AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)
Top News

US takes fire at WTO trade policy forum

GENEVA: Major economic powers took aim at the United States on Monday at a World Trade Organization forum, where Was
Published December 17, 2018

GENEVA: Major economic powers took aim at the United States on Monday at a World Trade Organization forum, where Washington was accused of abandoning its leadership role for the sake of self-interest.

Every WTO member faces a trade policy review, but the latest US audit turned especially hostile, with nations blasting a raft of tariffs and other measures implemented by President Donald Trump's administration.

Speaking first after a US presentation, Chinese Ambassador Zhang Xiangchen said the US was not honouring its obligations as the world's largest economy.

"A top dog should act like a top dog. It cannot only see a narrow spectrum of its own self-interest, and it certainly should not do whatever it wishes at the sacrifice of others," Zhang said, according to quotes distributed from the closed-door meeting by a Geneva trade official.

The 164-member WTO has been one of many fronts where the US-China trade war has played out.

Trump's WTO envoys have consistently condemned the WTO for failing to respond to threats posed by China and letting it defy market-based global trading rules with impunity.

US Ambassador Dennis Shea insisted Washington would continue to push for reform but insisted that without action to challenge China the WTO's importance would diminish.

"We must recognise that the WTO (the US) helped create, and the WTO we seek, is in key respects not the WTO we have today," Shea said.

The WTO must recognise that China's conduct is "contrary to the fundamental principles of this organisation," he added.

The European Union has voiced support for some US efforts to challenge China within the WTO.

But EU Ambassador Marc Vanheukelen said Monday that Washington was at the "epicentre" of the crisis affecting the multilateral trading system.

"The US has (in the past) consistently sought to uphold WTO rules, and ambivalence about their value casts a long shadow to the future," he told the forum.

Canada and Japan also joined the fray, restating criticism over Trump's steel and aluminium tariffs.

Beyond China, Washington has also targeted the WTO's dispute settlement system -- sometimes dubbed the supreme court of world trade.

Shea on Monday again accused WTO judges of having an "activist approach" and overstepping their mandate by making pronouncements on issues that must be decided through negotiations.

The US has blocked the appointment of new judges to the dispute panel's appellate branch, which could force it to shut down by the end of next year.

Copyright AFP (Agence France-Press), 2018
 

Comments

Comments are closed.