Global trade will be vital to economic recovery from Covid-19

Posted on April 8, 2020 by Admin

As crisis rages, governments must plan for its aftermath, says WTO’s director general

As country after country is compelled to shutter non-essential businesses and order people home to curb the spread of the Covid-19 pandemic, the ongoing public health crisis is becoming an economic and social crisis that demands a policy response.

Millions of people already afraid for the health of their loved ones now confront the prospect of unemployment and prolonged economic misery. Dozens of emerging economies face financial and humanitarian distress as commodity prices and export earnings plummet, foreign investors flee and remittances from overseas workers decline.

WTO faces crisis over settlement disputes unless Trump backs off

Posted on December 8, 2019 by Admin

Ability to police global trade could be neutered by battle to safeguard US sovereignty

The World Trade Organization is set to plunge into the biggest crisis in its 25-year history later this week as the climax to a long-running and bitter dispute means the Geneva-based body will cease to be able to settle disputes between its member states.

Unless Donald Trump backs off at the last minute and agrees to a peace plan, Washington’s protracted battle to safeguard US sovereignty will lead to the neutering of the WTO’s ability to police global trade.

Mark Carney dismisses Boris Johnson’s no-deal Brexit trade claim

Posted on June 21, 2019 by Admin

Bank of England governor says UK would be hit automatically by tariffs on exports to EU

The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided.

Tory leadership candidate Johnson said this week that tariffs would not necessarily have to be paid if the UK left the EU without a deal because the UK could rely on article 24 of the general agreement on tariffs and trade (Gatt).

Ireland steps up effort to shelter economy from no-deal Brexit

Posted on February 22, 2019 by Admin

Bill readied amid concerns over impact on agriculture, food processing and transport

Ireland is accelerating preparations for a no-deal Brexit amid growing alarm that parts of the Irish economy could face severe disruption and even collapse – and that the UK hopes to leverage that prospect to wring concessions from the European Union.

Leo Varadkar’s government is due on Friday to publish a mammoth omnibus bill incorporating 16 pieces of legislation to try to shelter Ireland from the doomsday scenario of the UK crashing out of the EU.