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US and China clash over ‘technology transfer’ at WTO

GENEVA: Chinese and US envoys sparred at the World Trade Organization on Monday over US President Donald Trump’s claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods. US Ambassador Dennis Shea said “forced technology transfer” was often an unwritten rule for companies trying to access China’s burgeoning marketplace, especially if they were partnering with a state-owned or state-directed Chinese firm. China’s licensing and…

Trump says WTO is unfair to US

WASHINGTON: US President Donald Trump teed up a fight with the World Trade Organization (WTO) Friday, claiming the 164-country body was biased against the United States. A day after China asked the WTO to referee a rapidly escalating trade fight with Washington, Trump questioned the organization's impartiality. "China, which is a great economic power, is considered a Developing Nation within the World Trade Organization," he tweeted. "They therefore get tremendous perks and advantages, especially over the US. Does…

‘China will win any trade war with US’

BEIJING/WASHINGTON: China has never surrendered to external pressure and it will win any trade war with the United States, the nation’s state media stressed in the hours after the world’s two top economies targeted each other with planned steep tariffs. In Washington, US administration officials continued to seek to allay market fears of a trade war, and expressed a willingness to negotiate a resolution with China. “There is a process here. There’s going to be some back and forth, but there’s also some…

China airs ‘strong dissatisfaction’ over US statement to WTO: Xinhua

SHANGHAI: China’s Ministry of Commerce (MOFCOM) has expressed “strong dissatisfaction and firm opposition” to a statement by the United States to the World Trade Organization (WTO) that it opposes granting China market economy status, Xinhua reported. China has already appealed to the WTO over a similar case, state news agency Xinhua reported the ministry as saying on Saturday. Read More: Barack Obama to work for better US-China ties, says state media The U.S. and the European Union argue that Beijing’s pervasive role…

Qatar launches wide-ranging WTO complaint against trade boycott

GENEVA: Qatar filed a wide-ranging legal complaint at the World Trade Organization on Monday to challenge a trade boycott by Saudi Arabia, Bahrain and United Arab Emirates, Qatar's WTO representative Ali Alwaleed al-Thani told Reuters. By formally "requesting consultations" with the three countries, the first step in a trade dispute, Qatar triggered a 60 day deadline for them to settle the complaint or face litigation at the WTO and potential retaliatory trade sanctions. "The consultation request is to discuss and…

WTO rules in Pakistan’s favour over PET exports to European Union

GENEVA: The World Trade Organisation has ruled that measures by European Commission on export of PET (Polyethylene Terephthalate) from Pakistan was against WTO law and rules. The intergovernmental organisation that regulates international trade categorically ruled that measures applied by European Commission on PET were inconsistent with the Subsidies and Countervailing Measures Agreement (SCM) of the WTO. This is being seen as a big diplomatic success for Pakistan at the multilateral forum in Geneva by trade experts.…

WTO eyes feeble global trade recovery in 2017

GENEVA: The World Trade Organization said on Wednesday it expected global trade to rebound slightly in 2017 but warned that deep political and economic uncertainties risked hampering the recovery. The organisation forecast that global trade would expand by 2.4 percent in 2017, up from just 1.3 percent last year. But it warned that "the unpredictable direction of the global economy in the near term and the lack of clarity about government action on monetary, fiscal and trade policies raises the risk that trade activity…