Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt's gold prices fall on Wednesday    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



G20 trade ministers say WTO reform urgent
Published in The Egyptian Gazette on 15 - 09 - 2018

MAR DEL PLATA, Sept 15, 2018 (News Wires) - Trade and investment ministers from G20 countries meeting in Argentina said there was an "urgent need" to improve the World Trade Organization, a joint statement said.
With US President Donald Trump readying tariffs on another $200 billion in Chinese goods, the ministers said they were "stepping up the dialogue" on international trade disputes, according to the statement issued at the summit.
It did not provide any details of possible WTO reforms or how dialogue on trade was being increased.
"Obviously the new tariff measures are not positive," Argentina's Production and Labor Minister, Dante Sica, said in a news conference at the end of the one-day meeting. "But we need to see how things evolve."
German Deputy Economy Minister Oliver Wittke said the joint declaration sent a powerful signal about the importance of strengthening WTO "especially in times of 'America first' and increasing global protectionism," with next steps to follow when G20 leaders meet in Argentina at the end of November.
"We have to use this momentum," Wittke said in a statement released by the ministry after the summit.
Outside the meeting, smoke filled the air in the normally tranquil seaside city of Mar Del Plata where the conference is being held. Protesters burned makeshift American flags and chanted against free trade orthodoxy and Trump's support of Argentina's cash-strapped President Mauricio Macri, whose fiscal belt-tightening has garnered a backlash from the country's working-class.
"We're standing here in solidarity with the workers of Latin America. While those politicians sleep in fancy beds, communities starve because of trade and adjustment policies that hurt the most vulnerable," protester Maralin Cornil, 30, said.
Argentina holds the G20's rotating presidency this year, and is re-negotiating a $50 billion stand-by financing deal with the IMF, cutting its fiscal deficit targets and reducing costs to ensure it can continue paying its international debts.
Trump has said he would attend the summit's final meeting with other heads of state, in Buenos Aires on November 30.
The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring US technologies and intellectual property, and roll back high-tech industrial subsidies.
While Trump has threatened to pull the United States from the WTO, China has called for WTO reform to make the global trade system fairer and more effective.
The 23-year-old trading club is run on the basis of consensus, meaning that every one of its 164 members has an effective veto and it is almost impossible to get agreement on any change to the rules.
Sica also said that talks on a free trade deal between the European Union and the Mercosur trade bloc of Argentina, Brazil, Paraguay and Uruguay were wrapping up, with an agreement likely by the end of the year.
"We are in the final stages regarding the most delicate aspects of an EU-Mercosur agreement and we are concluding with the political and technical details," Sica said.


Clic here to read the story from its source.