COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks about a deal that would provide hundreds of millions of dollars per year to help poorer states cope with climate changes.
Malaysia to Sue EU Over Palm Biofuel Restrictions
Malaysia, the world's second-largest palm oil producer, will take legal action against the European Union's restrictions on palm oil-based biofuels with the World Trade Organization (WTO), calling the policy a "discriminatory action."Plantation Industries and Commodities Minister Mohd Khairuddin Aman Razali said on Wednesday the EU's renewable energy directive "restricts free trade practices.""The…
MHI Vestas: Brexit Will Not Deter Investment in Britain's Wind Sector
Japanese-Danish joint venture MHI Vestas plans to continue investing in its wind turbine blade manufacturing plant in Britain, despite the country's impending departure from the European Union, its chief executive told Reuters.MHI Vestas, a venture between Denmark's Vestas Wind Systems A/S and Japan's Mitsubishi Heavy Industries, makes wind turbine blades on the Isle of Wight, off the southern…
Oil Slips as Trade War Worries Outweigh Iran Sanctions
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization…
Russia Loses Bulk of WTO Challenge to EU Gas Pipeline Rules
Russia largely failed in its bid to overturn the European Union's gas market rules in a World Trade Organization ruling published on Friday.Russia launched the dispute in 2014, claiming that the EU's "Third Energy Package" discriminated against its gas export monopoly Gazprom by requiring the "unbundling" of transmission assets and production and supply assets.Either side can appeal within 60 days.Reporting by Tom Miles
Fate of Argentine Biodiesel Industry Hinges on EU Sanctions
Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU, industry sources told Reuters, adding that imposing a tax would leave 85 percent of the country's biofuel exports without a viable market and may force suppliers to close shop.
US Rejects EU Alternatives to Solar Safeguard Tariffs
The United States has rejected European Union proposals for an alternative to U.S. safeguard tariffs imposed on solar power goods, the two trading powers said in a joint filing published by the World Trade Organization on Tuesday. They also said they had not reached any agreement on U.S. compensation for its tariffs, but they would monitor the impact on trade flows and continue discussions. Reporting by Tom Miles
S.Korea Scores Partial Win in WTO Ruling on US Steel Pipe Duties
South Korea won a partial victory on Tuesday when a World Trade Organization panel ruled on its legal challenge to U.S. anti-dumping duties on steel pipe used in the oil industry, but Seoul lost most of the arguments it had made. In a ruling that can be appealed by either side, the WTO panel faulted the U.S. Department of Commerce for the way it calculated the tariffs applied to the South Korean pipes, known as oil country tubular goods (OCTG). Reporting by Tom Miles
Opinion (John Kemp): Trump Can't Require Pipelines to use U.S. Steel
President Donald Trump on Tuesday invited the promoter of the Keystone XL pipeline to re-submit its application for a permit and promised an expeditious review. But Trump's memorandum on Keystone was twinned with another ordering the secretary of commerce to develop a plan to ensure all pipelines built, repaired or upgraded in the United States use domestically made steel. The secretary was ordered to submit a plan within 180 days "under which all new pipelines…
Trump's Empty Threat to Stop Buying Saudi Oil: Kemp
President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign. Trump is first and foremost a showman and impresario rather than a policy wonk. Much of what he said on the campaign trail was intended to mobilise support rather than provide a detailed programme for government. The media "never takes (Trump) seriously but it always takes him literally.
Oil Climbs on U.S. Inventory Data
OPEC members to hold informal talks; meeting could lay foundation for output agreement in November. Oil prices rose on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. Brent crude rose 28 cents to $46.25 a barrel by 0905 GMT after settling down $1.38 on Tuesday. U.S.
India Loses WTO Appeal in U.S. Solar Dispute
India lost its appeal at the World Trade Organization in a dispute over solar power on Friday, failing to overturn a U.S. complaint that New Delhi had discriminated against importers in the Indian solar power sector. The WTO's appeals judges upheld an earlier ruling that found India had broken WTO rules by requiring certain solar cells and modules to be made in India. The appeal ruling is final and India will be expected to bring its laws into compliance with the WTO rules.
U.S., India in Talks to Settle Solar Power Trade Dispute
The United States and India are in talks that could settle a long-running solar power trade dispute, delaying the announcement of a ruling by the World Trade Organization, an Obama administration official said on Friday. Washington filed the WTO challenge three years ago, claiming that India's national solar power program illegally discriminated against imported solar panels and related products though its domestic content requirements.
Thermal coal Prices near Record Lows
Physical coal prices were mired near record lows this week as slower economic growth in top consumer China dented the outlook for demand, although some production cutbacks by the world's biggest thermal coal exporter Indonesia helped check losses. Thermal coal benchmarks hit record lows earlier this month due to a sharp slowdown in demand, especially in Asia, and with overall mining output remaining stubbornly high.
WTO Rules Against India in Solar Dispute with U.S.
The World Trade Organization (WTO) has ruled against India in a dispute with the United States over its solar power program, Indian business newspaper Mint reported on Wednesday. Mint quoted an unnamed official from the Indian commerce ministry as saying the country planned to appeal the decision, made after the United States complained about domestic content requirements in a program aimed at easing chronic energy shortages in India, Asia's third-largest economy.
ICS: U.S. Approach to LNG 'Protectionist'
According to the Internatinal Chamber of Shipping, the United States Congress signaled last week its intention to approve major free trade deals with Asia and Europe. ICS voices serious concern about the potentially protectionist approach being taken by the U.S. with respect to the future transport of energy exports. U.S. energy exports by sea are predicted to expand massively as a consequence of the shale revolution.
Long Beach Mayor, Port Leaders in Europe
Long Beach Mayor Robert Garcia is leading a Port of Long Beach delegation on a weeklong business development trip this week to meet with executives at the European home offices of the world’s three largest shipping lines. The group will update Port customers on the impact of the recent labor negotiations and steps being taken to improve congestion and make the Port more efficient. Delegation members include Harbor Commission President Doug Drummond…
EU: Russian Export Duties Break WTO Rules
The European Union has told Russia that its system of oil export duties breaks World Trade Organization rules by discriminating in favour of China and against European buyers, diplomats with knowledge of the situation said on Tuesday. The EU's longstanding concerns over Russia's oil duties, raised at a WTO committee meeting on Monday, could be the subject of a legal challenge at the WTO, one trade official said.
Pakistan takes EU to WTO over Duties
Pakistan launched a trade dispute at the World Trade Organization on Wednesday to challenge the European Union's punitive duties on Pakistani exports of polyethylene terephthalate (PET), the WTO said in a statement. Pakistan says the EU has broken WTO rules in the way that it imposed anti-subsidy duties on PET, which is used in synthetic fibres, plastic bottles and food containers. Under WTO rules…
WTO & World Bank to Support Trade Facilitation
The World Bank Group and the World Trade Organization (WTO) have agreed to enhance their co-operation in assisting developing and least-developed countries to better utilize trade facilitation programs which can help countries reduce trade costs and more fully engage in the global economy. Trade facilitation aims to reduce barriers developing countries now face moving goods quickly and cost effectively by increasing port efficiency…
