28-10-2020, 07:27 PM
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The USA rejects proposed new WTO leader
This relates to Brexit insomuch as we will probably rely far more upon WTO tariffs in future - but the WTO itself is in a period of flux with the USA and it's been in crisis for years now.The USA has threatened to withdraw from the WTO, which is no great wonder when the WTO's dispute settlement system has been in crisis for some time because of it being so slow and prone to deadlocks meaning that (in reality) many participants ignored the WTO and tried to solve their own difficulties (which actually has been leading to more problems) - and that's before one of the two members of the WTO's Appellate Body retired a year ago.
Today the USA have rejected the proposal of three WTO ambassadors for a new boss, the Nigerian former finance minister Ngozi Okonjo-Iweala. (You may remember that our own Liam Fox was at one time in the running.)
Apparently the USA in stead favours the South Korean Trade Minister Yoo Myung-hee.
It will be interesting to see how this impasse develops, as the outcome has implications not only for a post-Brexit UK but for the whole world.
https://uk.reuters.com/article/uk-tr...KBN27D1UW?il=0
https://en.wikipedia.org/wiki/Critic...e_Organization
28-10-2020, 08:38 PM
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Re: The USA rejects proposed new WTO leader
HiAs your first link shows, Trump has neutered the WTO.
He has blocked appointments to the disputes board.
We are replacing the EU with the WTO.
We are now well down the list of influence.
https://www.thelondoneconomic.com/ne...er-2016/28/10/
29-10-2020, 10:40 AM
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Re: The USA rejects proposed new WTO leader
Originally Posted by swimfeeders
->
HiAs your first link shows, Trump has neutered the WTO.
He has blocked appointments to the disputes board.
We are replacing the EU with the WTO.
We are now well down the list of influence.
https://www.thelondoneconomic.com/ne...er-2016/28/10/
How is that then when the EU is a single member of the WTO with one vote for the 27 members.
The EU used to vote on our behalf - not anymore, we have our own vote and our own seat at the table.
You don't make sense.
29-10-2020, 10:56 AM
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Re: The USA rejects proposed new WTO leader
Originally Posted by Bread
->
How is that then when the EU is a single member of the WTO with one vote for the 27 members.The EU used to vote on our behalf - not anymore, we have our own vote and our own seat at the table.
You don't make sense.
The British people voted to leave the EU and (after a bit of a battle with folks determined to try & stay) we left.
With whatever that might entail.
Get used to it.
Outside the EU, we can choose who we trade with and on what terms.
As a member of the EU we could not do that.
P.S.
Our largest single trading partner in 2019 - by some margin - was the USA.
The EU does not have any trade deal with the USA.
https://ustr.gov/trade-agreements/free-trade-agreements
29-10-2020, 11:41 AM
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Re: The USA rejects proposed new WTO leader
Originally Posted by Zaphod
->
Sadly not for the first time; it amazes me sometimes, the sheer desperation of some people to decry Brexit.The British people voted to leave the EU and (after a bit of a battle with folks determined to try & stay) we left.
With whatever that might entail.
Get used to it.
Outside the EU, we can choose who we trade with and on what terms.
As a member of the EU we could not do that.
P.S.
Our largest single trading partner in 2019 - by some margin - was the USA.
The EU does not have any trade deal with the USA.
https://ustr.gov/trade-agreements/free-trade-agreements
The EU doesn't actually have any free trade agreements outside the single market that are completed or ratified. It's a complete myth.
Well, except Japan but the tarrifs remain until 2026, our is the same bit only with respect to cars as far as I can determine from the texts.
29-10-2020, 12:14 PM
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Re: The USA rejects proposed new WTO leader
Is she the same woman that emailed me and told me her husband a bank manager was imprisoned and she needed to get £50 million out Nigeria and into the UK. She said she would pay me £50k for my help and asked for my bank account details?I am still waiting...
29-10-2020, 12:24 PM
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Re: The USA rejects proposed new WTO leader
Originally Posted by Bread
->
How is that then when the EU is a single member of the WTO with one vote for the 27 members.The EU used to vote on our behalf - not anymore, we have our own vote and our own seat at the table.
You don't make sense.
Simple.
We buy more than we sell.
Other countries want to sell to us.
Let them compete for our market.
Do we need to be a member of the WTO?
29-10-2020, 12:35 PM
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Re: The USA rejects proposed new WTO leader
Originally Posted by JBR
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Why am I not worried?Simple.
We buy more than we sell.
Other countries want to sell to us.
Let them compete for our market.
Do we need to be a member of the WTO?
John Redwood's "The EU believes in tariffs" today is an accurate summary regarding trade:
https://johnredwoodsdiary.com/2020/1...es-in-tariffs/
29-10-2020, 12:45 PM
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Re: The USA rejects proposed new WTO leader
Originally Posted by Zaphod
->
"Do we need to be a member of the WTO?" - no, besides which it soon might not exist as the trading regulator it once was anyway.John Redwood's "The EU believes in tariffs" today is an accurate summary regarding trade:
https://johnredwoodsdiary.com/2020/1...es-in-tariffs/
But a simple question I have is, how did we trade before the WTO or, for that matter the EEC/EU, came along?
29-10-2020, 01:01 PM
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Re: The USA rejects proposed new WTO leader
Originally Posted by JBR
->
Why am I not worried?Simple.
We buy more than we sell.
Other countries want to sell to us.
Let them compete for our market.
Do we need to be a member of the WTO?
Though I agree the WTO needs reform im in favour of an international trades dispute mechanism that promotes free trade and fair trade.
Just because we import more goods than we sell it doesn't mean we should not protect our exporters and have a body where we can vote to impose sanctions.
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