(CBC News)
As G20 finance ministers prepare for meetings in Seoul starting Friday, economists have been assessing the odds of a global currency war.
In a commentary Tuesday, European banking giant BNP Paribas took the threat seriously enough to try to reassure markets that countries would unite to avoid currency jockeying. “The chance of an agreement has increased as the International Monetary Fund uses its influence to convince G20 participants that an agreement is a must,” it said.
But Perry Sadorsky, associate economics professor at York University’s business school in Toronto, said the rhetoric about currency wars is a distraction from the real threat. “Competitive devaluations of national currencies are a reaction to a more pressing problem,” Sadorsky told CBC News.
And that is how to get the global trade in goods, services, savings and investment back in balance. Read more here.
Showing posts with label G20. Show all posts
Showing posts with label G20. Show all posts
Thursday, October 21, 2010
Thursday, September 30, 2010
Despite G20 Pledge, Global Trade Friction Heating Up
(Globe and Mail – Kevin Carmichael)
The resolve of the Group of 20 countries to stare down trade barriers is wavering.
The G20 declared early in its fight against the financial crisis it would resist the impulse to placate domestic interests, vowing to resist protectionism. Officials recognized the self-defeating effect that tariff walls had during the Great Depression.
For the most part, the leaders of world’s major economies have remained true to their word. Global trade will increase 13.5% this year, according to the World Trade Organization, a feat that suggests shipping lanes have been left wide open.
Still, trade friction between some nations is building.
Lawmakers in the United States are scheduled to vote on legislation Wednesday that would allow companies to seek retribution for sales lost to international competitors that benefit from government manipulation of exchange rates. The bill is aimed squarely at China, which many unions and some companies blame for lost jobs, even though the country is the U.S.’s fastest-growing export market.
“We’ve had a trend towards more disputes, as compared to the sort of businesslike flow which we had for the two to three years preceding the crisis,” WTO director-general Pascal Lamy conceded last week, according to a report on Forbes.com. Read more here.
The resolve of the Group of 20 countries to stare down trade barriers is wavering.
The G20 declared early in its fight against the financial crisis it would resist the impulse to placate domestic interests, vowing to resist protectionism. Officials recognized the self-defeating effect that tariff walls had during the Great Depression.
For the most part, the leaders of world’s major economies have remained true to their word. Global trade will increase 13.5% this year, according to the World Trade Organization, a feat that suggests shipping lanes have been left wide open.
Still, trade friction between some nations is building.
Lawmakers in the United States are scheduled to vote on legislation Wednesday that would allow companies to seek retribution for sales lost to international competitors that benefit from government manipulation of exchange rates. The bill is aimed squarely at China, which many unions and some companies blame for lost jobs, even though the country is the U.S.’s fastest-growing export market.
“We’ve had a trend towards more disputes, as compared to the sort of businesslike flow which we had for the two to three years preceding the crisis,” WTO director-general Pascal Lamy conceded last week, according to a report on Forbes.com. Read more here.
Monday, July 5, 2010
Canada a Roadblock in Trade Talks
(Financial Post – Sylvain Charlebois, University of Regina)
We can choose short-term G20 gains, or the vast benefits of freer trade
Because of global economic uncertainties, the World Trade Organization’s latest attempts to liberalize markets through the Doha Round of trade negotiations [have] been jeopardized. Having begun in 2001, the Doha Round has lingered in multilateral purgatory for even longer than its immediate predecessor, the Uruguay Round, which from inception to signing was debated for seven years. The Doha round continues to be stalled as nations disagree about the fairness of the negotiations, especially in relation to trade barriers, despite the WTO’s track record as a beneficial agent to world economies.
For maybe the first time in history, a significant number of economists and the public are criticizing protectionist reactions to large-scale economic crises. Still, most political leaders are leery about the commitments required by sustainable trade promises. After U.S. President Barrack Obama’s arrival in the White House more than 18 months ago, many believed that the Doha Round would live on. During his campaign, the current President pledged to dump former president George W. Bush’s unilateral approach to foreign-trade policy. But certain inconsistencies in the economic practices of many countries, the United States and Canada included, have led to clashes that threaten to scuttle the negotiations. Read more here.
We can choose short-term G20 gains, or the vast benefits of freer trade
Because of global economic uncertainties, the World Trade Organization’s latest attempts to liberalize markets through the Doha Round of trade negotiations [have] been jeopardized. Having begun in 2001, the Doha Round has lingered in multilateral purgatory for even longer than its immediate predecessor, the Uruguay Round, which from inception to signing was debated for seven years. The Doha round continues to be stalled as nations disagree about the fairness of the negotiations, especially in relation to trade barriers, despite the WTO’s track record as a beneficial agent to world economies.
For maybe the first time in history, a significant number of economists and the public are criticizing protectionist reactions to large-scale economic crises. Still, most political leaders are leery about the commitments required by sustainable trade promises. After U.S. President Barrack Obama’s arrival in the White House more than 18 months ago, many believed that the Doha Round would live on. During his campaign, the current President pledged to dump former president George W. Bush’s unilateral approach to foreign-trade policy. But certain inconsistencies in the economic practices of many countries, the United States and Canada included, have led to clashes that threaten to scuttle the negotiations. Read more here.
Wednesday, June 30, 2010
Protectionist Policies Continue Despite G-20 Promises – Report
(NASDAQ/Dow Jones Newswires)
Protectionist trade policies continue to be implemented among Group of 20 countries, despite national commitments to the contrary, according to a report.
With unemployment hovering near 10% among the advanced G-20 members, many governments have and continue to adopt protectionist measures with the hope of securing domestic jobs and industry, attempting to shield themselves from global competition. However, a new report by the International Chamber of Commerce with research by the Peterson Institute for International Economics, finds that the effect of such actions is just the opposite. “Protectionist trade measures meant to protect jobs have the opposite effect, because of emulation and retaliation,” said the report.
All G-20 countries have implemented protectionist trade measures over the past two years, and there are hundreds more coming, according to the authors.
Protectionist trade policies continue to be implemented among Group of 20 countries, despite national commitments to the contrary, according to a report.
With unemployment hovering near 10% among the advanced G-20 members, many governments have and continue to adopt protectionist measures with the hope of securing domestic jobs and industry, attempting to shield themselves from global competition. However, a new report by the International Chamber of Commerce with research by the Peterson Institute for International Economics, finds that the effect of such actions is just the opposite. “Protectionist trade measures meant to protect jobs have the opposite effect, because of emulation and retaliation,” said the report.
All G-20 countries have implemented protectionist trade measures over the past two years, and there are hundreds more coming, according to the authors.
Monday, June 28, 2010
Canada Asks Moscow to Drop Trade Barriers
(Moscow Times)
Canada urged Russia and other G20 countries on Friday to unwind trade barriers erected during the financial crisis as part of a G20 pledge favoring free trade to support the global economic recovery.
Trade Minister Peter Van Loan said in an interview that leaders from the Group of 20 emerging and advanced economies meeting in Toronto should be held accountable for their promise not to adopt protectionist measures, endorsed at the Pittsburgh summit in September.
“So I hope there will be a commitment by countries that are appearing here who have instituted protectionist measures, such as Russia with their tariffs, to actually roll them back and adhere to those commitments,” Van Loan said.
When asked about measures taken by others, such as the European Union or the United States, Van Loan said it was more difficult to take countries to task over non-tariff trade obstacles. Read more here.
Canada urged Russia and other G20 countries on Friday to unwind trade barriers erected during the financial crisis as part of a G20 pledge favoring free trade to support the global economic recovery.
Trade Minister Peter Van Loan said in an interview that leaders from the Group of 20 emerging and advanced economies meeting in Toronto should be held accountable for their promise not to adopt protectionist measures, endorsed at the Pittsburgh summit in September.
“So I hope there will be a commitment by countries that are appearing here who have instituted protectionist measures, such as Russia with their tariffs, to actually roll them back and adhere to those commitments,” Van Loan said.
When asked about measures taken by others, such as the European Union or the United States, Van Loan said it was more difficult to take countries to task over non-tariff trade obstacles. Read more here.
China Rebuffs U.S. Trade Criticism
(Reuters – Jonathan Lynn)
China has dismissed U.S. comments that Beijing is blocking a new trade agreement, saying that it was the United States that was stalling progress in the World Trade Organization’s long-running Doha round.
The angry comments, by China’s ambassador to the WTO, indicate how difficult it now is to bridge the gaps in the Doha talks, launched in late 2001, because of differences between the United States and big emerging economies, foremost China.
“Everybody knows what the real reason for the deadlock of the Doha round is and where the main political obstacles come from,” Sun Zhenyu told Reuters on Sunday. “The U.S. is the sole member who insists that we’re still far away from the conclusion of the round. Their new excessive request on an elevated level of ambition is in fact equivalent to a restart of the round and a flagrant deviation from the original negotiation mandates.”
Frustration on both sides has now boiled over into a public war of words, making a deal even harder, a fact recognized by leaders of the G8 countries, who include the United States but not China, when at their summit in Canada on Saturday they dropped a commitment to complete Doha this year and simply renewed a pledge to conclude an agreement. Read more here.
China has dismissed U.S. comments that Beijing is blocking a new trade agreement, saying that it was the United States that was stalling progress in the World Trade Organization’s long-running Doha round.
The angry comments, by China’s ambassador to the WTO, indicate how difficult it now is to bridge the gaps in the Doha talks, launched in late 2001, because of differences between the United States and big emerging economies, foremost China.
“Everybody knows what the real reason for the deadlock of the Doha round is and where the main political obstacles come from,” Sun Zhenyu told Reuters on Sunday. “The U.S. is the sole member who insists that we’re still far away from the conclusion of the round. Their new excessive request on an elevated level of ambition is in fact equivalent to a restart of the round and a flagrant deviation from the original negotiation mandates.”
Frustration on both sides has now boiled over into a public war of words, making a deal even harder, a fact recognized by leaders of the G8 countries, who include the United States but not China, when at their summit in Canada on Saturday they dropped a commitment to complete Doha this year and simply renewed a pledge to conclude an agreement. Read more here.
Saturday, June 26, 2010
U.S. Accuses China of Blocking Doha Trade Talks
(Moneycontrol.com – Reuters)
The World Trade Organization’s long-running Doha round is stuck and a deal is impossible until China and other big emerging economies join real negotiations to open their markets, the U.S. ambassador to the WTO said on Thursday.
The unusually outspoken comments were a sign of Washington’s frustration at the reluctance of China, Brazil and India – among the most dynamic players in the world economy – to create more market opportunities to reach a deal in the talks.
Ambassador Michael Punke said China was stalling on talks on the global trade round sought by the United States, but there were signs that Brazil and India were willing to negotiate. “When it comes to China however we’re getting no engagement whatsoever, not even in terms of process,” he told Reuters. “We find it very hard to see how it is we’re going to be able to move forward with Doha negotiations if China is not even in a position right now to consult with its domestic industry.”
Punke’s comments added to pressure put on China on Wednesday by his boss, U.S. Trade Representative Ron Kirk, and Commerce Secretary Gary Locke.
With G20 leaders expected to call in Toronto this weekend yet again for a renewed push to conclude the Doha round, his remarks highlight the difficulties in reaching an agreement. Read mpre here.
The World Trade Organization’s long-running Doha round is stuck and a deal is impossible until China and other big emerging economies join real negotiations to open their markets, the U.S. ambassador to the WTO said on Thursday.
The unusually outspoken comments were a sign of Washington’s frustration at the reluctance of China, Brazil and India – among the most dynamic players in the world economy – to create more market opportunities to reach a deal in the talks.
Ambassador Michael Punke said China was stalling on talks on the global trade round sought by the United States, but there were signs that Brazil and India were willing to negotiate. “When it comes to China however we’re getting no engagement whatsoever, not even in terms of process,” he told Reuters. “We find it very hard to see how it is we’re going to be able to move forward with Doha negotiations if China is not even in a position right now to consult with its domestic industry.”
Punke’s comments added to pressure put on China on Wednesday by his boss, U.S. Trade Representative Ron Kirk, and Commerce Secretary Gary Locke.
With G20 leaders expected to call in Toronto this weekend yet again for a renewed push to conclude the Doha round, his remarks highlight the difficulties in reaching an agreement. Read mpre here.
Friday, June 25, 2010
Harper Greets G8 Leaders
(CBC News)
PM hails U.K. budget cuts ahead of dual summit talks
Prime Minister Stephen Harper has formally welcomed G8 leaders at the organization's annual summit in Huntsville, Ont., where they are expected to discuss global security, and Canada's key initiative on maternal and child health.
The leaders of the seven other Group of Eight leading economic powers — France, Germany, Italy, Japan, Britain, the United States and Russia — are gathering in the exclusive Deerhurst Resort near Huntsville before they join other G20 delegates in Toronto on Saturday.
Ahead of the formal talks, Harper praised Britain's new government for its recent spending cuts, saying British Prime Minister David Cameron's budget “highlighted the very fiscal consolidation” Canada was trying to steer the G20 toward at this weekend's summit in Toronto.
Read more here. Comprehensive information on the G8/G20 Summits at CBC’s In-Depth Coverage website.
Related: UK’s budget vs Japanese experience (BBC Newsnight)
PM hails U.K. budget cuts ahead of dual summit talks
Prime Minister Stephen Harper has formally welcomed G8 leaders at the organization's annual summit in Huntsville, Ont., where they are expected to discuss global security, and Canada's key initiative on maternal and child health.
The leaders of the seven other Group of Eight leading economic powers — France, Germany, Italy, Japan, Britain, the United States and Russia — are gathering in the exclusive Deerhurst Resort near Huntsville before they join other G20 delegates in Toronto on Saturday.
Ahead of the formal talks, Harper praised Britain's new government for its recent spending cuts, saying British Prime Minister David Cameron's budget “highlighted the very fiscal consolidation” Canada was trying to steer the G20 toward at this weekend's summit in Toronto.
Read more here. Comprehensive information on the G8/G20 Summits at CBC’s In-Depth Coverage website.
Related: UK’s budget vs Japanese experience (BBC Newsnight)
Thursday, June 24, 2010
Global Trade to Help Economies Rebound, Report Says
(QMI Agency/Toronto Sun)
Global trade dragged Canada and other economies more deeply into recession than they would have otherwise gone, but is also likely to drive a faster rebound, a report by an independent think-tank found.
While governments have increased protectionist measures in response to the crisis, the increasingly interlinked nature of the global economy has limited their ability to impose trade barriers, the Conference Board of Canada said.
Economists blame the clampdown on trade following the Great Depression of the 1930s for making that economic crisis longer and more severe than it otherwise would have been. Policymakers have largely avoided that mistake this time around, the report says.
“The highly integrated nature of global production makes it unattractive for governments to impose new trade barriers that affect not only the flow of final goods, but also has a domino effect on all of the related intermediate inputs and components,” said Danielle Goldfarb, associate director of the board's International Trade and Investment Centre. “In short, tight global linkages may have blunted the protectionist response.”
The board urges G20 leaders to commit not just to free trade in goods, but also in services and to liberalize investment rules.
The report is the seventh in a series called Lessons from the Recession and Financial Crisis (available from the Conference Board for $85).
Global trade dragged Canada and other economies more deeply into recession than they would have otherwise gone, but is also likely to drive a faster rebound, a report by an independent think-tank found.
While governments have increased protectionist measures in response to the crisis, the increasingly interlinked nature of the global economy has limited their ability to impose trade barriers, the Conference Board of Canada said.
Economists blame the clampdown on trade following the Great Depression of the 1930s for making that economic crisis longer and more severe than it otherwise would have been. Policymakers have largely avoided that mistake this time around, the report says.
“The highly integrated nature of global production makes it unattractive for governments to impose new trade barriers that affect not only the flow of final goods, but also has a domino effect on all of the related intermediate inputs and components,” said Danielle Goldfarb, associate director of the board's International Trade and Investment Centre. “In short, tight global linkages may have blunted the protectionist response.”
The board urges G20 leaders to commit not just to free trade in goods, but also in services and to liberalize investment rules.
The report is the seventh in a series called Lessons from the Recession and Financial Crisis (available from the Conference Board for $85).
Wednesday, June 23, 2010
Resisting Protectionism, Promoting Free Trade on Eve of G-8 and G-20 Summits
(Minister of International Trade)
International Trade Minister Peter Van Loan tells American Chamber of Commerce in Canada focus on economy is key to recovery
The Honourable Peter Van Loan, Minister of International Trade, today [Tuesday] called for increased focus on free and open trade, pointing to the Canada-United States relationship as an example of a free trade success story. The Minister delivered this message to the American Chamber of Commerce in Canada in advance of the G-8 and G-20 summits about to take place in Muskoka and Toronto.
“Canada believes that lasting economic recovery – not just in North America, but around the world – depends on free trade, not protectionism,” said Minister Van Loan. “This is the message we will be delivering to our existing and future trade partners at the upcoming G-20 meeting.”
In his remarks, Minister Van Loan highlighted Canada’s leadership in driving the free trade agenda and opening markets to Canadian businesses and Canadian workers, pointing to the continuing economic recovery as proof that the plan is working.
“Our government’s aggressive free trade agenda, coupled with decisive implementation of the Economic Action Plan, has generated results for Canada’s economic recovery,” said Minister Van Loan. “Our commitment to free trade, to fighting protectionism and to opening doors to new opportunities continues to fuel our economy and create jobs for Canadians at home and abroad. The Canada-United States trade relationship is an example of how partners can benefit from opening their borders to trade.”
The North American Free Trade Agreement has contributed to significant growth in trade and foreign direct investment in North America. Merchandise trade among Canada, Mexico and the United States has doubled since the agreement came into force, reaching $798.5 billion in 2009. It is now one of the largest free trade areas in the world, with some 448 million consumers.
While the Canada-United States trade relationship remains by far Canada’s most significant, Canada is moving to secure access to key markets around the world. In less than four years, the Government of Canada has built on the success of NAFTA by concluding new free trade agreements with Colombia, Peru, Jordan, Panama and the European Free Trade Association: Iceland, Liechtenstein, Norway and Switzerland.
International Trade Minister Peter Van Loan tells American Chamber of Commerce in Canada focus on economy is key to recovery
The Honourable Peter Van Loan, Minister of International Trade, today [Tuesday] called for increased focus on free and open trade, pointing to the Canada-United States relationship as an example of a free trade success story. The Minister delivered this message to the American Chamber of Commerce in Canada in advance of the G-8 and G-20 summits about to take place in Muskoka and Toronto.
“Canada believes that lasting economic recovery – not just in North America, but around the world – depends on free trade, not protectionism,” said Minister Van Loan. “This is the message we will be delivering to our existing and future trade partners at the upcoming G-20 meeting.”
In his remarks, Minister Van Loan highlighted Canada’s leadership in driving the free trade agenda and opening markets to Canadian businesses and Canadian workers, pointing to the continuing economic recovery as proof that the plan is working.
“Our government’s aggressive free trade agenda, coupled with decisive implementation of the Economic Action Plan, has generated results for Canada’s economic recovery,” said Minister Van Loan. “Our commitment to free trade, to fighting protectionism and to opening doors to new opportunities continues to fuel our economy and create jobs for Canadians at home and abroad. The Canada-United States trade relationship is an example of how partners can benefit from opening their borders to trade.”
The North American Free Trade Agreement has contributed to significant growth in trade and foreign direct investment in North America. Merchandise trade among Canada, Mexico and the United States has doubled since the agreement came into force, reaching $798.5 billion in 2009. It is now one of the largest free trade areas in the world, with some 448 million consumers.
While the Canada-United States trade relationship remains by far Canada’s most significant, Canada is moving to secure access to key markets around the world. In less than four years, the Government of Canada has built on the success of NAFTA by concluding new free trade agreements with Colombia, Peru, Jordan, Panama and the European Free Trade Association: Iceland, Liechtenstein, Norway and Switzerland.
Trade Experts Give G-20 Poor Grades On Resisting Protectionism
(Tom Barkley — Dow Jones/Wall Street Journal)
Group of 20 leaders don’t deserve to pat themselves on the back for avoiding protectionism this weekend, trade experts said Wednesday.
Discriminatory measures hurting trade are on the rise and affecting over 10% of global flows, while the prospects for a deal on the Doha round of trade talks are dimming, said participants at an event hosted by the Washington International Trade Association. […]
Earlier this month, the World Trade Organization, the Organization for Economic Cooperation and Development and the United Nations all applauded G-20 leaders for upholding the pledge they made at the first summit in November 2008.
However, those views are disputed by the latest Global Trade Alert… The report published Wednesday found that governments around the world have imposed more than 350 discriminatory measures since the last leaders’ summit in September 2009, bringing the total number that haven’t been reversed to nearly 650 since the first G-20 meeting. Sixteen of the most damaging provisions cover a combined $1.6 trillion in trade flows, or more than 10% of world imports in 2008. Read more here.
Group of 20 leaders don’t deserve to pat themselves on the back for avoiding protectionism this weekend, trade experts said Wednesday.
Discriminatory measures hurting trade are on the rise and affecting over 10% of global flows, while the prospects for a deal on the Doha round of trade talks are dimming, said participants at an event hosted by the Washington International Trade Association. […]
Earlier this month, the World Trade Organization, the Organization for Economic Cooperation and Development and the United Nations all applauded G-20 leaders for upholding the pledge they made at the first summit in November 2008.
However, those views are disputed by the latest Global Trade Alert… The report published Wednesday found that governments around the world have imposed more than 350 discriminatory measures since the last leaders’ summit in September 2009, bringing the total number that haven’t been reversed to nearly 650 since the first G-20 meeting. Sixteen of the most damaging provisions cover a combined $1.6 trillion in trade flows, or more than 10% of world imports in 2008. Read more here.
Thursday, June 17, 2010
Trade Tensions With China Shadow G-20 Meeting
(New York Times – Sewell Chan)
Anger toward China’s currency, trade and industrial policies has been steadily mounting in Congress, adding pressure on President Obama to take a tough stance with his Chinese counterparts at the Group of 20 leaders’ meeting next week in Toronto.
On Wednesday, the House Ways and Means Committee heard from business leaders alarmed about an initiative under which Chinese government agencies would procure high-tech products – including telecommunications, software and energy-saving equipment – only from companies that use technologies developed in China.
Last week, several software executives, including Microsoft’s chief executive, Steven A. Ballmer, visited Washington to complain about technological piracy by Chinese companies. And on Tuesday and Wednesday, the United States International Trade Commission, a federal agency that investigates trade matters, held hearings on enforcement of patents and other forms of intellectual property rights in China.
The mounting tensions could spill over into new retaliatory import duties or other trade barriers, at a time when the United States has several unresolved cases against China before the World Trade Organization, which China joined in 2001. They also reflect growing skepticism about the feasibility of the Obama administration’s stated goal of doubling American exports in five years. Read more here.
Related: China Warns Finger-Pointing Could Derail G20 (Reuters)
Anger toward China’s currency, trade and industrial policies has been steadily mounting in Congress, adding pressure on President Obama to take a tough stance with his Chinese counterparts at the Group of 20 leaders’ meeting next week in Toronto.
On Wednesday, the House Ways and Means Committee heard from business leaders alarmed about an initiative under which Chinese government agencies would procure high-tech products – including telecommunications, software and energy-saving equipment – only from companies that use technologies developed in China.
Last week, several software executives, including Microsoft’s chief executive, Steven A. Ballmer, visited Washington to complain about technological piracy by Chinese companies. And on Tuesday and Wednesday, the United States International Trade Commission, a federal agency that investigates trade matters, held hearings on enforcement of patents and other forms of intellectual property rights in China.
The mounting tensions could spill over into new retaliatory import duties or other trade barriers, at a time when the United States has several unresolved cases against China before the World Trade Organization, which China joined in 2001. They also reflect growing skepticism about the feasibility of the Obama administration’s stated goal of doubling American exports in five years. Read more here.
Related: China Warns Finger-Pointing Could Derail G20 (Reuters)
Thursday, June 10, 2010
China May Reform Its Currency as Exports Surge Again
(Press Trust of India)
China’s exports surged by 48.5 per cent year on year in May, triggering speculation that the much awaited reform of its currency Yuan against the US dollar is round the corner. Imports too climbed 48.3 per cent, China’s General Administration of Customs (GAC) announced on June 10.
In value terms exports totalled $131.76 billion in May, while imports totalled $112.23 billion.
The US and the EU accuse China of making windfall profits out of its exports by pegging its currency deliberately low that makes its exports cheaper. […]
Chinese President Hu Jintao promised reform during last month’s US China Strategic and Economic Dialogue, which was expected to be implemented in a gradual manner.
Economists said the reforms are likely to coincide with the forthcoming G20 summit on June 26-27 in Toronto, Canada and would be implemented on a gradual basis rather than a one-off revaluation, state run China Daily reported on June 10. Read more here.
China’s exports surged by 48.5 per cent year on year in May, triggering speculation that the much awaited reform of its currency Yuan against the US dollar is round the corner. Imports too climbed 48.3 per cent, China’s General Administration of Customs (GAC) announced on June 10.
In value terms exports totalled $131.76 billion in May, while imports totalled $112.23 billion.
The US and the EU accuse China of making windfall profits out of its exports by pegging its currency deliberately low that makes its exports cheaper. […]
Chinese President Hu Jintao promised reform during last month’s US China Strategic and Economic Dialogue, which was expected to be implemented in a gradual manner.
Economists said the reforms are likely to coincide with the forthcoming G20 summit on June 26-27 in Toronto, Canada and would be implemented on a gradual basis rather than a one-off revaluation, state run China Daily reported on June 10. Read more here.
Thursday, March 18, 2010
Open Trade, Harper Urges as He Lays Out Five Goals for G20 Sherpas
(CBC – The Canadian Press)
The G20 nations must keep trade markets open, strengthen banking regulations and nurture a sustained and balanced recovery from the world economic crisis, Prime Minister Stephen Harper says. Those were the priorities Harper laid out for the “sherpas,” the senior bureaucrats who are holding two days of meetings in Ottawa to lay out the agenda for June’s economic summit in Toronto.
The prime minister told the negotiators recovery is by no means fully assured, and he said the G20 will be judged not just by its ability to respond to crisis, but also “its capacity to lead the world through recovery and beyond.”
Harper said it’s natural and expected for countries to defend their national interests, but he said those must be “enlightened” and take into account the overall, long-term needs of the global economy. Read more here.
The G20 nations must keep trade markets open, strengthen banking regulations and nurture a sustained and balanced recovery from the world economic crisis, Prime Minister Stephen Harper says. Those were the priorities Harper laid out for the “sherpas,” the senior bureaucrats who are holding two days of meetings in Ottawa to lay out the agenda for June’s economic summit in Toronto.
The prime minister told the negotiators recovery is by no means fully assured, and he said the G20 will be judged not just by its ability to respond to crisis, but also “its capacity to lead the world through recovery and beyond.”
Harper said it’s natural and expected for countries to defend their national interests, but he said those must be “enlightened” and take into account the overall, long-term needs of the global economy. Read more here.
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