it added, has been participating in MC11 in good faith in the spirit of constructive engagement and tried its best to engage with Members in all formats. "We have been proponents in several areas of work in the WTO including public stockholding for food security purposes, agricultural Special Safeguard Mechanism, agricultural domestic support and e-commerce. We are committed to preserving and promoting the WTO and the multilateral trading system with a view to take the agreed agenda of the WTO forward," it added. India's coalition partners, the release said, have remained steadfast in their support not only for a permanent solution on public stockholding but also on other issues of interest to developing countries. The country had the support of over a 100 WTO member countries on all agriculture issues including proposal to set the direction of agriculture reforms by first eliminating the most trade-distorting form of subsidies used mainly by the rich developed countries. The 53-member African Group as well as a large number of developing countries too have rallied around and firmly supported India in opposing rules on e-commerce and bringing in new issues such as investment facilitation and MSMEs into the WTO's agenda, it added. Under the global trade norms, a WTO member country's food subsidy bill should not breach the limit of 10 per cent of the value of production based on the reference price of 1986-88. Apprehending that full implementation of food security programme may result in breach of the WTO cap, India has been seeking amendments in the formula to calculate the food subsidy cap. As an interim measure, the WTO members at the Bali ministerial meeting in December 2013 had agreed to put in place a mechanism popularly called the Peace Clause and committed to negotiate an agreement for permanent solution at MC11 in Buenos Aires. Under the Peace Clause, WTO members agreed to refrain from challenging any breach in prescribe ceiling by a developing nation at the dispute settlement forum of the WTO. This clause will be there till a permanent solution is found to the food stockpiling issue.

India 'deeply disappointed' after US refuses to engage on food security issue at WTO

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices 
 
Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. 
 
The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. 
 
The world&#39;s second largest economy, which makes more than half the world&#39;s steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. 
 
On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China &quot;will not engage in a trade war or currency war&quot;. 
 
Nevertheless, the EU sees itself under attack.&nbsp;Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using &quot;all the means at our disposal&quot;. 
 
He also said there was a &quot;clear link&quot; between the steel issue and the EU&#39;s decision on whether to grant China &quot;market economy status&quot; -- a prize eagerly sought by Beijing. 
 
China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year&#39;s end, citing World Trade Organisation rules. 
 
China&#39;s announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. 
 
In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. 
 
The decision prompted China to launch an investigation into imports from the European manufacturers. 
 
China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. 
 
(AFP)&nbsp; 
 
 
&nbsp;

China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. The world's second largest economy, which makes more than half the world's steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China "will not engage in a trade war or currency war". Nevertheless, the EU sees itself under attack. Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using "all the means at our disposal". He also said there was a "clear link" between the steel issue and the EU's decision on whether to grant China "market economy status" -- a prize eagerly sought by Beijing. China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year's end, citing World Trade Organisation rules. China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. The decision prompted China to launch an investigation into imports from the European manufacturers. China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. (AFP)

China slaps EU, Japan, South Korea with anti-dumping duties

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. 
 
&quot;The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist,&quot; the trade ministers said in a joint statement, adding that trade should remain &quot;an important engine&quot; to spur global growth. 
 
Protectionism has been rising, G20 nations acknowledge&nbsp; 
 
The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the&nbsp;World Trade Organisation (WTO) began monitoring in 2009. 
 
&quot;We note with concern that despite the G20&#39;s repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise,&quot; they said in the statement. 
 
Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. 
 
The world&#39;s leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. 
 
Global trade governance to be improve to combat slowdown 
 
Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. 
 
And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. 
 
To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China&#39;s production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies &quot;have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity&quot;. 
 
But despite claims that China is dumping steel in foreign markets, he said &quot;China&#39;s effort in (handling) over capacity has been highly recognised&quot; by the group. 
 
&quot;While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective.&quot; 
 
Meanwhile Britain&#39;s referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. 
 
&quot;Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment,&quot; China&#39;s Wang commented today. 
 
Britain&#39;s trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. 
 
He said it&#39;s time to &quot;start exploring options&quot; on trade agreements and &quot;China is making very positive noises at the moment&quot;, the report said. 
 
(AFP)

Britain's referendum vote to leave the European Union has added new concerns for the recovery of global economic and trade growth

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. "The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist," the trade ministers said in a joint statement, adding that trade should remain "an important engine" to spur global growth. Protectionism has been rising, G20 nations acknowledge The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the World Trade Organisation (WTO) began monitoring in 2009. "We note with concern that despite the G20's repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise," they said in the statement. Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. The world's leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. Global trade governance to be improve to combat slowdown Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China's production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies "have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity". But despite claims that China is dumping steel in foreign markets, he said "China's effort in (handling) over capacity has been highly recognised" by the group. "While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective." Meanwhile Britain's referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. "Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment," China's Wang commented today. Britain's trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. He said it's time to "start exploring options" on trade agreements and "China is making very positive noises at the moment", the report said. (AFP)

G20 nations pledge to boost sluggish global trade