WTO underscores the need for greater trust to boost global trade (04.11.2024)
On 1 November, the “Presidential Lecture Series” was held at the World Trade Organization (WTO) headquarters in Geneva. This platform, dedicated to discussing issues related to multilateral cooperation and global governance, covers areas such as trade and the Sustainable Development Goals. During the event, the President of the European Council, Charles Michel, called on the international community to foster trade through rebuilding trust, aiming to transform multilateral institutions and promote a more peaceful, prosperous, and collaborative global environment. He notably stated: “We want to build bridges, not barriers. And that requires more trust. More dialogue between nations. And less polarisation that drives nations apart.”
Peru and China leaders sign the Protocol for Optimisation of the Free Trade Agreement (14.11.2024)
This event took place on 14 November 2024 at the Government Palace in Lima, in a ceremony led by Peru’s President, Dina Ercilia Boluarte Zegarra, and the President of the People’s Republic of China, Xi Jinping. Peru’s Minister of Foreign Trade and Tourism, Desilú León, and China’s Minister of Commerce, Wang Wentao, signed the agreement.
The updated treaty notably includes enhancements in the Trade of Services sector, featuring measures to encourage investment in telecommunications, transport, and major infrastructure. Additionally, the treaty aims to promote greater development of Sino-Peruvian co-productions to highlight Peru’s tourism attractions.
Mega-port inaugurated in Chancay, Peru (14.11.2024)
The newly inaugurated mega-port in Chancay, Peru, represents a major technological advancement and a significant step towards strengthening the country’s strategic position in maritime trade. The project, in which China’s state-owned company Cosco Shipping Ports holds a 60% stake, was a key topic at the Asia-Pacific Economic Cooperation (APEC) Forum, presided over by China’s President, Xi Jinping.
However, the project has been mired in controversy, including a legal dispute over exclusive operational rights and allegations of negative environmental and community impacts.
WTO delegation visits Bosnia and Herzegovina to advance accession talks (22.11.2024)
From 20 to 22 November, a WTO delegation led by Deputy Director-General Xiangchen Zhang and Slovenian Ambassador Anita Pipan, Chair of the Bosnia and Herzegovina Accession Working Party, met with key stakeholders in Sarajevo to discuss the next steps towards concluding the 25-year-long accession process. The delegation emphasised the strong support from all parties involved and Bosnia and Herzegovina’s renewed determination to address outstanding issues.
Talks between China’s Foreign Minister Wang Yi and Luxembourg’s Deputy Prime Minister and Foreign Minister Xavier Bettel (25.11.2024)
On 25 November 2024, Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs, met with Xavier Bettel, Deputy Prime Minister and Foreign Minister of Luxembourg, in Beijing.
Wang Yi emphasised that the upcoming year marks the 50th anniversary of diplomatic relations between China and the EU, underlining the need for mutual respect and understanding, as well as cooperation from both sides. He expressed China’s commitment to working closely with Luxembourg to foster long-term development in China-EU relations.
New WTO panel to examine Colombia’s compliance on frozen fries dispute (25.11.2024)
On 25 November 2024, the WTO Dispute Settlement Body (DSB) agreed, at the EU’s request, to establish a panel to examine Colombia’s compliance with a previous ruling on anti-dumping duties applied to frozen fries from Germany, Belgium, and the Netherlands. Additionally, the DSB considered Indonesia’s request for a panel to review EU-imposed anti-dumping duties on fatty acids originating from Indonesia.
Trump threatens tariffs on Canada, Mexico, and China (26.11.2024)
The US President-elect announced on 25 November his intention to impose tariffs on exports from Canada, Mexico, and China to the United States. The measure is aimed at reducing migration and the flow of narcotics into the country.
Keith Rockwell, former Director of the WTO, warned that Trump’s proposal could trigger a trade war, stating, “The United States exports hundreds of billions of dollars in goods to these countries.”
It remains uncertain whether this proposal will materialise: a 25% tariff on all products from Mexico and Canada, and a 10% tariff on Chinese goods, in addition to existing tariffs.
WTO-ITC women’s initiative receives unprecedented pledge from FIFA World Cup Legacy Fund (27.11.2024)
On 27 November 2024, the WTO and the International Trade Centre (ITC) celebrated a landmark pledge from the FIFA World Cup Qatar 2022 Legacy Fund to the Women Exporters in the Digital Economy (WEIDE) fund. This global programme aims to empower women to leverage opportunities in international trade and the digital economy through grants and technical assistance. The Legacy Fund committed up to USD 16.6 million to WEIDE, with an initial contribution of USD 5 million.
FAO report emphasises the integration of nutritional goals into food trade policies (29.11.2024)
In its latest report, Trade and Nutrition: Policy Coherence for Healthy Diets, the Food and Agriculture Organization (FAO) stresses the need for policy coherence between trade and nutrition sectors to ensure trade does not adversely affect diet quality or exacerbate obesity and overweight rates.
The report reveals that ultra-processed foods accounted for 7% of globally traded calories and 12% of food imports in high-income countries in 2021. Demand for imports of ultra-processed foods rose by 11%, while demand for non-processed and minimally processed foods increased by 7%.
Ngozi Okonjo-Iweala reappointed as WTO Director-General for four more years (29.11.2024)
On 29 November 2024, the WTO announced the reappointment of Ngozi Okonjo-Iweala as Director-General for a second term of four years, starting on 1 September 2025. The decision, reached by consensus during meetings on 28 and 29 November, acknowledged her leadership and strategic vision for the organisation’s future. Dr Okonjo-Iweala, a Nigerian national, becomes the eighth person to hold the role of Director-General at the Geneva-based institution.
John W.H. Denton, Secretary General of the International Chamber of Commerce, remarked: “Dr Ngozi has demonstrated exceptional leadership in championing multilateral cooperation during a particularly challenging period for global trade, including the aftermath of the COVID-19 pandemic.”
International trade drives Bermuda’s economic growth (30.11.2024)
Following the publication of Bermuda’s 2023 GDP report, Jason Hayward, Minister of Economy, announced that Bermuda’s economy grew by 4.9%, reaching USD 7 billion last year. This marks the third consecutive year of economic expansion.
The report highlighted that international business contributed USD 117.2 million to the economy’s growth, making it the primary driver. The second-largest growth area was financial and insurance activities, bolstered by increased holding company activity. The accommodation and food services sectors completed the top three growth contributors.
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In Madrid, 30 November 2024
Trade and International Sanctions Department
Lupicinio International Law Firm
