AI is transforming almost everything nowadays. And it could could significantly change the way goods and services are traded worldwide. A new World Trade Organization (WTO) report released on Wednesday says AI could increase the value of global trade by 34-37 per cent by 2040 if supported by the right policies.&nbsp;According to the World Trade Report, this growth could also lift the global Gross Domestic Product (GDP) by 12-13 per cent, making AI a key driver of future economic expansion.&nbsp;Deputy Director General of the WTO, Johanna Hill, said AI could become “a bright spot for trade in an increasingly complex trading environment.”&nbsp;<h2>How AI could boost trade</h2>The WTO report highlights that AI has the potential to lower trade costs, improve productivity, and make international trade faster and more efficient.&nbsp;Reduced costs: AI can help businesses cut expenses in logistics, regulatory compliance, and communications.&nbsp;Faster communication: AI-driven translation tools can make cross-border communication easier and cheaper, helping small businesses connect with global markets.&nbsp;Export growth: Low-income countries could see their exports rise by up to 11 per cent, provided they invest in better digital infrastructure.&nbsp;For example, an Indian handicraft seller could use AI-powered translation to reach buyers in Europe without language barriers, increasing sales and reducing costs.&nbsp;<h2>Challenges and risks</h2>While the opportunities are huge, the WTO warned that AI could also deepen economic divides if not managed carefully.&nbsp;The report said, “Many workers, and even entire economies, could be left behind” without inclusive policies.&nbsp;WTO Director General Ngozi Okonjo-Iweala urged governments to focus on:&nbsp;Improving education and digital skills&nbsp;Offering retraining programmes for workers&nbsp;Strengthening social safety nets for those who lose jobs due to automation&nbsp;She said, “AI could transform some jobs while replacing others. Managing this shift is crucial to ensure benefits are shared fairly.”&nbsp;A call for fair global policiesTo fully benefit from AI, the WTO stressed the need for predictable trade rules and lower tariffs on materials essential for AI technologies, such as semiconductors.Global trade has faced disruptions in recent years, including higher tariffs imposed by the U.S. government, which have affected supply chains.&nbsp;By reducing barriers and encouraging innovation, AI can create a fairer and more connected global economy.&nbsp;AI could boost global trade and GDP dramatically by 2040, according to the WTO. However, without strong policies, it may increase inequality between nations and workers.The report calls on governments to adopt inclusive strategies, reduce trade barriers, and invest in digital infrastructure so that all countries can benefit from the AI revolution.

AI could increase global trade by up to 37 per cent by 2040, says a WTO report. But without strong policies and digital investment, the benefits may widen global inequality and leave some countries behind.

AI is transforming almost everything nowadays. And it could could significantly change the way goods and services are traded worldwide. A new World Trade Organization (WTO) report released on Wednesday says AI could increase the value of global trade by 34-37 per cent by 2040 if supported by the right policies. According to the World Trade Report, this growth could also lift the global Gross Domestic Product (GDP) by 12-13 per cent, making AI a key driver of future economic expansion. Deputy Director General of the WTO, Johanna Hill, said AI could become “a bright spot for trade in an increasingly complex trading environment.” How AI could boost trade The WTO report highlights that AI has the potential to lower trade costs, improve productivity, and make international trade faster and more efficient. Reduced costs: AI can help businesses cut expenses in logistics, regulatory compliance, and communications. Faster communication: AI-driven translation tools can make cross-border communication easier and cheaper, helping small businesses connect with global markets. Export growth: Low-income countries could see their exports rise by up to 11 per cent, provided they invest in better digital infrastructure. For example, an Indian handicraft seller could use AI-powered translation to reach buyers in Europe without language barriers, increasing sales and reducing costs. Challenges and risks While the opportunities are huge, the WTO warned that AI could also deepen economic divides if not managed carefully. The report said, “Many workers, and even entire economies, could be left behind” without inclusive policies. WTO Director General Ngozi Okonjo-Iweala urged governments to focus on: Improving education and digital skills Offering retraining programmes for workers Strengthening social safety nets for those who lose jobs due to automation She said, “AI could transform some jobs while replacing others. Managing this shift is crucial to ensure benefits are shared fairly.” A call for fair global policies To fully benefit from AI, the WTO stressed the need for predictable trade rules and lower tariffs on materials essential for AI technologies, such as semiconductors. Global trade has faced disruptions in recent years, including higher tariffs imposed by the U.S. government, which have affected supply chains. By reducing barriers and encouraging innovation, AI can create a fairer and more connected global economy. AI could boost global trade and GDP dramatically by 2040, according to the WTO. However, without strong policies, it may increase inequality between nations and workers. The report calls on governments to adopt inclusive strategies, reduce trade barriers, and invest in digital infrastructure so that all countries can benefit from the AI revolution.

AI could increase global trade by up to 37 per cent by 2040, says a WTO report. But without strong policies and digital investment, the benefits may widen global inequality and leave some countries behind.

WTO: AI may add 37% to global trade by 2040 if inclusive policies are adopted

At the 12th Ministerial Meeting (MC12), World Trade Organization (WTO) members reached a provisional deal on Thursday (June 16). Citing two trade sources involved in the discussions, Reuters reported that the agreement has done to extend a moratorium on applying duties to electronic transmissions until the next ministerial meeting.

At the 12th Ministerial Meeting (MC12), World Trade Organization (WTO) members reached a provisional deal on Thursday (June 16). Citing two trade sources involved in the discussions, Reuters reported that the agreement has done to extend a moratorium on applying duties to electronic transmissions until the next ministerial meeting. Major concerns among businesses were raised over the prospect of ending the moratorium, which has exempted data flows from cross-border tariffs since 1998. The agreement showed, "We agree to maintain the current practice of not imposing customs duties on electronic transmissions until MC13 which should ordinarily be held by 31 December 2023." India-based media outlet Business Standard, citing an Indian trade negotiator, reported that the 164 WTO members have finalised a historic trade deal. Although, an official statement is still awaited. The official who spoke on condition of anonymity, told the media outlet: "India has agreed to the proposal of no export restrictions on the World Food Programme. But internal food security concerns will take precedence." "There is no work programme on agriculture, which could be considered as a good outcome for India as our agri subsidy will not face any further scrutiny," the source added. WTO talks went deep into overtime on Thursday with key holdout India talking up the prospects for a landmark deal spanning food security, fishing and combating COVID-19. Ministers from the global trade body's 164 members have been negotiating face-to-face since Sunday at the WTO's headquarters in Geneva. India's Commerce and Industry Minister Piyush Goyal was confident as he told reporters, "India is convinced that this will turn out to be one of the most successful ministerial that the WTO has seen in a long time." "We are very confident that the progress made... and the positivity with which everybody is engaged truly is a matter of celebration for the world. I'm sure that that spirit will help us cross the hump. We have taken some solid decisions... subject to a few issues being sorted out," he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

WTO provisionally agrees to extend e-commerce tariff moratorium: Sources

EU Executive Vice President Valdis Dombrovskis on Thursday pleaded for urgent reform of the World Trade Organization, saying it was high time for change at the global trade body.

Dombrovskis said he was ready to consider a major shake-up of the WTO's dispute settlement system.

He visited the WTO headquarters in Geneva for a meeting with the organisation's director-general, Ngozi Okonjo-Iweala.

He then set out the European Union's priorities for the future of the WTO, two months before the trade body's ministerial conference, which is to be held in Geneva from November 30 to December 3.

"The face of trade has changed considerably since the foundation of the WTO" in 1995, Dombrovskis said.

"Meanwhile, the rules that govern the organisation have not.

"In its current form and state, the WTO is caught between a rock and hard place. Its negotiating function is paralysed. Its dispute settlement system is frozen."

And he said there was an absence of common purpose among its 164 member states.

"The WTO is in urgent need of reform," said the EU commissioner.

Diplomats and experts alike agree that the global trade body -- which only takes decisions by consensus -- has been stuck in a rut for years and unable to conclude large-scale negotiations.

Former US president Donald Trump's administration neutered the organisation's legal arm by blocking the appointment of any new judges.

His successor Joe Biden has yet to put an end to the paralysis.

Dombrovskis called for reform of the WTO's investment facilitation and subsidy rules, including industrial and agricultural subsidies.

The former Latvian prime minister said trade must play its part in addressing the "big tests of our time -- from health issues to climate change to digital".

He said the EU was open to considering "major reforms" of the WTO's Appellate Body dispute settlement system, provided that they make it "more effective and legitimate".

Revitalising the Appellate Body is one of Okonjo-Iweala's top priorities.

She also hopes to present the forthcoming ministerial conference with an agreement on fisheries subsidies to show that the WTO can still conclude tricky negot

EU Executive Vice President Valdis Dombrovskis on Thursday pleaded for urgent reform of the World Trade Organization, saying it was high time for change at the global trade body.

EU Executive Vice President Valdis Dombrovskis on Thursday pleaded for urgent reform of the World Trade Organization, saying it was high time for change at the global trade body. Dombrovskis said he was ready to consider a major shake-up of the WTO's dispute settlement system. He visited the WTO headquarters in Geneva for a meeting with the organisation's director-general, Ngozi Okonjo-Iweala. He then set out the European Union's priorities for the future of the WTO, two months before the trade body's ministerial conference, which is to be held in Geneva from November 30 to December 3. "The face of trade has changed considerably since the foundation of the WTO" in 1995, Dombrovskis said. "Meanwhile, the rules that govern the organisation have not. "In its current form and state, the WTO is caught between a rock and hard place. Its negotiating function is paralysed. Its dispute settlement system is frozen." And he said there was an absence of common purpose among its 164 member states. "The WTO is in urgent need of reform," said the EU commissioner. Diplomats and experts alike agree that the global trade body -- which only takes decisions by consensus -- has been stuck in a rut for years and unable to conclude large-scale negotiations. Former US president Donald Trump's administration neutered the organisation's legal arm by blocking the appointment of any new judges. His successor Joe Biden has yet to put an end to the paralysis. Dombrovskis called for reform of the WTO's investment facilitation and subsidy rules, including industrial and agricultural subsidies. The former Latvian prime minister said trade must play its part in addressing the "big tests of our time -- from health issues to climate change to digital". He said the EU was open to considering "major reforms" of the WTO's Appellate Body dispute settlement system, provided that they make it "more effective and legitimate". Revitalising the Appellate Body is one of Okonjo-Iweala's top priorities. She also hopes to present the forthcoming ministerial conference with an agreement on fisheries subsidies to show that the WTO can still conclude tricky negot

EU calls for urgent reform of WTO

British lawmakers&nbsp;called on the government to publish all communications with pharmaceutical companies to understand if private lobbying influenced its opposition to a waiver of intellectual property rules for COVID-19 vaccines.

The United States and a handful of other big countries, including the United Kingdom, have blocked negotiations at the World Trade Organisation (WTO) involving a proposal spearheaded by India and South Africa that now has the support of 100 WTO members.

The proposal would temporarily waive the intellectual property (IP) rights of pharmaceutical companies to allow developing countries to produce vaccines.

The waiver is opposed by the US&nbsp;Chamber of Commerce and big pharmaceutical companies such as Pfizer, BioNTech, Moderna, and Johnson &amp; Johnson.

A cross-party group of UK lawmakers has signed a statement calling for Prime Minister Boris Johnson, ministers, and senior civil servants to publish all email, text, and WhatsApp messages exchanged with pharmaceutical companies and their lobbyists.

Patient advocacy and vaccine equity organisations have also signed the statement, including Global Justice Now, Just Treatment, StopAIDS, Frontline AIDS, Universities Allied for Essential Medicines UK, Students for Global Health, and Nurses United UK.

"The UK's opposition to an intellectual property waiver on COVID-19 vaccines is utterly indefensible," said Heidi Chow, senior policy and campaigns manager at Global Justice Now, which organised the joint statement.

A spokesperson for the UK government said it prioritised transparency but stakeholders had a right to expect a reasonable degree of confidentiality in their communications.

The UK was one of the biggest donors to Covax to ensure global access to vaccines and continued to encourage manufacturers to provide their vaccines on a not-for-profit, transparent basis.

"We are committed to exploring ways in which we can improve equitable access further and believe this should be done through the existing Intellectual Property framework," added the spokesperson.

Last week US&nbsp;lawmakers and nonprofit groups heaped pressure on the Biden administration to back the patent waiver ahead of the next formal WTO meeting on the issue on May 5.

(With inputs from agencies)

British lawmakers called on the government to publish all communications with pharmaceutical companies to understand if private lobbying influenced its opposition to a waiver of intellectual property rules for COVID-19 vaccines.

British lawmakers called on the government to publish all communications with pharmaceutical companies to understand if private lobbying influenced its opposition to a waiver of intellectual property rules for COVID-19 vaccines. The United States and a handful of other big countries, including the United Kingdom, have blocked negotiations at the World Trade Organisation (WTO) involving a proposal spearheaded by India and South Africa that now has the support of 100 WTO members. The proposal would temporarily waive the intellectual property (IP) rights of pharmaceutical companies to allow developing countries to produce vaccines. The waiver is opposed by the US Chamber of Commerce and big pharmaceutical companies such as Pfizer, BioNTech, Moderna, and Johnson & Johnson. A cross-party group of UK lawmakers has signed a statement calling for Prime Minister Boris Johnson, ministers, and senior civil servants to publish all email, text, and WhatsApp messages exchanged with pharmaceutical companies and their lobbyists. Patient advocacy and vaccine equity organisations have also signed the statement, including Global Justice Now, Just Treatment, StopAIDS, Frontline AIDS, Universities Allied for Essential Medicines UK, Students for Global Health, and Nurses United UK. "The UK's opposition to an intellectual property waiver on COVID-19 vaccines is utterly indefensible," said Heidi Chow, senior policy and campaigns manager at Global Justice Now, which organised the joint statement. A spokesperson for the UK government said it prioritised transparency but stakeholders had a right to expect a reasonable degree of confidentiality in their communications. The UK was one of the biggest donors to Covax to ensure global access to vaccines and continued to encourage manufacturers to provide their vaccines on a not-for-profit, transparent basis. "We are committed to exploring ways in which we can improve equitable access further and believe this should be done through the existing Intellectual Property framework," added the spokesperson. Last week US lawmakers and nonprofit groups heaped pressure on the Biden administration to back the patent waiver ahead of the next formal WTO meeting on the issue on May 5. (With inputs from agencies)

British lawmakers ask government to publish big pharma lobbying messages

Nigeria's&nbsp;Ngozi&nbsp;Okonjo-Iweala&nbsp;was appointed Monday as the first female and first African head of the beleaguered World Trade Organization, saying a stronger WTO would be vital for the global coronavirus recovery.

Twice Nigeria's finance minister (2003-2006 and 2011-2015) and its first female foreign minister in a two-month stint in 2006,&nbsp;Okonjo-Iweala&nbsp;is seen as a trailblazer in her homeland.

A development economist by training with degrees from the Massachusetts Institute of Technology and Harvard,&nbsp;Okonjo-Iweala&nbsp;has also had a 25-year career as a development economist at the World Bank, eventually becoming its number two.

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&nbsp;

While serving as Nigeria's foreign minister, kidnappers had taken her mother hostage, they reportedly wanted her to resign, but she refused to do so.

In an interview, Okonjo-Iweala said ''If you are the first woman and the first African, and you can't deliver that doesn't help.&nbsp;For women around the world, particularly young women, I have to do my best to make sure that their trust and their representation that they see me is validated.''

Her appointment is an exception, not the norm not just in Africa, where patriarchy is rooted in tradition and culture but in most parts of the world.

Also read:&nbsp;<a href="https://www.wionews.com/world/parliament-house-rape-claim-roils-australian-government-363854">Parliament House rape claim roils Australian government</a>

A former government staff member’s account of being raped in Australia’s Parliament building sent shock waves through the country’s halls of power Monday, with the governing conservative party coming under intense criticism for the way it had handled the case.

In Brazil, a woman lawmaker was slammed for an outfit she wore to her swearing-in ceremony.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/duterte-says-presidency-not-for-women-tells-daughter-not-to-run-in-next-election-356833">Duterte says presidency not for women, tells daughter not to run in next election</a>

Government and global institutions&nbsp;continue to remain sexist and being dominated by patriarchy. However,&nbsp;most people today are in denial as many question the very existence of patriarchy and sexism is regarded as a fringe concept.

Out of the&nbsp;195 sovereign nations in the world, only 21 have women as heads of states or government.&nbsp;119 countries have never had a woman leader.

Consider all the government ministers who are in office right now. Only 21 per cent&nbsp;of them are women. Only 14 countries have 50 per cent&nbsp;or more women in their cabinet.

There is sexism in governments and it's evident in appointments. Women are often given departments like family, children, social affairs, environment..

Many still view women as incapable of handling a high-profile job and the pressure it comes with. In Kuwait's parliamentary committee for women,&nbsp;there are only men because it has no woman parliamentarian. Although&nbsp;29 women ran for office this year in Kuwait, none were elected.&nbsp;

In the Philippines, President Rodrigo Duterte said that the presidency is not a job for women&nbsp;because of their emotional differences to men, and dismissed speculation that his daughter would succeed him next year.

Meanwhile, Okonjo-Iweala said ''I can take hardship. I can sleep on the cold floor anytime.''

Japan's former Prime minister and the man who was the chief of the Tokyo Olympics committee did not want more women on the panel Because he thought&nbsp;women talk too much.

Why are women still boxed in cliches, creches and kitchens?

37 countries have passport restrictions- specific to women. While 17 countries restrict women from travelling without permission.

In 18 countries, women&nbsp;need to have their husband's permission to work. It is impossible for women to access their rightful place in public life if they&nbsp;does not even have decision-making rights.

Nigeria's Ngozi Okonjo-Iweala was appointed Monday as the first female and first African head of the beleaguered World Trade Organization, saying a stronger WTO would be vital for the global coronavirus recovery.

Nigeria's Ngozi Okonjo-Iweala was appointed Monday as the first female and first African head of the beleaguered World Trade Organization, saying a stronger WTO would be vital for the global coronavirus recovery. Twice Nigeria's finance minister (2003-2006 and 2011-2015) and its first female foreign minister in a two-month stint in 2006, Okonjo-Iweala is seen as a trailblazer in her homeland. A development economist by training with degrees from the Massachusetts Institute of Technology and Harvard, Okonjo-Iweala has also had a 25-year career as a development economist at the World Bank, eventually becoming its number two. × While serving as Nigeria's foreign minister, kidnappers had taken her mother hostage, they reportedly wanted her to resign, but she refused to do so. In an interview, Okonjo-Iweala said ''If you are the first woman and the first African, and you can't deliver that doesn't help. For women around the world, particularly young women, I have to do my best to make sure that their trust and their representation that they see me is validated.'' Her appointment is an exception, not the norm not just in Africa, where patriarchy is rooted in tradition and culture but in most parts of the world. Also read: Parliament House rape claim roils Australian government A former government staff member’s account of being raped in Australia’s Parliament building sent shock waves through the country’s halls of power Monday, with the governing conservative party coming under intense criticism for the way it had handled the case. In Brazil, a woman lawmaker was slammed for an outfit she wore to her swearing-in ceremony. Also read: Duterte says presidency not for women, tells daughter not to run in next election Government and global institutions continue to remain sexist and being dominated by patriarchy. However, most people today are in denial as many question the very existence of patriarchy and sexism is regarded as a fringe concept. Out of the 195 sovereign nations in the world, only 21 have women as heads of states or government. 119 countries have never had a woman leader. Consider all the government ministers who are in office right now. Only 21 per cent of them are women. Only 14 countries have 50 per cent or more women in their cabinet. There is sexism in governments and it's evident in appointments. Women are often given departments like family, children, social affairs, environment.. Many still view women as incapable of handling a high-profile job and the pressure it comes with. In Kuwait's parliamentary committee for women, there are only men because it has no woman parliamentarian. Although 29 women ran for office this year in Kuwait, none were elected. In the Philippines, President Rodrigo Duterte said that the presidency is not a job for women because of their emotional differences to men, and dismissed speculation that his daughter would succeed him next year. Meanwhile, Okonjo-Iweala said ''I can take hardship. I can sleep on the cold floor anytime.'' Japan's former Prime minister and the man who was the chief of the Tokyo Olympics committee did not want more women on the panel Because he thought women talk too much. Why are women still boxed in cliches, creches and kitchens? 37 countries have passport restrictions- specific to women. While 17 countries restrict women from travelling without permission. In 18 countries, women need to have their husband's permission to work. It is impossible for women to access their rightful place in public life if they does not even have decision-making rights.

How governments and global institutions continue to remain sexist

Three months after the Trump administration rejected her, former Nigerian finance minister Ngozi Okonjo-Iweala received unanimous backing on Monday to become the first woman and first African director-general of the World Trade Organization.

A self-declared "doer" with a track record of taking on seemingly intractable problems, Okonjo-Iweala will have her work cut out for her at the trade body, even with Donald Trump, who had threatened to pull the United States out of the organisation, no longer in the White House.

As director-general, a position that wields limited formal power, Okonjo-Iweala, 66, will need to broker international trade talks in the face of persistent US-China conflict; respond to pressure to reform trade rules, and counter protectionism heightened by the COVID-19 pandemic.

In her acceptance speech at the WTO, she said that getting a trade deal at the next major ministerial meeting would be a "top priority" and also urged members to reject vaccine nationalism, according to a delegate attending the closed-door meeting.

In the same speech, she described the challenges facing the body as "numerous and tricky but not insurmountable".

A 25-year veteran of the World Bank, where she oversaw an $81 billion portfolio, Okonjo-Iweala ran against seven other candidates by espousing a belief in trade's ability to lift people out of poverty.

She studied development economics at Harvard after experiencing a civil war in Nigeria as a teenager. She returned to the country in 2003 to serve as finance minister and backers point to her hard-nosed negotiating skills that helped seal a deal to cancel billions of dollars of Nigerian debt with the Paris Club of creditor nations in 2005.

"She brings stature, she brings experience, a network and a temperament of trying to get things done, which is quite a welcome lot in my view," former WTO chief Pascal Lamy told Reuters. "I think she's a good choice."

Key to her success will be her ability to operate in the centre of a "US-EU-China triangle", he said.

The endorsement of the Biden administration cleared the last obstacle to her appointment.

Sweet but strong

Okonjo-Iweala becomes one of the few female heads of a major multilateral body. She is expected to join the WTO's Geneva lakeside headquarters within weeks where her portrait is set to be hung beside others of men, mostly white and from rich countries.

Her bright Nigerian prints are sure to stand out among the suits there where the majority of top staff are also men, like most of the delegates and ministers that walk its corridors.

The Trump administration's main criticism of her was that she lacked direct trade experience compared to her main South Korean rival and even supporters say she will have to quickly get up to speed on the technicalities of trade negotiations.

She has rejected this, saying that she has plenty of experience of trade plus other expertise.

"The qualities I have are even better," she said.

Raised by academics, the mother-of-four earned a reputation for hard work and modesty amid the pomp of Nigeria's governing class, acquaintances say.

"She is persistent and stubborn," said Kingsley Moghalu, former deputy governor of Nigeria's central bank who worked with her when she was the country's first female finance minister.

Even when her elderly mother was kidnapped in the Niger Delta, she refused to back down on a series of oil reforms, one of several incidents that earned her the nickname 'Okonjo-Wahala', Wahala meaning "trouble" in Nigerian Pidgin.

"People recognise that this is not someone who is going to tolerate nonsense," her son Uzodinma Iweala, a writer, told Reuters.

"She's a very strong woman like many African women. There's that song 'Sweet Mother' and that's true for her but you also know that you don't cross a Sweet Mother."

Reforming the unreformable

The 26-year-old WTO that Okonjo-Iweala inherits after a six-month leadership gap is partially paralysed, thanks to the Trump administration which blocked appointments to its top appeals body that acts as the global arbiter of trade disputes.

But even before Trump, negotiators had struggled to clinch deals that must be agreed by consensus, with the United States and other developed WTO members arguing that developing counties, notably China, cannot cling on to exceptions and that rules need to change to reflect China's economic growth.

Okonjo-Iweala who is a special envoy for the World Health Organization on COVID-19 and, until recently chair of the board of global vaccine alliance Gavi, told Reuters that trade's contribution to public health would be a priority.

The WTO currently faces deadlock over an issue of waiving intellectual property rights for COVID-19 drugs, with many wealthy countries opposed.

High on the to-do list will also be fisheries subsidies, the subject of the WTO's main multilateral talks that missed a deadline to conclude by end-2020.

Asked about the challenges ahead, she joked that a book she wrote about fixing Nigeria's broken institutions could well apply to today's WTO: 'Reforming the Unreformable'.

"I feel I can solve the problems. I'm a known reformer, not someone who talks about it," she said. "I've actually done it".

Three months after the Trump administration rejected her, former Nigerian finance minister Ngozi Okonjo-Iweala received unanimous backing on Monday to become the first woman and first African director-general of the World Trade Organization.

Three months after the Trump administration rejected her, former Nigerian finance minister Ngozi Okonjo-Iweala received unanimous backing on Monday to become the first woman and first African director-general of the World Trade Organization. A self-declared "doer" with a track record of taking on seemingly intractable problems, Okonjo-Iweala will have her work cut out for her at the trade body, even with Donald Trump, who had threatened to pull the United States out of the organisation, no longer in the White House. As director-general, a position that wields limited formal power, Okonjo-Iweala, 66, will need to broker international trade talks in the face of persistent US-China conflict; respond to pressure to reform trade rules, and counter protectionism heightened by the COVID-19 pandemic. In her acceptance speech at the WTO, she said that getting a trade deal at the next major ministerial meeting would be a "top priority" and also urged members to reject vaccine nationalism, according to a delegate attending the closed-door meeting. In the same speech, she described the challenges facing the body as "numerous and tricky but not insurmountable". A 25-year veteran of the World Bank, where she oversaw an $81 billion portfolio, Okonjo-Iweala ran against seven other candidates by espousing a belief in trade's ability to lift people out of poverty. She studied development economics at Harvard after experiencing a civil war in Nigeria as a teenager. She returned to the country in 2003 to serve as finance minister and backers point to her hard-nosed negotiating skills that helped seal a deal to cancel billions of dollars of Nigerian debt with the Paris Club of creditor nations in 2005. "She brings stature, she brings experience, a network and a temperament of trying to get things done, which is quite a welcome lot in my view," former WTO chief Pascal Lamy told Reuters. "I think she's a good choice." Key to her success will be her ability to operate in the centre of a "US-EU-China triangle", he said. The endorsement of the Biden administration cleared the last obstacle to her appointment. Sweet but strong Okonjo-Iweala becomes one of the few female heads of a major multilateral body. She is expected to join the WTO's Geneva lakeside headquarters within weeks where her portrait is set to be hung beside others of men, mostly white and from rich countries. Her bright Nigerian prints are sure to stand out among the suits there where the majority of top staff are also men, like most of the delegates and ministers that walk its corridors. The Trump administration's main criticism of her was that she lacked direct trade experience compared to her main South Korean rival and even supporters say she will have to quickly get up to speed on the technicalities of trade negotiations. She has rejected this, saying that she has plenty of experience of trade plus other expertise. "The qualities I have are even better," she said. Raised by academics, the mother-of-four earned a reputation for hard work and modesty amid the pomp of Nigeria's governing class, acquaintances say. "She is persistent and stubborn," said Kingsley Moghalu, former deputy governor of Nigeria's central bank who worked with her when she was the country's first female finance minister. Even when her elderly mother was kidnapped in the Niger Delta, she refused to back down on a series of oil reforms, one of several incidents that earned her the nickname 'Okonjo-Wahala', Wahala meaning "trouble" in Nigerian Pidgin. "People recognise that this is not someone who is going to tolerate nonsense," her son Uzodinma Iweala, a writer, told Reuters. "She's a very strong woman like many African women. There's that song 'Sweet Mother' and that's true for her but you also know that you don't cross a Sweet Mother." Reforming the unreformable The 26-year-old WTO that Okonjo-Iweala inherits after a six-month leadership gap is partially paralysed, thanks to the Trump administration which blocked appointments to its top appeals body that acts as the global arbiter of trade disputes. But even before Trump, negotiators had struggled to clinch deals that must be agreed by consensus, with the United States and other developed WTO members arguing that developing counties, notably China, cannot cling on to exceptions and that rules need to change to reflect China's economic growth. Okonjo-Iweala who is a special envoy for the World Health Organization on COVID-19 and, until recently chair of the board of global vaccine alliance Gavi, told Reuters that trade's contribution to public health would be a priority. The WTO currently faces deadlock over an issue of waiving intellectual property rights for COVID-19 drugs, with many wealthy countries opposed. High on the to-do list will also be fisheries subsidies, the subject of the WTO's main multilateral talks that missed a deadline to conclude by end-2020. Asked about the challenges ahead, she joked that a book she wrote about fixing Nigeria's broken institutions could well apply to today's WTO: 'Reforming the Unreformable'. "I feel I can solve the problems. I'm a known reformer, not someone who talks about it," she said. "I've actually done it".

Nigeria's Okonjo-Iweala makes history as head of World Trade Organization

The World Trade Organization (WTO) will be again taking up joint India-South Africa proposal for wavier for Intellectual Property Right (IPR) on COVID-19 vaccine patent. The proposal will be considered in the meeting of the council which is to be held on February 23.

This matter was taken up on Thursday at a meeting of the body, but the attendees failed to reach an outcome, amid stiff opposition by developed countries. WTO so far has not ruled anything on the proposal that will make access to the vaccines easier.

Also read|&nbsp;<a href="https://www.wionews.com/india-news/pfizer-withdraws-emergency-use-authorisation-application-in-india-361527" hreflang="en">Pfizer withdraws Emergency Use Authorisation application in India</a>

Countries such as the US and a few other European countries&nbsp;are opposed to the proposal as they see the free licence regime as a loss that can permanently alter the IP landscape. However, Indian-South African proposal comes even as top focus, globally, has been easy access for coronavirus&nbsp;vaccines.

Europe itself is embroiled in a tiff with the drug manufacturer, AstraZeneca, for supplies. In fact, 14 European parliamentarians have written a strongly worded letter to the EU leaders, calling for support for India-South Africa proposal. This proposal is seen as a "nuclear option" and in fact,&nbsp;the Italian Parliament had backed the proposal as far as December.&nbsp;

The World Trade Organization (WTO) will be again taking up joint India-South Africa proposal for wavier for Intellectual Property Right (IPR) on COVID-19 vaccine patent.

The World Trade Organization (WTO) will be again taking up joint India-South Africa proposal for wavier for Intellectual Property Right (IPR) on COVID-19 vaccine patent. The proposal will be considered in the meeting of the council which is to be held on February 23. This matter was taken up on Thursday at a meeting of the body, but the attendees failed to reach an outcome, amid stiff opposition by developed countries. WTO so far has not ruled anything on the proposal that will make access to the vaccines easier. Also read| Pfizer withdraws Emergency Use Authorisation application in India Countries such as the US and a few other European countries are opposed to the proposal as they see the free licence regime as a loss that can permanently alter the IP landscape. However, Indian-South African proposal comes even as top focus, globally, has been easy access for coronavirus vaccines. Europe itself is embroiled in a tiff with the drug manufacturer, AstraZeneca, for supplies. In fact, 14 European parliamentarians have written a strongly worded letter to the EU leaders, calling for support for India-South Africa proposal. This proposal is seen as a "nuclear option" and in fact, the Italian Parliament had backed the proposal as far as December.

WTO to take up India-SAfrica proposal for waiver on IP rights for COVID vaccines on Feb 23

European Union Parliamentarians have strongly backed India and South Africa's joint proposal at the World Trade Organization for a waiver on intellectual property rights for COVID-19 vaccine patents.

EU parliamentarians back India-South Africa push for COVID-19 vaccine patents ban

The World Trade Organization announced Thursday&nbsp;Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time.

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These are the candidates moving on for members' further consideration. The result creates an historic precedent for the WTO: the 7th Director-General will become the first woman to lead the Organization. Consultations resume on 19 Oct <a href="https://twitter.com/hashtag/WTODG?src=hash&amp;ref_src=twsrc%5Etfw">#WTODG</a> 
Find out more: <a href="https://t.co/q4pHXjEl2z">https://t.co/q4pHXjEl2z</a> <a href="https://t.co/l4viBOncSk">pic.twitter.com/l4viBOncSk</a>
— WTO (@wto) <a href="https://twitter.com/wto/status/1314152398420684803?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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WTO spokeman, Keith Rockwell said the third and final stage of the run will take place from October 19 to Ocotber 27 and that a decision should be made by November 7.

We're right on schedule for this. We might even be a little bit ahead of schedule," he said.

Asked about changes that might occur as US presidential elections will take place four days before the deadline for the decision, Rockwell said: "I don't think the domestic political situation of any country has really entered into this at all, as far as I can tell".

A selection committee said that Ngozi Okonjo-Iweala of Nigeria and Yoo Myung-hee of South Korea qualified for the final round in a race expected to end in the coming weeks. They were picked out of a pool of five candidates.

The Geneva-based WTO's General Council, made up of envoys from the 164-member body, eliminated Amina Mohamed, a former trade minister from Kenya; Mohammad Maziad Al-Tuwaijri, a Saudi former economy minister, and British former International Trade Secretary and Brexit proponent Liam Fox.

''Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General!''&nbsp;tweeted Yoo, who has a law degree from Vanderbilt University.

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Deeply grateful and honored to be selected for the final round in the selection process of the next <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@WTO</a> Director General! 
 
We need a capable &amp; experienced new leader who can rebuild trust and restore relevance of the <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@WTO</a>. I look forward to your continued support! Thank you!!! <a href="https://t.co/Gz94jTzgzB">https://t.co/Gz94jTzgzB</a>
— Yoo Myung-hee (@YooMyunghee1) <a href="https://twitter.com/YooMyunghee1/status/1314161822992228352?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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Okonjo-Iweala on Twitter thanked WTO members for their support and wrote that she was ''happy to be in the final round."&nbsp;

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Happy to be in the final round of the <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@wto</a> DG campaign. Thanks, WTO members for your continued support of my candidacy. I could not have made it without the prayers and support of all Nigerians and friends around the world. Thank you <a href="https://twitter.com/MBuhari?ref_src=twsrc%5Etfw">@MBuhari</a> and all my friends. Aluta continua!
— Ngozi Okonjo-Iweala (@NOIweala) <a href="https://twitter.com/NOIweala/status/1314189379594842118?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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The previous WTO director-general, Roberto Azevedo of Brazil, made a surprise announcement in May that he would leave the job a year early, citing a ''personal decision''.&nbsp;He left without a successor on August 31.

Azevedo's seven-year tenure was marked by intense pressure from US&nbsp;President Donald Trump, who repeatedly accused the WTO of ''unfair''&nbsp;treatment of the U.S. And started a trade war with China in defiance of the WTO system. In the past, Trump has threatened to pull the United States out of the trade body altogether.

The WTO's dispute settlement system is perhaps the world's best-known venue for resolving international trade disputes - such as those pitting plane-makers Boeing and Airbus in recent decades. But the United States has clogged up the dispute settlement machinery by blocking any new members for its highest court, the Appellate Body, which has unable to address new disputes since last year.

The next director-general will face the daunting task of keeping the United States on board if Trump wins a second term, amid Washington's allegations that China is engaged in unfair practices such as excessively subsidizing industries and stealing intellectual property,&nbsp;notably at the expense of Western businesses hoping to tap the expanding Chinese market. China rejects the allegations.

The WTO, which was created in 1995 out of the former General Agreement on Tariffs and Trade, has never had a woman director-general or national from Africa as its leader. It operates by consensus, meaning that any single member country can block decisions.

The World Trade Organization announced Thursday Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time.

The World Trade Organization announced Thursday Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time. These are the candidates moving on for members' further consideration. The result creates an historic precedent for the WTO: the 7th Director-General will become the first woman to lead the Organization. Consultations resume on 19 Oct #WTODG Find out more: https://t.co/q4pHXjEl2z pic.twitter.com/l4viBOncSk — WTO (@wto) October 8, 2020 × WTO spokeman, Keith Rockwell said the third and final stage of the run will take place from October 19 to Ocotber 27 and that a decision should be made by November 7. We're right on schedule for this. We might even be a little bit ahead of schedule," he said. Asked about changes that might occur as US presidential elections will take place four days before the deadline for the decision, Rockwell said: "I don't think the domestic political situation of any country has really entered into this at all, as far as I can tell". A selection committee said that Ngozi Okonjo-Iweala of Nigeria and Yoo Myung-hee of South Korea qualified for the final round in a race expected to end in the coming weeks. They were picked out of a pool of five candidates. The Geneva-based WTO's General Council, made up of envoys from the 164-member body, eliminated Amina Mohamed, a former trade minister from Kenya; Mohammad Maziad Al-Tuwaijri, a Saudi former economy minister, and British former International Trade Secretary and Brexit proponent Liam Fox. ''Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General!'' tweeted Yoo, who has a law degree from Vanderbilt University. Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General! We need a capable & experienced new leader who can rebuild trust and restore relevance of the @WTO. I look forward to your continued support! Thank you!!! https://t.co/Gz94jTzgzB — Yoo Myung-hee (@YooMyunghee1) October 8, 2020 × Okonjo-Iweala on Twitter thanked WTO members for their support and wrote that she was ''happy to be in the final round." Happy to be in the final round of the @wto DG campaign. Thanks, WTO members for your continued support of my candidacy. I could not have made it without the prayers and support of all Nigerians and friends around the world. Thank you @MBuhari and all my friends. Aluta continua! — Ngozi Okonjo-Iweala (@NOIweala) October 8, 2020 × The previous WTO director-general, Roberto Azevedo of Brazil, made a surprise announcement in May that he would leave the job a year early, citing a ''personal decision''. He left without a successor on August 31. Azevedo's seven-year tenure was marked by intense pressure from US President Donald Trump, who repeatedly accused the WTO of ''unfair'' treatment of the U.S. And started a trade war with China in defiance of the WTO system. In the past, Trump has threatened to pull the United States out of the trade body altogether. The WTO's dispute settlement system is perhaps the world's best-known venue for resolving international trade disputes - such as those pitting plane-makers Boeing and Airbus in recent decades. But the United States has clogged up the dispute settlement machinery by blocking any new members for its highest court, the Appellate Body, which has unable to address new disputes since last year. The next director-general will face the daunting task of keeping the United States on board if Trump wins a second term, amid Washington's allegations that China is engaged in unfair practices such as excessively subsidizing industries and stealing intellectual property, notably at the expense of Western businesses hoping to tap the expanding Chinese market. China rejects the allegations. The WTO, which was created in 1995 out of the former General Agreement on Tariffs and Trade, has never had a woman director-general or national from Africa as its leader. It operates by consensus, meaning that any single member country can block decisions.

In a first, World Trade Organization to be led by a woman

The World Trade Organization found on Tuesday that the United States breached global trading rules by imposing multibillion-dollar tariffs in President Donald Trump's trade war with China, a ruling that drew anger from Washington.

WTO: United States broke trade rules with 2018 tariffs on China

South&nbsp;Korea&nbsp;said on Saturday it held talks with China's top diplomat over trade, denuclearisation and the coronavirus response, in the first visit by a high-level Beijing official since the COVID-19 pandemic erupted late last year.

Yang Jiechi, a member of the Communist Party Politburo, met with&nbsp;South&nbsp;Korea's new national security adviser, Suh Hoon, in the&nbsp;southern port city of Busan, the&nbsp;South&nbsp;Korean government said.

Also read-&nbsp;<a href="https://www.wionews.com/world/south-korea-social-distancing-regulations-reimposed-in-seoul-amid-rise-in-cases-322343" hreflang="en">South Korea: Social distancing regulations reimposed in Seoul amid rise in cases</a>

The two sides discussed topics such as accelerating free-trade agreement negotiations, expanding cultural exchanges as well as the election of the World Trade Organization (WTO) Director General,&nbsp;South&nbsp;Korea's presidential Blue House spokesman Kang Min-seok said in a statement.

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China's top diplomat, Yang Jiechi, a member of the Politburo of the Communist Party of China, and&nbsp;South&nbsp;Korea's national security adviser Suh Hoon leave after their meeting in Busan,&nbsp;South&nbsp;Korea

Kang added that Yang addressed China's position regarding the current US-China relations and Suh in return emphasized the importance of cooperative US-China relations for peace and prosperity in Northeast Asia.

The talks come after the COVID-19 pandemic had undercut bilateral exchanges and stalled denuclearisation negotiations involving North&nbsp;Korea.

The two countries resumed exchanges last month when Seoul sent a high-level diplomat for a bilateral economic meeting.

Suh, who took up the top security job last month after serving as intelligence chief, also discussed a potential trip to Seoul by Chinese President Xi Jinping.

Kang said the two countries agreed to make Xi’s visit to&nbsp;South&nbsp;Korea&nbsp;happen promptly once the COVID-19 situation stabilized, adding that China called&nbsp;South&nbsp;Korea&nbsp;a priority for President Xi to visit.

Yang said China will continue to talk and cooperate with&nbsp;South&nbsp;Korea&nbsp;to achieve denuclearisation and peace on the&nbsp;Korean peninsula. The two sides also agreed on need to hold the&nbsp;South&nbsp;Korea-China-Japan summit within this year.

Yang arrived on Friday and is to leave on Saturday, the government said in a statement.

South Korea said on Saturday it held talks with China's top diplomat over trade, denuclearisation and the coronavirus response, in the first visit by a high-level Beijing official since the COVID-19 pandemic erupted late last year.

South Korea said on Saturday it held talks with China's top diplomat over trade, denuclearisation and the coronavirus response, in the first visit by a high-level Beijing official since the COVID-19 pandemic erupted late last year. Yang Jiechi, a member of the Communist Party Politburo, met with South Korea's new national security adviser, Suh Hoon, in the southern port city of Busan, the South Korean government said. Also read- South Korea: Social distancing regulations reimposed in Seoul amid rise in cases The two sides discussed topics such as accelerating free-trade agreement negotiations, expanding cultural exchanges as well as the election of the World Trade Organization (WTO) Director General, South Korea's presidential Blue House spokesman Kang Min-seok said in a statement. China's top diplomat, Yang Jiechi, a member of the Politburo of the Communist Party of China, and South Korea's national security adviser Suh Hoon leave after their meeting in Busan, South Korea Kang added that Yang addressed China's position regarding the current US-China relations and Suh in return emphasized the importance of cooperative US-China relations for peace and prosperity in Northeast Asia. The talks come after the COVID-19 pandemic had undercut bilateral exchanges and stalled denuclearisation negotiations involving North Korea. The two countries resumed exchanges last month when Seoul sent a high-level diplomat for a bilateral economic meeting. Suh, who took up the top security job last month after serving as intelligence chief, also discussed a potential trip to Seoul by Chinese President Xi Jinping. Kang said the two countries agreed to make Xi’s visit to South Korea happen promptly once the COVID-19 situation stabilized, adding that China called South Korea a priority for President Xi to visit. Yang said China will continue to talk and cooperate with South Korea to achieve denuclearisation and peace on the Korean peninsula. The two sides also agreed on need to hold the South Korea-China-Japan summit within this year. Yang arrived on Friday and is to leave on Saturday, the government said in a statement.

China, South Korea hold highest-level talks since COVID-19 outbreak

Eight candidates from Mexico to Moldova are bidding to become the next director-general of the World Trade Organization to replace Roberto Azevedo, who steps down at the end of August.&nbsp;

CHALLENGES

The next chief would broker international trade talks in the face of widening U.S.-China conflict, protectionism increased by the COVID-19 pandemic and pressure to reform trade rules.

Also read:&nbsp;<a href="/world/seven-candidates-battling-for-wto-leadership-311722" hreflang="en">Seven candidates battling for WTO leadership</a>

U.S. President Donald Trump's "America First" policies have upended the global trading order and presented an existential threat to the WTO. Trump has called the institution "broken" and "horrible". Washington has blocked appointments to the WTO's Appellate Body that settles trade disputes, which now no longer has the minimum number of judges to convene.&nbsp;

HOW THE DIRECTOR-GENERAL IS CHOSEN

The candidates have been given two months to campaign until September 7. Normally this would involve trips to national capitals, but with the pandemic much of that is being done in a virtual format.

The next phase involves whittling down the field, initially to five then two, before a final decision is taken.

The WTO is a members-driven organisation with decisions reached by consensus among 164 countries. Three WTO ambassadors who chair leading committees will lead the process, seeking to establish which candidates have the widest support.

Also read:&nbsp;<a href="/world/us-attorney-general-blasts-american-firms-for-kowtowing-to-beijing-313919" hreflang="en">US attorney general blasts American firms for 'kowtowing' to Beijing</a>

In so-called "confessionals", members will tell this "troika" their preferences, without ranking them and without vetoes in a process expected to last two months. The first phase will be on Sept 7-16. Voting on the next director-general is seen only as a last resort if consensus cannot be reached.

The process does not always work smoothly. In 1999, former New Zealand prime minister Mike Moore and Thailand's Supachai Panitchpakdi divided WTO members, with a compromise finally found to give each a term, shortened to three years from four.

Azevedo's term will finish before his replacement takes office, but WTO members failed to agree on a temporary caretaker director-general, meaning the four deputies will stay on in their current roles.

MORE SOFT THAN HARD POWER

The Marrakesh Agreement that established the WTO in 1995 does not give a detailed description of the director-general role. The responsibilities should be "exclusively international in character".

The incoming chief would be expected to appoint four new deputies, present budget proposals, and chair the trade negotiations committee which oversees multilateral accords such as on fishing subsidies.&nbsp;

The director-general can also intervene in trade disputes, in very rare cases offering mediation, more often by appointing people to adjudicating panels when parties cannot agree.

Otherwise, the director-general does not forge global trade policy, but is meant to act as a neutral broker: part administrator, part peacemaker.

Eight candidates from Mexico to Moldova are bidding to become the next director-general of the World Trade Organization to replace Roberto Azevedo, who steps down at the end of August.

Eight candidates from Mexico to Moldova are bidding to become the next director-general of the World Trade Organization to replace Roberto Azevedo, who steps down at the end of August. CHALLENGES The next chief would broker international trade talks in the face of widening U.S.-China conflict, protectionism increased by the COVID-19 pandemic and pressure to reform trade rules. Also read: Seven candidates battling for WTO leadership U.S. President Donald Trump's "America First" policies have upended the global trading order and presented an existential threat to the WTO. Trump has called the institution "broken" and "horrible". Washington has blocked appointments to the WTO's Appellate Body that settles trade disputes, which now no longer has the minimum number of judges to convene. HOW THE DIRECTOR-GENERAL IS CHOSEN The candidates have been given two months to campaign until September 7. Normally this would involve trips to national capitals, but with the pandemic much of that is being done in a virtual format. The next phase involves whittling down the field, initially to five then two, before a final decision is taken. The WTO is a members-driven organisation with decisions reached by consensus among 164 countries. Three WTO ambassadors who chair leading committees will lead the process, seeking to establish which candidates have the widest support. Also read: US attorney general blasts American firms for 'kowtowing' to Beijing In so-called "confessionals", members will tell this "troika" their preferences, without ranking them and without vetoes in a process expected to last two months. The first phase will be on Sept 7-16. Voting on the next director-general is seen only as a last resort if consensus cannot be reached. The process does not always work smoothly. In 1999, former New Zealand prime minister Mike Moore and Thailand's Supachai Panitchpakdi divided WTO members, with a compromise finally found to give each a term, shortened to three years from four. Azevedo's term will finish before his replacement takes office, but WTO members failed to agree on a temporary caretaker director-general, meaning the four deputies will stay on in their current roles. MORE SOFT THAN HARD POWER The Marrakesh Agreement that established the WTO in 1995 does not give a detailed description of the director-general role. The responsibilities should be "exclusively international in character". The incoming chief would be expected to appoint four new deputies, present budget proposals, and chair the trade negotiations committee which oversees multilateral accords such as on fishing subsidies. The director-general can also intervene in trade disputes, in very rare cases offering mediation, more often by appointing people to adjudicating panels when parties cannot agree. Otherwise, the director-general does not forge global trade policy, but is meant to act as a neutral broker: part administrator, part peacemaker.

How the next WTO chief will be chosen and the task ahead

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday. 
 
Britain's first post-Brexit international trade secretary Liam Fox and Kenya's former WTO general council chair Amina Mohamed threw their hats in the ring in the final hours before the 1600 GMT deadline. 
 
They join candidates from Egypt, Mexico, Moldova, Nigeria and South Korea. 
 
The WTO is staging a swift contest to replace outgoing director-general Roberto Azevedo. The Brazilian career diplomat is stepping down a year early at the end of August.

Also read:&nbsp;<a href="/world/global-trade-set-to-shrink-185-in-q2-defying-worst-fears-wto-307910" hreflang="en">Global trade set to shrink 18.5% in Q2, defying worst fears: WTO</a> 
 
The new leader will be taking on an institution that was beset with mammoth challenges even before the pandemic-driven global economic crisis struck. 
 
"As the world seeks to recover from the shared challenge of the COVID-19 pandemic, the role of free and fair trade has never been more crucial," British Prime Minister Boris Johnson said in his letter to the WTO, nominating Fox. 
 
He said the former defence minister, 58, could implement the necessary reforms "to ensure the global trading system truly delivers for all WTO members." 
 
The new chief must revive stalled trade talks, lay the ground for the 2021 ministerial conference -- one of the WTO's major events -- and thaw relations with Washington.

Also read:&nbsp;<a href="/world/mike-pompeo-criticises-hsbc-for-corporate-kowtow-to-beijing-304822" hreflang="en">Mike Pompeo criticises HSBC for 'corporate kowtow' to Beijing</a> 
 
The United States, which has threatened to leave the WTO, has blocked the organisation's dispute settlement appeal system since December, and wants China moved up from the developing economies category. 
 
In a surprise move in mid-May, Azevedo, 62, announced that he would end his second four-year term early for personal reasons, forcing the Geneva-based WTO's 164 member states to come up with a successor in just three months instead of the usual nine. 
 
Rather than an election, the selection procedure relies on finding consensus, with candidates gradually being eliminated in turn. 
 
The WTO finds itself caught in the middle of rising tensions between the United States and China, and if the process becomes "heavily politicised, that could block things up", a diplomatic source told AFP. 
 
If a consensus cannot be reached in time, one of the four deputy directors-general will take the reins in September on a caretaker basis.

&nbsp;First African WTO boss? 
Besides Fox and Mohamed, the other candidates are South Korean Trade Minister Yoo Myung-hee; Mexico's former WTO deputy director-general Jesus Seade Kuri; former Nigerian foreign and finance minister Ngozi Okonjo-Iweala; Egyptian former diplomat Hamid Mamdouh; and former Moldovan foreign minister Tudor Ulianovschi. 
 
Since the WTO was created in 1995, three of its directors-general were from Europe, while one each came from Oceania, Asia and South America.

Also read:&nbsp;<a href="/business-economy/covid-19-could-lead-to-deepest-economic-recession-of-our-lifetime-wto-291380" hreflang="en">COVID-19 could lead to deepest economic recession of our lifetime: WTO</a> 
 
Africa fancies its chances this time, even though there is no regional rotation principle at the global trade body. 
 
However, African nations have so far failed to convene around a single candidate. 
 
Mamdouh, 67, a veteran former senior WTO official who is also a Swiss national, is the only contender from the continent with any express backing from the African Union. 
 
Nigeria's decision to stand Okonjo-Iweala against him has triggered a legal dispute with the AU. 
 
Nevertheless, Okonjo-Iweala "is gaining ground within Africa," a diplomatic source said. 
 
Okonjo-Iweala,&nbsp;66, who chairs the board of Gavi, the Vaccine Alliance, said she was receiving "tremendous support". 
 
The former World Bank number two insisted that the WTO -- which has never had a female leader -- must choose is next chief "on merit". 
 
"And then, if it happens to be a woman or an African, that is also good," she told reporters in Geneva at a virtual press conference in late June. 
 
Kenya's sports minister Mohamed, 58, first ran for the post in 2013. Her candidacy this time means there are three women and three Africans in the contest. 
 
Yoo, 53, is the other female candidate. 
 
The youngest contender is 37-year-old Ulianovschi, while Seade, at 73, is the oldest. He has led posts at the World Bank and the International Monetary Fund.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday.

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday. Britain's first post-Brexit international trade secretary Liam Fox and Kenya's former WTO general council chair Amina Mohamed threw their hats in the ring in the final hours before the 1600 GMT deadline. They join candidates from Egypt, Mexico, Moldova, Nigeria and South Korea. The WTO is staging a swift contest to replace outgoing director-general Roberto Azevedo. The Brazilian career diplomat is stepping down a year early at the end of August. Also read: Global trade set to shrink 18.5% in Q2, defying worst fears: WTO The new leader will be taking on an institution that was beset with mammoth challenges even before the pandemic-driven global economic crisis struck. "As the world seeks to recover from the shared challenge of the COVID-19 pandemic, the role of free and fair trade has never been more crucial," British Prime Minister Boris Johnson said in his letter to the WTO, nominating Fox. He said the former defence minister, 58, could implement the necessary reforms "to ensure the global trading system truly delivers for all WTO members." The new chief must revive stalled trade talks, lay the ground for the 2021 ministerial conference -- one of the WTO's major events -- and thaw relations with Washington. Also read: Mike Pompeo criticises HSBC for 'corporate kowtow' to Beijing The United States, which has threatened to leave the WTO, has blocked the organisation's dispute settlement appeal system since December, and wants China moved up from the developing economies category. In a surprise move in mid-May, Azevedo, 62, announced that he would end his second four-year term early for personal reasons, forcing the Geneva-based WTO's 164 member states to come up with a successor in just three months instead of the usual nine. Rather than an election, the selection procedure relies on finding consensus, with candidates gradually being eliminated in turn. The WTO finds itself caught in the middle of rising tensions between the United States and China, and if the process becomes "heavily politicised, that could block things up", a diplomatic source told AFP. If a consensus cannot be reached in time, one of the four deputy directors-general will take the reins in September on a caretaker basis. First African WTO boss? Besides Fox and Mohamed, the other candidates are South Korean Trade Minister Yoo Myung-hee; Mexico's former WTO deputy director-general Jesus Seade Kuri; former Nigerian foreign and finance minister Ngozi Okonjo-Iweala; Egyptian former diplomat Hamid Mamdouh; and former Moldovan foreign minister Tudor Ulianovschi. Since the WTO was created in 1995, three of its directors-general were from Europe, while one each came from Oceania, Asia and South America. Also read: COVID-19 could lead to deepest economic recession of our lifetime: WTO Africa fancies its chances this time, even though there is no regional rotation principle at the global trade body. However, African nations have so far failed to convene around a single candidate. Mamdouh, 67, a veteran former senior WTO official who is also a Swiss national, is the only contender from the continent with any express backing from the African Union. Nigeria's decision to stand Okonjo-Iweala against him has triggered a legal dispute with the AU. Nevertheless, Okonjo-Iweala "is gaining ground within Africa," a diplomatic source said. Okonjo-Iweala, 66, who chairs the board of Gavi, the Vaccine Alliance, said she was receiving "tremendous support". The former World Bank number two insisted that the WTO -- which has never had a female leader -- must choose is next chief "on merit". "And then, if it happens to be a woman or an African, that is also good," she told reporters in Geneva at a virtual press conference in late June. Kenya's sports minister Mohamed, 58, first ran for the post in 2013. Her candidacy this time means there are three women and three Africans in the contest. Yoo, 53, is the other female candidate. The youngest contender is 37-year-old Ulianovschi, while Seade, at 73, is the oldest. He has led posts at the World Bank and the International Monetary Fund.

Seven candidates battling for WTO leadership

Roberto Azevêdo, Director general of World Trade Organization resigns from the post one-year early.

Director general of World Trade Organization resigns from the post one-year early

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday.&nbsp; Roberto Azevêdo&nbsp;has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date.

He has been Director-General at the Geneva-based trade body since 2013 and was on a second term of office.

The heads of delegations of the WTO&nbsp;were called to a special meeting to be held at 4 p.m. (1400 GMT)&nbsp;to inform them about "pressing WTO administrative issues".

<a href="https://www.wionews.com/world/donald-trumps-approval-rating-dips-currently-trails-behind-biden-polls-298359">Also read:&nbsp;Donald Trump's approval rating dips, currently trails behind Biden: Polls</a>

It is being speculated that the decision has been made following the constant verbal attacks at the trade body by the US President Donald Trump's government. President Trump recently blamed it for allowing China to practise unfair trade.&nbsp;Last year too,the appellate body, the highest authority in the organisation’s dispute settlement process, ceased to function after the US blocked the appointment of new judges to replace two who retired.

There has been no news of Azevêdo replacement yet. It is believed that the process of finding a replacement for the chair might take more than few months, and could stretch out till next year.

The WTO has reserved any comments till the end of this meeting.

(With inputs from Reuters)

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday. Roberto Azevêdo has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date.

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday. Roberto Azevêdo has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date. He has been Director-General at the Geneva-based trade body since 2013 and was on a second term of office. The heads of delegations of the WTO were called to a special meeting to be held at 4 p.m. (1400 GMT) to inform them about "pressing WTO administrative issues". Also read: Donald Trump's approval rating dips, currently trails behind Biden: Polls It is being speculated that the decision has been made following the constant verbal attacks at the trade body by the US President Donald Trump's government. President Trump recently blamed it for allowing China to practise unfair trade. Last year too,the appellate body, the highest authority in the organisation’s dispute settlement process, ceased to function after the US blocked the appointment of new judges to replace two who retired. There has been no news of Azevêdo replacement yet. It is believed that the process of finding a replacement for the chair might take more than few months, and could stretch out till next year. The WTO has reserved any comments till the end of this meeting. (With inputs from Reuters)

World Trade Organization Chief to resign in a virtual meeting

The United States is increasing tariffs on <a href="https://www.wionews.com/business-economy/airbus-beats-goal-with-863-jet-deliveries-in-2019-ousts-boeing-from-top-spot-271445">Airbus planes</a> imported from Europe to 15 per cent, authorities announced, in a move, the aerospace giant said on Saturday was "deeply" regrettable.

Friday's decision to hike tariffs from March 18 "further escalates trade tensions between the US and the EU", the European aerospace giant said in a statement, adding it creates "more instability for US airlines that are already suffering from a shortage of aircraft."

The announcement from the office of the United States Trade Representative (USTR) came just days after President Donald Trump said it was time to talk "very seriously" about a trade deal with the European Union.

Duties have been at 10 per cent since October when Washington hit European products worth $7.5 billion with tariffs.

<a href="https://www.wionews.com/business-economy/airbus-strikes-anti-corruption-deals-with-france-uk-us-277133">Also read: Airbus strikes anti-corruption deals with France, UK, US</a>

"Airbus deeply regrets USTR's decision to increase tariffs on aircraft imported from the EU as well as the decision to maintain tariffs on goods from other sectors," the company said, referring to products -- including wine, cheese, coffee and olives &nbsp;-- which have been taxed at 25 per cent since October.

The latest decision also "ignores the many submissions made by US airlines, highlighting the fact that they -– and the US flying public -– will ultimately have to pay these tariffs," it added.

'Ultimately harmful'

The German finance ministry said it had taken note of the move by the United States, and reiterated its stance on tariffs.

"Our basic position is clear: we reject any unilateral increase in customs taxes," it said in a statement. "Customs taxes are ultimately harmful to everyone, including the USA."

Washington imposed punitive taxes on the $7.5 billion in European products after the World Trade Organization (WTO) gave the United States a green light to take retaliatory trade measures against the EU over its subsidies to European aerospace giant Airbus.

Industry executives in Europe and the United States are on tenterhooks awaiting each new announcement from trade authorities.

"It has become abundantly clear that tariffs on distilled spirits products are causing rough seas on both sides of the Atlantic," the Distilled Spirits Council of the United States said in a statement Friday.

The council called on authorities to withdraw 25 per cent taxes on American whiskeys in the EU, and 25 per cent taxes on liquors imported from five European countries, pointing to fears of a negative impact on the US economy and jobs.

But Trump, a real estate developer turned politician, sees tariffs as a negotiating tool.

After a trade war with China that lasted nearly two years and featured punishing reciprocal tariffs, Trump declared at the signing of a "phase one" trade deal with Beijing in January that it was a "momentous step ... righting the wrongs of the past."

He has now turned his sights to Europe as Washington brandishes the threat of taxing European auto imports, a move targeting Germany, Europe's biggest auto exporter.

Trump wants EU member states to further open their markets to American products, particularly agricultural goods.

He has also threatened to hike tariffs on French wine -- currently taxed at 25 per cent -- even further unless there is a deal on a digital tax which European nations want to impose on American giants such as Amazon and Facebook.

The United States is increasing tariffs on Airbus planes imported from Europe to 15 per cent, authorities announced, in a move, the aerospace giant said on Saturday was "deeply" regrettable.

The United States is increasing tariffs on Airbus planes imported from Europe to 15 per cent, authorities announced, in a move, the aerospace giant said on Saturday was "deeply" regrettable. Friday's decision to hike tariffs from March 18 "further escalates trade tensions between the US and the EU", the European aerospace giant said in a statement, adding it creates "more instability for US airlines that are already suffering from a shortage of aircraft." The announcement from the office of the United States Trade Representative (USTR) came just days after President Donald Trump said it was time to talk "very seriously" about a trade deal with the European Union. Duties have been at 10 per cent since October when Washington hit European products worth $7.5 billion with tariffs. Also read: Airbus strikes anti-corruption deals with France, UK, US "Airbus deeply regrets USTR's decision to increase tariffs on aircraft imported from the EU as well as the decision to maintain tariffs on goods from other sectors," the company said, referring to products -- including wine, cheese, coffee and olives -- which have been taxed at 25 per cent since October. The latest decision also "ignores the many submissions made by US airlines, highlighting the fact that they -– and the US flying public -– will ultimately have to pay these tariffs," it added. 'Ultimately harmful' The German finance ministry said it had taken note of the move by the United States, and reiterated its stance on tariffs. "Our basic position is clear: we reject any unilateral increase in customs taxes," it said in a statement. "Customs taxes are ultimately harmful to everyone, including the USA." Washington imposed punitive taxes on the $7.5 billion in European products after the World Trade Organization (WTO) gave the United States a green light to take retaliatory trade measures against the EU over its subsidies to European aerospace giant Airbus. Industry executives in Europe and the United States are on tenterhooks awaiting each new announcement from trade authorities. "It has become abundantly clear that tariffs on distilled spirits products are causing rough seas on both sides of the Atlantic," the Distilled Spirits Council of the United States said in a statement Friday. The council called on authorities to withdraw 25 per cent taxes on American whiskeys in the EU, and 25 per cent taxes on liquors imported from five European countries, pointing to fears of a negative impact on the US economy and jobs. But Trump, a real estate developer turned politician, sees tariffs as a negotiating tool. After a trade war with China that lasted nearly two years and featured punishing reciprocal tariffs, Trump declared at the signing of a "phase one" trade deal with Beijing in January that it was a "momentous step ... righting the wrongs of the past." He has now turned his sights to Europe as Washington brandishes the threat of taxing European auto imports, a move targeting Germany, Europe's biggest auto exporter. Trump wants EU member states to further open their markets to American products, particularly agricultural goods. He has also threatened to hike tariffs on French wine -- currently taxed at 25 per cent -- even further unless there is a deal on a digital tax which European nations want to impose on American giants such as Amazon and Facebook.

Airbus 'deeply regrets' US tariff hike from 10% to 15%

Prime Minister <a href="https://www.wionews.com/world/uk-pm-boris-johnson-exclaimed-with-f-word-in-reaction-to-soleimanis-killing-in-us-airstrikes-272225">Boris&nbsp;Johnson</a>&nbsp;will lay&nbsp;out&nbsp;his negotiating&nbsp;terms&nbsp;for&nbsp;talks&nbsp;with the&nbsp;European Union on Monday, saying Britain will prosper even if he cannot strike his preferred trade deal.

After marking Britain's departure from the&nbsp;EU&nbsp;at a party in his Downing Street residence on Friday,&nbsp;Johnson&nbsp;will use a speech to ram home his message that Brexit, for him, means that sovereignty trumps the economy.

The sides have until the end of the year, when a standstill transitional period expires, to try to secure a deal on trade and future relations - something London and Brussels both say they want to do but on very different&nbsp;terms.

Trade&nbsp;talks&nbsp;will begin in March. After criticising his predecessor Theresa May's approach in negotiating a divorce deal with the&nbsp;<a href="https://www.wionews.com/opinions/nato-and-the-eu-a-short-history-of-an-uneasy-relationship-265984">EU</a>,&nbsp;Johnson&nbsp;is striking a much&nbsp;tougher tone, saying Britain will not adhere to the bloc's rules and regulations.

And he will say that if the&nbsp;EU&nbsp;fails to grant a trade deal allowing for tariff- and quota-free trade in goods, similar to the&nbsp;terms&nbsp;the bloc now has in place with Canada, Britain will pursue a much looser arrangement, as one Australia has.

"There is no need for a free trade agreement to involve accepting&nbsp;EU&nbsp;rules on competition policy, subsidies, social protection, the environment, or anything similar, any more than the&nbsp;EU&nbsp;should be obliged to accept UK rules,"&nbsp;Johnson&nbsp;will say, according to excerpts of his speech distributed by his office.&nbsp;

Promising to maintain "the highest standards",&nbsp;Johnson&nbsp;will suggest the&nbsp;EU&nbsp;has already offered a free trade deal along the lines of the one it has with Canada, which does not have to follow the bloc's rules.

"We have made our choice: we want a free trade agreement, similar to Canada's, but in the very unlikely event that we do not succeed, then our trade will have to be based on our existing Withdrawal Agreement with the&nbsp;EU," he will tell businesses, think tanks and ambassadors.

"The choice is emphatically not 'deal or no-deal'.&nbsp;The question is whether we agree with a trading relationship with the&nbsp;EU&nbsp;comparable to Canada's – or more like Australia's."

At the moment, much of&nbsp;EU-Australia trade runs along with basic World Trade Organization rules, though there are specific agreements for certain goods. Australia is in the process of negotiating a trade deal with the&nbsp;EU, however.

One British source who declined to be named has said UK negotiators are furious because they believe the&nbsp;EU, Britain's biggest trading partner, is going back on the divorce deal by suggesting that London would have to adhere to the bloc's rules to secure a free trade agreement.

On Sunday, Irish Prime Minister <a href="https://www.wionews.com/india-news/irish-prime-minister-leo-varadkar-visits-family-in-india-270879">Leo Varadkar</a> and French Foreign Minister <a href="https://www.wionews.com/world/french-fm-urges-iran-to-show-political-maturity-over-us-nuclear-deal-pullout-217880">Jean-Yves Le Drian</a> repeated their fears that Britain could undercut the&nbsp;EU&nbsp;by failing to agree to what the bloc calls a "level playing field" - shorthand for shared rules on environmental standards, labour regulations and state aid.

The&nbsp;EU&nbsp;has repeatedly warned Britain that the level of access to its single market of 450 million people will depend on how far London agrees to adhere to such rules.

<img alt="European Union" data-entity-type="file" data-entity-uuid="02ae0e9e-a781-4b2a-a017-70a0df458ac2" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2821%29_2.jpg" />

But&nbsp;Johnson, according to sources close to him, has taken last year's election, which handed him a large majority in parliament, as an endorsement of his policy of putting Britain's right to set its own rules above the demands of businesses.

Ministers have been briefing companies that they should adjust to such a future despite the appeals of many for the government to ensure goods can trade across borders freely.

More than three years after Britain voted to quit the bloc,&nbsp;Johnson, the face of the campaign to leave, wants to draw a line under an angry debate that has deepened divides across the country.

But he also wants to fulfil his pledge to "take back control" and, in his speech, will suggest that Britain would thrive either with a Canada-style deal or a looser arrangement.

"In either case, I have no doubt that Britain will prosper,"&nbsp;Johnson&nbsp;will say. "And of course our new relationship with our closest neighbours will range far beyond trade."

Prime Minister Boris Johnson will lay out his negotiating terms for talks with the European Union on Monday, saying Britain will prosper even if he cannot strike his preferred trade deal.

Prime Minister Boris Johnson will lay out his negotiating terms for talks with the European Union on Monday, saying Britain will prosper even if he cannot strike his preferred trade deal. After marking Britain's departure from the EU at a party in his Downing Street residence on Friday, Johnson will use a speech to ram home his message that Brexit, for him, means that sovereignty trumps the economy. The sides have until the end of the year, when a standstill transitional period expires, to try to secure a deal on trade and future relations - something London and Brussels both say they want to do but on very different terms. Trade talks will begin in March. After criticising his predecessor Theresa May's approach in negotiating a divorce deal with the EU, Johnson is striking a much tougher tone, saying Britain will not adhere to the bloc's rules and regulations. And he will say that if the EU fails to grant a trade deal allowing for tariff- and quota-free trade in goods, similar to the terms the bloc now has in place with Canada, Britain will pursue a much looser arrangement, as one Australia has. "There is no need for a free trade agreement to involve accepting EU rules on competition policy, subsidies, social protection, the environment, or anything similar, any more than the EU should be obliged to accept UK rules," Johnson will say, according to excerpts of his speech distributed by his office. Promising to maintain "the highest standards", Johnson will suggest the EU has already offered a free trade deal along the lines of the one it has with Canada, which does not have to follow the bloc's rules. "We have made our choice: we want a free trade agreement, similar to Canada's, but in the very unlikely event that we do not succeed, then our trade will have to be based on our existing Withdrawal Agreement with the EU," he will tell businesses, think tanks and ambassadors. "The choice is emphatically not 'deal or no-deal'. The question is whether we agree with a trading relationship with the EU comparable to Canada's – or more like Australia's." At the moment, much of EU-Australia trade runs along with basic World Trade Organization rules, though there are specific agreements for certain goods. Australia is in the process of negotiating a trade deal with the EU, however. One British source who declined to be named has said UK negotiators are furious because they believe the EU, Britain's biggest trading partner, is going back on the divorce deal by suggesting that London would have to adhere to the bloc's rules to secure a free trade agreement. On Sunday, Irish Prime Minister Leo Varadkar and French Foreign Minister Jean-Yves Le Drian repeated their fears that Britain could undercut the EU by failing to agree to what the bloc calls a "level playing field" - shorthand for shared rules on environmental standards, labour regulations and state aid. The EU has repeatedly warned Britain that the level of access to its single market of 450 million people will depend on how far London agrees to adhere to such rules. But Johnson, according to sources close to him, has taken last year's election, which handed him a large majority in parliament, as an endorsement of his policy of putting Britain's right to set its own rules above the demands of businesses. Ministers have been briefing companies that they should adjust to such a future despite the appeals of many for the government to ensure goods can trade across borders freely. More than three years after Britain voted to quit the bloc, Johnson, the face of the campaign to leave, wants to draw a line under an angry debate that has deepened divides across the country. But he also wants to fulfil his pledge to "take back control" and, in his speech, will suggest that Britain would thrive either with a Canada-style deal or a looser arrangement. "In either case, I have no doubt that Britain will prosper," Johnson will say. "And of course our new relationship with our closest neighbours will range far beyond trade."

'Britain will prosper': Prime Minister Johnson sets out tough terms for EU talks

January 1 in History: From world's first 'Mercy' hospital to nightclub fire in Bangkok

India, the world's biggest <a href="https://www.wionews.com/business-economy/indias-sugar-output-seen-falling-global-deficit-rises-fcstone-259213">sugar</a> producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October&nbsp;1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year.

"Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm.

At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative.

"Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India.

A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers.

Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (<a href="https://www.wionews.com/business-economy/wto-authorises-chinese-tariffs-on-36-billion-in-us-goods-in-anti-dumping-tiff-259385">WTO</a>).

Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO.

India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year.

Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies.

In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday. Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October 1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year. "Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm. At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative. "Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India. A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers. Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (WTO). Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO. India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year. Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies. In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

Indian sugar exports poised to hit record 5 million tonnes this year

Indonesia has filed a lawsuit at the World Trade Organization against the European Union, claiming the bloc’s restrictions on palm oil-based biofuel are unfair.

The European Commission concluded earlier this year that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030.

The action could escalate a trade dispute between Indonesia as the country is the world’s biggest producer of palm oil and has repeatedly said it will challenge the EU’s renewable energy directive known as RED II, at the WTO’s dispute settlement body.

Indonesia sent a request for consultation to the EU on 9th December 2019 as the initial initiation stage in the lawsuit.

Indonesia's trade minister has said that the decision was made after assessing scientific studies and after meetings with associations and businesses involved in the palm oil sector.

"Indonesia officially sent a request for consultation on December 9, 2019, to the EU as the initial step for the lawsuit," Trade Minister Agus Suparmanto said in a statement Sunday.

Neighbouring country Malaysia, the world's second-biggest palm oil producer, has also threatened the EU with similar lawsuits. &nbsp;

Indonesia’s Director General of Foreign Trade Wisnu Wardhana said the EU’s policy would not just impact Indonesia’s palm oil exports to Europe, but would also tarnish the image of palm oil products globally.

Palm oil is the world's most widely used vegetable oil and a key ingredient in a wide range of products from food to cosmetics but according to environmentalists, it drives deforestation, with huge parts of Southeast Asian rainforest logged in recent decades to make way for palm plantations.

Iman Pambagyo, Indonesia's director-general for international trade negotiations, said Jakarta had previously tried other bilateral avenues to reach an agreement, without success.

"We need to assert Indonesia's stance on EU policy," Pambagyo said, referring to the WTO complaint, and adding that he hoped for a "best solution".

Indonesia has filed a lawsuit at the World Trade Organization against the European Union, claiming the bloc’s restrictions on palm oil-based biofuel are unfair. The European Commission concluded earlier this year that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030.

Indonesia has filed a lawsuit at the World Trade Organization against the European Union, claiming the bloc’s restrictions on palm oil-based biofuel are unfair. The European Commission concluded earlier this year that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030. The action could escalate a trade dispute between Indonesia as the country is the world’s biggest producer of palm oil and has repeatedly said it will challenge the EU’s renewable energy directive known as RED II, at the WTO’s dispute settlement body. Indonesia sent a request for consultation to the EU on 9th December 2019 as the initial initiation stage in the lawsuit. Indonesia's trade minister has said that the decision was made after assessing scientific studies and after meetings with associations and businesses involved in the palm oil sector. "Indonesia officially sent a request for consultation on December 9, 2019, to the EU as the initial step for the lawsuit," Trade Minister Agus Suparmanto said in a statement Sunday. Neighbouring country Malaysia, the world's second-biggest palm oil producer, has also threatened the EU with similar lawsuits. Indonesia’s Director General of Foreign Trade Wisnu Wardhana said the EU’s policy would not just impact Indonesia’s palm oil exports to Europe, but would also tarnish the image of palm oil products globally. Palm oil is the world's most widely used vegetable oil and a key ingredient in a wide range of products from food to cosmetics but according to environmentalists, it drives deforestation, with huge parts of Southeast Asian rainforest logged in recent decades to make way for palm plantations. Iman Pambagyo, Indonesia's director-general for international trade negotiations, said Jakarta had previously tried other bilateral avenues to reach an agreement, without success. "We need to assert Indonesia's stance on EU policy," Pambagyo said, referring to the WTO complaint, and adding that he hoped for a "best solution".

Indonesia appeals to WTO against the European Union's 'discriminative' palm oil restrictions

Indonesia files lawsuit at World Trade Organization against European Union over it's palm oil claims. EU claimed that palm oil industry is behind the excessive deforestation. Indonesia is the biggest producer of the palm oil.

Indonesia files lawsuit at WTO against EU over it's palm oil claims

After today, the World Trade Organisation, as the arbiter of global trade disputes, will no longer be able to fulfill its role. The strong appeal body of the WTO— which upholds, modifies or reverses the decision in trade disputes— is set to lose two judges who finish their terms on December 10, leaving only one member to the board. The administration of Trump has blocked the new appointments to the appellate body, claiming it has overstepped its mandate

WTO on the verge of collapse as Trump administration block new appointments

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads.

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads. Since 1998, World Trade Organization (WTO) members have renewed a ban on import duties on so-called "electronic transmissions", worth up to $255 billion a year by one estimate. Some think this favours rich countries, given it received strong backing from Washington at the outset and most of the lost customs revenues are thought to be born by developing countries. Pressure is now growing to lift the ban as more books and movies become digital, potentially reducing revenues further. India and South Africa circulated an internal WTO document, reviewed by Reuters this week, saying that rising digitalisation compelled "a rethink of the role of the temporary moratorium" last year, citing the potential of 3D printing to manufacture products. It will be decided on next week and renewal requires full consensus. Asked about its position, South Africa's WTO Ambassador Xolelwa Mlumbi-Peter said in an emailed response this week that it was "still consulting on this important decision." India did not respond to a request for comment. "At the moment there are a number of countries that feel confident they can stand aside from the global consensus," said the International Chamber of Commerce's (ICC) Secretary General John Denton. "It could break the Internet." A proposal backed by 21 countries including China and Canada seeks to extend the ban for at least six months when it expires at year end. Deal-broker Switzerland said "a large part of the WTO has signalled its support for the Moratorium". Such duties could be difficult to apply and it is not clear how it would be determined where the digital product originated from and whether it is an import. "How do you put a tariff on a byte? How would you capture millions of data flows from multiple sources flowing across countries’ borders every minute of every day," asked Denton. However, the first possible answers are emerging. Indonesia created tariff codes for digital goods in 2018, fixing the level at 0 percent for now. Lost revenues? Should the moratorium end, it does not mean that tariffs will immediately follow, and Mlumbi-Peter stressed that. But this is seen as more likely in a new culture of permissiveness following the expected paralysis of the WTO's top ruling body after Dec. 10. "If someone tries to experiment putting customs duties on even a limited set of products or services, then there is a risk of immediate retaliation absent of the dispute settlement function," said the ICC's Andrew Wilson. Estimates of the ban's effect vary. At the top of the scale, a recent U.N. report said potential annual tariff revenue losses could be up to $10.4 billion a year, with more than $10 billion lost by WTO developing countries. "More and more production is going to be digitised in future so developing countries will lose tariff revenues," Rashmi Banga, the report's author, said. However, an OECD study questioned these assumptions, arguing that the revenue gains from lifting the ban would be relatively small and tariffs would lead to higher prices for consumers among other costs.

Trade war goes digital: Countries eye tariffs on Internet economy

&nbsp;The <a href="https://www.wionews.com/business-economy/wto-authorises-chinese-tariffs-on-36-billion-in-us-goods-in-anti-dumping-tiff-259385">World Trade Organization</a> on Monday rejected&nbsp;<a href="https://www.wionews.com/south-asia/fatf-european-union-offers-technical-assistance-to-pakistan-262766">European Union</a>&nbsp;claims&nbsp;that it no longer provides subsidies to planemaker&nbsp;Airbus, prompting the United States to say it could&nbsp;increase&nbsp;retaliatory&nbsp;tariffs&nbsp;on a wider range of&nbsp;European goods.

A new compliance report from the Geneva trade watchdog found that the&nbsp;Airbus&nbsp;A380 and A350 jetliners continue to be subsidised as a result of past&nbsp;European government loans.

US&nbsp;Trade Representative Robert Lighthizer said the decision affirmed that&nbsp;European subsidies to&nbsp;Airbus&nbsp;continued to harm the&nbsp;US&nbsp;aerospace industry, and strong action was required to eliminate such market-distorting subsidies.

It was the latest salvo in a record transatlantic trade dispute involving mutual&nbsp;claims&nbsp;of illegal aircraft subsidies, which comes to a head at a time of rising global trade tensions and has grabbed the attention of financial markets this year.

The United States was in October awarded the right to impose&nbsp;tariffs&nbsp;on $7.5 billion of annual&nbsp;EU&nbsp;imports in its case against&nbsp;Airbus. It placed partial&nbsp;tariffs&nbsp;on most&nbsp;Airbus&nbsp;jets and products from cheese to olives and single-malt whisky.

A decision on retaliation rights for the&nbsp;EU&nbsp;in a parallel case on aid for Boeing is due next year.

Officials on both sides have expressed support for a negotiated settlement, while accusing the other of failing to take the prospect of a negotiated solution seriously.

In Monday's finding, a three-person panel rejected&nbsp;EU&nbsp;claims&nbsp;that a recent decision by&nbsp;Airbus&nbsp;to stop producing the slow-selling A380 meant the giant airliner could no longer be seen as a threat to Boeing, whose competing 747 is also out of fashion.

While the&nbsp;WTO&nbsp;no longer faulted&nbsp;Airbus&nbsp;for causing lost sales to Boeing with the A380, which is no longer marketed, it ruled that the superjumbo would cause market-share damage to Boeing for as long as it is produced and delivered.

<a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a>&nbsp;plans to shut production in mid-2021.

The&nbsp;WTO&nbsp;appeared to strengthen findings against the A350, saying it had both cost sales and damaged Boeing's market-share prospects - a process called impedance - in the busier twin-engined long-haul market where Boeing offers its 787 Dreamliner.

A previous&nbsp;WTO&nbsp;ruling had focused only on lost sales.

The latest report put the world's largest corporate trade dispute squarely on the agenda for new&nbsp;EU&nbsp;Trade Commissioner Phil Hogan, who started his term on Sunday.

The Commission said the new findings contained serious legal errors and that it would consider its next steps, including a possible appeal, while seeking an accord with the United States.

USTR, which imposed&nbsp;tariffs&nbsp;of 10 per cent&nbsp;on large civil&nbsp;EU&nbsp;aircraft and 25 per cent&nbsp;on selected farm and other products in October, said it would look at raising tariff rates and subjecting additional&nbsp;EU&nbsp;products to the&nbsp;tariffs. It gave no immediate details on the size of the possible&nbsp;increases, or which products could be added to the current list.

As so often following the dozens of rulings in the 15-year-old trade case,&nbsp;Airbus&nbsp;and Boeing were left starkly at odds.

Boeing claimed a complete loss for its&nbsp;European rival&nbsp;Airbus, which it said continued to harm the&nbsp;US&nbsp;aerospace industry by receiving billions of&nbsp;euros in illegal aid.

Airbus&nbsp;said the&nbsp;WTO's decision to drop previous references to the A380 causing lost sales to Boeing meant the United States should slash its authorised&nbsp;tariffs&nbsp;by $2 billion to $5.5 billion.

The USTR rejected that argument, saying it saw no basis in the report to justify reducing&nbsp;US&nbsp;retaliatory&nbsp;tariffs.

US&nbsp;sources said only full compliance or a political settlement - which is widely seen as remote amid fragile economic ties - could legally cancel&nbsp;WTO&nbsp;approval for&nbsp;tariffs.

European executives warned against a "lose-lose" trade war.

Both sides can appeal the latest finding but doing so could place the&nbsp;WTO&nbsp;in uncertain legal territory, experts said.

The&nbsp;WTO&nbsp;Appellate Body will cease to function&nbsp;after&nbsp;December 10, due to&nbsp;US&nbsp;blocking of new appointments, leaving a tight deadline for a challenge to Monday's ruling.

Appeals launched&nbsp;after&nbsp;that risk falling into a legal void, and it is unclear if the body will be allowed to rule on appeals filed before then.

The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of European goods.

The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of European goods. A new compliance report from the Geneva trade watchdog found that the Airbus A380 and A350 jetliners continue to be subsidised as a result of past European government loans. US Trade Representative Robert Lighthizer said the decision affirmed that European subsidies to Airbus continued to harm the US aerospace industry, and strong action was required to eliminate such market-distorting subsidies. It was the latest salvo in a record transatlantic trade dispute involving mutual claims of illegal aircraft subsidies, which comes to a head at a time of rising global trade tensions and has grabbed the attention of financial markets this year. The United States was in October awarded the right to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. It placed partial tariffs on most Airbus jets and products from cheese to olives and single-malt whisky. A decision on retaliation rights for the EU in a parallel case on aid for Boeing is due next year. Officials on both sides have expressed support for a negotiated settlement, while accusing the other of failing to take the prospect of a negotiated solution seriously. In Monday's finding, a three-person panel rejected EU claims that a recent decision by Airbus to stop producing the slow-selling A380 meant the giant airliner could no longer be seen as a threat to Boeing, whose competing 747 is also out of fashion. While the WTO no longer faulted Airbus for causing lost sales to Boeing with the A380, which is no longer marketed, it ruled that the superjumbo would cause market-share damage to Boeing for as long as it is produced and delivered. Airbus plans to shut production in mid-2021. The WTO appeared to strengthen findings against the A350, saying it had both cost sales and damaged Boeing's market-share prospects - a process called impedance - in the busier twin-engined long-haul market where Boeing offers its 787 Dreamliner. A previous WTO ruling had focused only on lost sales. The latest report put the world's largest corporate trade dispute squarely on the agenda for new EU Trade Commissioner Phil Hogan, who started his term on Sunday. The Commission said the new findings contained serious legal errors and that it would consider its next steps, including a possible appeal, while seeking an accord with the United States. USTR, which imposed tariffs of 10 per cent on large civil EU aircraft and 25 per cent on selected farm and other products in October, said it would look at raising tariff rates and subjecting additional EU products to the tariffs. It gave no immediate details on the size of the possible increases, or which products could be added to the current list. As so often following the dozens of rulings in the 15-year-old trade case, Airbus and Boeing were left starkly at odds. Boeing claimed a complete loss for its European rival Airbus, which it said continued to harm the US aerospace industry by receiving billions of euros in illegal aid. Airbus said the WTO's decision to drop previous references to the A380 causing lost sales to Boeing meant the United States should slash its authorised tariffs by $2 billion to $5.5 billion. The USTR rejected that argument, saying it saw no basis in the report to justify reducing US retaliatory tariffs. US sources said only full compliance or a political settlement - which is widely seen as remote amid fragile economic ties - could legally cancel WTO approval for tariffs. European executives warned against a "lose-lose" trade war. Both sides can appeal the latest finding but doing so could place the WTO in uncertain legal territory, experts said. The WTO Appellate Body will cease to function after December 10, due to US blocking of new appointments, leaving a tight deadline for a challenge to Monday's ruling. Appeals launched after that risk falling into a legal void, and it is unclear if the body will be allowed to rule on appeals filed before then.

US may increase tariffs after World Trade Organisation rejects European union claims over Airbus

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