Who Are the Biggest Trade Complainers?
The Economist received published an article with statistics about which country files the most complaints to the World Trade Organization(WTO)…and who receives the most trade complaints. Here’s what they found.
The United States and the European Community(a.k.a. European Union) are number one and number two for both filing the most complaints and receiving the most complaints. Rounding out the top five for the World Trade Organization members, who file the most compliants are:
5. Mexico
4. Brazil
3. Canada
2. European Community
1. United States
Thoses members, who are subject to the most trade complaints are:
5. Argentina
4. China
3. India
2. European Community
1. United States
Many of these disputes vary such as export curbs to the latest import ban of seal products from Canada. According to the article, more of the wealther nations tend to file complaints to the WTO dispute settlement body compared to other members.
To view the full lists, click here.
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India and the EU Hopeful For Free Trade Agreement in the Coming Year
World Trade magazine reports that India and the European Union have re-ignited discussions to create a free trade agreement between the two parties. Discussions originially began in 2007, but was slowed because of differences on intellectual property rights and fusing trading best practices with climate change.
“Despite the economic slowdown, I am happy to note that trade in goods and services between India and EU has doubled over the past five years to reach almost 80 billion euros,” Singh told reporters after the meeting.
India is the European Union’s biggest trading partners, with a rise of over 29 percent within the last five years. Plans are underway to complete the agreement within the next year.
To read the full article, click here.
Germany is Heading Out of the Recession
Germany has seen positive economic growth as exports has increased and the government’s stimulus package encouraged corporate spending. Exports and investment in construction and equipment has been the main drivers of its economics growth for Q3.
“The bad times are over but the good times have not started yet,” said Carsten Brzeski, senior economist at ING in Brussels. “The export-driven recovery is all well and good but in order to shift into a higher gear, the German economy needs domestic demand.”
Some fear a possible export slow down may happen as the Euro continues to gain strength. Competition is stronger than ever as exchange rates are more important and global exports is still recovering from the recession. But, many others are still optimistic.
“Orders and sentiment indicators suggest that the economy will continue to develop favorably in the months ahead,” said Alexander Koch, chief German economist at UniCredit in Munich. “Growth will slow somewhat, but the recovery remains solid.”
Wanna keep reading? Click here.
*all information used in this blog was from a Bloomberg article.
U.K. Sees Exports Rise and Recession Ending
U.K. Trade Minister claims trade is almost back to normal as exports are increasing, says the Wall Street Journal. The Office for National Statistics stated that the trade deficit widened to an eight-month high in September as a 3.9% rise in exports.
“Trade is gradually getting back to normal. The statistics from the U.K. reflect that,” Marvyn Davies, U.K. Trade Minister said. “More and more companies are exporting their way out of recession.”
The primary goal for the government is to supply the country’s nearly five million smaller businesses with the ability to compete in exports markets. He states that the U.K. has some of the world’s leading large exporters, but lacks the large spread of mid-sized exporters that a country like Germany has. To do this, Davies plans to look into expanding the role of the state-owned credit agency and to turn to other countries to learn how it manages its small to mid-sized exporters.
A great way for exporters to stay competitive and export with the big dogs, is to integrate a solution, like Management Dynamics’ Export On-Demand. The solution helps small to mid-sized exporters establish an Export Management System, automate many aspects of compliance and demonstrate reasonable care. Implementing this solution will help avoid potential fines and preserve export privileges.
Learn more about Management Dynamics’ Export On-Demand
To find out more information on the article, click here.
New European Trade Measure Not Caused by Protectionism
The New York Times reports that European exporters has been confronted with more than 223 new and restrictive trade measures since the beginning of the trade crisis last year, but has avoided protectionism. A new report out last Friday introduces the new trade measures issues by EU Commission and its trading partners.
“Proliferation of the kind of beggar-thy-neighbor protectionist policies of the 1930s has been prevented,” adds the document, which was reviewed by the International Herald Tribune. “The current multilaterally based world trade system seems to have passed one of the most serious stress tests in its entire history.”
The report concludes that the 18 percent decrease in trade since 2008 is due to financial crisis rather than protectionism.
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To read the full article, click here.
“European and North American Politicians Are Plotting the Biggest Trade Deal of the 21st Century”
According to CNN, EU and Canadian officials sat down in Prague to begin discussions on a new Free Trade Agreement. Let’s just say, discussions went well because if the other NAFTA countries sign in, this could be the ‘biggest trade deal of the 21st century.’ NAFTA-EU trade would contain nearly 1 billion people and account for $35.2 trillion in annual GDP, more than half the world’s trade.
“The largest benefits will come from economic integration,” says Jayson Myers, president of Canadian Manufacturers & Exporters (CME), the country’s largest trade and industry association. By that he means increased foreign direct investment, improved labor mobility and full access to government procurement.
But, will this new proposed trade agreement see the light of day? That may be up to the U.S. Canada is more dependent on exports than the U.S., and with the new ‘Buy-American’ campaign from the Obama Adminstration, this could be a hard sell.
“The ball is in the Obama administration’s court,” says Steven Schrage, a specialist in international business at the Center for Strategic and International Studies (CSIS) in Washington. “If they want this to happen, they can move rapidly.”
To continue reading, click here.
South Korea and the European Union Sign Trade Agreement
According the Industry Week, a free trade agreement was signed on Oct. 15 in Brussels. This is the first between the world’s largest single trading region and an Asian nation. Both parties will phase out tariffs on 96 percent of EU goods and 99 percent of S. Korea goods within three years.
The Ministry of Knowledge Economy said exports of Korean cars, ships and home appliances would get a boost although agriculture would suffer. “The EU is the most attractive market for us, which brings us the largest trade surplus,” the ministry said.
This is very good news for South Koreans. The new agreement will raise the standard of living, enable more consumer product choices and cut living costs.
To continue reading, click here.
Green Light Given for Global Trade Green Pact
The European Union and the United States are in talks on forging a pact with OECD countries and China, if agreed, a global pact will be created to phase out import tariffs on goods such as wind turbines, renewables and green technologies.
“The talks are entering an advanced stage. Brussels and Washington hope this could be one of the incentives needed to get China on board in the lead up to the Copenhagen climate change talks,” one EU diplomat.
Several U.S. companies are urging the Obama adminstration to find alternatives routes to help boost global trade in environmental goods and services.
It’s a chance to jump-start U.S. trade policy and aid global climate negotiations at the same time,” said Jake Colvin, vice president for global trade policy at the National Foreign Trade Council, a U.S. business group.
Not only to boost global trade, but helping the environment is one of the major factors intented for this tax pact. The United States and the European Union has put a lot of pressure on China to lower it’s emissions, but in return China wants money to help harness new greener technologies for its economy.
Further discussions will take place at the World Trade Organization in Geneva.
For more information, click here.
*all information sourced from a recent Reuter article.
EU Signs Trade Pact with Several Southeastern African Countries
According to the Associated Press, the EU has recently signed a trade pact with Mauritius, Seychelles, Zimbabwe and Madagascar for trade tariffs to be slowly removed over the next fifteen years. The new deal, however, excludes agricultural products such as milk, vegetables and textiles, to name a few.
EU Trade Commissioner Catherine Ashton said the new interim deal would help countries of eastern and southern Africa in creating a single regional trade pact with the EU that would eventually cover trade in services, investment and protection for emerging industries in Africa.
Last year, the EU imported around 3.2 Billion Euros from these Southeast African countries.
For more information, click here.
The Twin Challenge for the EU: Economic Growth or the Environment
Mr. Benedetto Della Vedova , a member of the Italian Chamber of Deputies and former member of the European Parliament wrote an opinion piece that appeared in the Wall Street Journal discussing the challenge the European Union must make in producing bio-fuel energy.
He states that currently the European Union has increased pressure to produce green, reusable energy, including biofuels. But fears of competition from the U.S. and Asia has pushed Brussels to pass a restriction on importing biofuels from abroad. Mr. Della Vedova believes the EU is masking protectionism with environmentism as a way to push the other competitors out. Many efforts have been made to say that Asia’s biofuel is bad for the environment and America is ‘dumping’ in Europe, but none of these claims hold up.
And it’s not that Europe’s biofuel producers are struggling. They enjoy a strong competitive position in their home market. EU biodiesel production accounts for 78% of the biofuels consumed in the EU, according to the European Biodiesel Board. Europe is also a major player on the global stage, responsible for 65% of the world’s biodiesel production. At a time, though, when European producers are under pressure from the economic downturn, it is understandable they would look to Brussels for help.
Let’s hope far-sighted policymakers will resist the siren call of protectionism and defend free-trade in biofuels and other goods. Protectionism in the 1930s turned a bad situation into a disaster. Let’s not repeat that mistake.
To read the full article, click here.