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Protectionist activities, including subsidies, are likely to hinder global economic recovery, according to the World Trade Organisation (WTO). A joint report with the Organisation for Economic Cooperation and Development (OECD) and the UN trade and development agency (UNCTAD), the WTO states that many economies had installed “trade defence mechanisms”. “Some of them contain elements that [...]
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China has accused the USA of protectionism, after the USA imposed an additional 35 percent tariff on Chinese tyre products. The new imposition came after the US government introduced tariffs on pipes used in the petroleum industry early last week. “The United States, by making the decision, failed to honour its commitments made at the [...]
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China has issued formal complaints to the World Trade Organisation (WTO) with regard to trade barriers set by the European Union and the USA. The complaint against the EU concerns high import tariffs on Chinese steel fasteners, while China will fight the US on a poultry ban. The EU has said that the tariffs are [...]
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History supports the benefits of free trade and investment for countries like Australia. Although there will always be those who support protectionism, Australia ultimately benefits from free trade which generates investment and drives sectors, writes Ian Murray.
...read moreFollowing two days of bilateral talks that concluded yesterday, China and the USA have committed to promote free trade and fight climate change. US Treasury Secretary Timothy Geithner reported that the two economic giants would work together to lead the world in economic recovery and resist protectionism. “We agreed to undertake policies to bring about [...]
...read moreFavouring local products and services in government procurement on the premise of saving Australian jobs will damage Australia’s reputation as a trading nation, says Minister for Finance Lindsay Tanner. While the issue will generate a strong public reaction, he said the unions needed to look into the longer term. “If we actually tilt the playing [...]
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A bilateral meeting between Australian and Singaporean ministers has reaffirmed both countries’ commitment to fight protectionism and conclude the World Trade Organisation’s Doha Round of negotiations soon. A statement following the meeting read: “The Ministers reaffirmed their determination to reject all forms of protectionism and to commit to take the necessary steps to keep the [...]
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Victorian Premier John Brumby says he will fight union pressure to impose trade protectionist measures at this week’s ALP conference. Brumby criticised the union movement, the state of New South Wales and the USA for resorting to protectionism, saying the backlash would be damaging to international trade. He said Victoria would not follow NSW’s lead [...]
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The World Trade Organisation (WTO) says that trade barriers, even within trade rules, risks doing more harm than good, especially in the current economic conditions. In their annual report, released last week, the WTO stated: “Members have an uncontested right to use contingency measures that are consistent with WTO rules. “But at a time of [...]
...read moreWorld Trade Organisation (WTO) director-general Pascal Lamy has come out in support of the Asia-Pacific Economic Cooperation (APEC) fight against trade protectionism. In Singapore to meet the APEC ministers this week, Lamy said governments should have political resolve to combat protectionism. “We have seen an increase in restrictive trade measures since the onset of the [...]
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