Trade Clippings - April 14 to April 20, 2014

Dear International Trade and Investment Committee Members, 

Here are the international trade and investment articles and publications of interest for the week of April 14 to April 20. This week’s edition has been curated by Anastasia Semenova. Anastasia is an associate at Gowlings in Ottawa. 

News

World Trade Organization, “Modest trade growth anticipated for 2014 and 2015 following two year slump” (April 14, 2014)

• World trade is expected to grow by a modest 4.7% in 2014 and at a slightly faster rate of 5.3% in 2015 WTO economists said today (14 April 2014).

World Trade Organization, “15 April marks the 20th anniversary of the WTO’s founding agreements” (April 15, 2014)

• Twenty years ago today, 15 April 1994, the WTO agreements were signed in Marrakesh, Morocco. They were the result of the 1986–94 Uruguay Round negotiations, and are the basis for the multilateral trading system in its present form. They also created the WTO.

International Centre for Trade and Sustainable Development, “IMF Meetings Highlight Improved Prospects for Global Economy” (April 17, 2014)

• Improved trade and global growth estimates are cause for cautious optimism, officials at the International Monetary Fund (IMF) Spring Meetings said last weekend, while urging countries to adopt structural reforms to boost growth and reduce unemployment. The Washington gathering - which focused primarily on how to transition from recession-era policies to those of a more normal period - also reviewed the ongoing efforts to enact reforms to the lending institution, giving the US Congress until year’s end to ratify the measures.

International Centre for Trade and Sustainable Development, “WTO Raises Trade Growth Forecasts for 2014, 2015 (April 17, 2014)

• World trade is expected to grow this year by 4.7 percent, WTO economists announced this week, exceeding earlier predictions for 2014. While these numbers show a noticeable improvement over the past two years, they still lag well below the 20-year average for trade growth.

International Centre for Trade and Sustainable Development, “EU Confirms Duties on Chinese Solar Glass Imports” (April 17, 2014)

• The EU’s 28 member states have backed the imposition of definitive anti-dumping and countervailing duties on Chinese imports of solar glass, according to news reports. The product is used primarily, but not exclusively, in the manufacturing of solar panels.

International Centre for Trade and Sustainable Development, “Australian PM: China Trade Deal Possible by November” (April 17, 2014)

• Australian officials have reiterated their hopes that a bilateral trade deal with China can be concluded by November, despite reports of limited progress during last week’s high-level meetings. The comments came at the end of Australian Prime Minister Tony Abbott’s tour of North Asia, which featured the conclusion of a long-awaited trade agreement with Japan and the signing of a separate deal with South Korea.

International Centre for Trade and Sustainable Development, “US Files Conditional Appeal in Rare Earths Dispute” (April 17, 2014)

• The US has filed a conditional notice of appeal in its WTO dispute with China over the latter’s restrictions on rare earths exports, despite having been awarded victory in most aspects of the case. The US submission cites procedural issues in the panel’s consideration of evidence - while not challenging any of its substantive findings - which it would like the global trade arbiter to review, should China indeed decide to file its own appeal.

International Centre for Trade and Sustainable Development, “China Appeals WTO Panel Ruling in US Trade Remedies Case” (April 17, 2014)

• China has formally appealed a WTO panel ruling that had upheld a 2012 US law allowing Washington to impose anti-subsidy tariffs - known formally as countervailing duties - on subsidised goods from non-market economies.

Government Announcements/Press Releases

Foreign Affairs, Trade and Development Canada, “Harper Government Highlights Benefits to British Columbia of Canada-Korea Free Trade Agreement” (April 14, 2014)

• The Honourable Ed Fast, Minister of International Trade, and the Honourable John Duncan, Member of Parliament for Vancouver Island North, Minister of State and Chief Government Whip, today met with representatives of the fish and seafood industry in Campbell River, British Columbia, to highlight the many benefits the Canada-Korea Free Trade Agreement will bring to businesses and workers in this industry. Last month, Prime Minister Stephen Harper and President Park Geun-hye of South Korea announced the conclusion of negotiations on this new free trade agreement.

Foreign Affairs, Trade and Development Canada, “Minister Fast Highlights Successes of Canada’s Ambitious Pro-trade Plan” (April 15, 2014)

• The Honourable Ed Fast, Minister of International Trade, today addressed members of Manitoba’s business community and highlighted the government’s pro-trade plan to support Canadian workers and businesses in achieving continued success, economic growth and prosperity in Manitoba and across Canada. Minister Fast delivered his remarks at an event hosted by the World Trade Centre Winnipeg with the support of the Winnipeg Chamber of Commerce and the Manitoba Chambers of Commerce.