Source: WTO
World exports of intermediate goods (IGs) fell by 10 per cent year-on-year in the fourth quarter of 2022 to US$ 2.3 trillion, reflecting the disruptions global supply chains faced in the closing months of the year due to the geopolitical context, commodity shortages, high energy prices and weak consumption. The decrease affected practically all regions.
Source: WCO
The World Customs Organization (WCO) and the Universal Postal Union (UPU) have consolidated their commitment to facilitating global trade and transport through the signature of a Joint Declaration at the first WCO–UPU Global Conference, held in Tokyo from 6 to 8 June 2023 and hosted by the Japanese Ministry of Internal Affairs and Communications, Japan Customs and Japan Post. The declaration sets out common objectives in the areas of digitalization, data exchange, supply chain security and capacity building.
Source: WTO
The WTO and the international community have a collective responsibility to help members harness the full potential of the digital economy for economic growth, job creation and trade diversification, said Director-General Ngozi Okonjo-Iweala at a workshop held at the WTO on 1-2 June on e-commerce. At the event, WTO members heard from international organisations on their work on various e-commerce topics and on programmes aimed at helping developing economies benefit from digital trade.
Source: WTO
WTO members discussed initiatives aimed at strengthening the economic output of the world’s poorest countries at a meeting of the Sub-Committee on Least-Developed Countries (LDCs) on 31 May. Angola, Rwanda and international organizations shared their experiences in improving LDCs’ economic capacity.
Source: WTO
Participants in the negotiations on e-commerce discussed key issues such as data flow, data localisation and development at their 22-25 May meetings. The co-convenors (Australia, Japan and Singapore) urged members to step up the work of the small groups between now and the summer break in order to achieve as much convergence as possible.
Source: WTO
The Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade made substantial progress at a meeting on 25 May, introducing the coordinators’ draft vision on the way forward and elements for a potential outcome at the 13th Ministerial Conference (MC13) to be held in February 2024. The coordinators of the Dialogue hailed the draft elements as the culmination of extensive work over the past two years and a pivotal step towards achieving “concrete, pragmatic and effective outcomes” at MC13. It’s our responsibility to make MC13 a success, they said.
The Private Sector Consultative Group (PSCG) of the World Customs Organization (WCO) held a meeting on 24 April 2023 to discuss various issues related to the activities of the WCO. The meeting was chaired by the PSCG Chairperson, Jaime King (IFCBA), who called the meeting to order. IFCBA Secretary Carol West also participated in the meeting.
Source: WTO
The World Trade Organization, the World Bank Group and the World Economic Forum on 20 April launched “Action on Climate and Trade” (ACT), a new initiative that aims to help participating developing economies, including least-developed countries, use trade to meet their climate change mitigation and adaptation goals. The new initiative, which starts with a pilot phase, will focus on working with participating developing economies to develop climate-related analysis specific to their trade circumstances.
Source: WTO
There has been a clear downward trend in tariffs since the WTO was established in 1995.
Since 1996, global trade in goods has more than quadrupled, reaching a total of US$ 18.6 trillion for imports in 2021, compared to US$ 4.4 trillion in 1996.
The first week of April of 2023 is a special moment among the three Abrahamic faith traditions–Christianity, Judaism and Islam–as major annual observances will overlap this year. This overlap is quite rare, occurring three times in a century. Muslims will be midway through their month-long observance of Ramadan, Christians celebrated Palm Sunday on April 2 which also marks the beginning of Holy Week leading up to redemption on Easter Sunday, and those of the Jewish faith will celebrate their liberation from bondage during the feast of Passover which commenced on April 5.
