trade

WTO Panel: China May Levy Over $3bn In US Trade Sanctions

WTO Panel: China May Levy Over $3bn In US Trade Sanctions

November 3, 2019 3:15 pm

A World Trade Organization (WTO) panel said on Friday that China is entitled to slap compensatory sanctions on United States imports worth $3.579bn annually.

The decision stems from the US failure to remove anti-dumping duties, but the monetary value is roughly half the total amount that China had sought.

The ruling came as the world’s two biggest economies try to clinch phase one of a trade deal.

US President Donald Trump and his negotiators are “very optimistic” about concluding it, White House adviser Larry Kudlow has said.

With the WTO announcement, a three-member WTO arbitration panel said Chinese exporters suffered

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'Consensus On Principles': US-China Trade Deal In Sight

‘Consensus On Principles’: US-China Trade Deal In Sight

November 3, 2019 2:40 pm

Beijing’s state-run media outlet Xinhua said the world’s two largest economies had reached a “consensus on principles” during a constructive telephone call on Friday between their main trade negotiators.

Read Also: MF Cautions Nigeria, Others Over Mounting Debt To China

The optimistic notes offered reassurance to global markets after nearly 16 months of tit-for-tat tariffs.

US and Chinese delegates had made “enormous progress” towards finalising a “phase one” agreement, although the deal

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Wall Street Rises On Hopes Of U.S - China Trade Deal

Wall Street Rises On Hopes Of U.S – China Trade Deal

October 10, 2019 1:38 pm

U.S. stocks rose in early afternoon trading on Thursday on hopes that top-level U.S.-China trade talks would yield at least a partial deal, while a rise in Apple’s shares lifted the technology sector.

Wall Street’s main indexes moved higher after President Donald Trump tweeted he would meet Chinese Vice Premier Liu He on Friday for further trade talks.

“The tweet … is giving market participants a reason to believe that perhaps a trade deal or at least a partial deal might be announced as early as tomorrow,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.…

UK Commits Extra £2.5m To Support Commonwealth Free Trade

UK Commits Extra £2.5m To Support Commonwealth Free Trade

October 10, 2019 4:07 am

The Department for International Trade and International Development has committed an additional £2.5 million of UK aid funding for the Commonwealth Standards Network (CSN) programme, pledging that it would continue to partner Commonwealth in championing free trade in the face of growing global challenges.

Senior Communications Officer at the Department of International Trade and International Development, Jessica Vickerage, said in a statement that the CSN works to increase the use of international standards across the Commonwealth, in order to promote inclusive intra-Commonwealth trade.

The statement added that the additional funding will help the CSN continue its valuable work to break …

VP Osinbajo Inspects 3,000 Hectares Farm In Nasarawa

Nigeria-UAE Bilateral Trade Hits $1.2b, Says Osinbajo

October 6, 2019 12:51 pm

The Vice President, Professor Yemi Osinbajo  Saturday put the value of bilateral trade between Nigeria and the United Arab Emirates (UAE) at $1.2 billion, noting that both countries would continue to become strong regional players.

Osinbajo made the disclosure at the 2019 United Arab Emirate (UAE)-Nigeria Cultural and Arts Exhibition 2019 held in Lagos.

He noted that there trade between the two countries had been in the increase.

The Vice President described the relationship between the two countries as strong and necessary and remarked that there were many other sectors of the economy where both countries could cooperate to …

IPOB, bishop cleric trade words over RUGA in South East

IPOB, bishop trade words over RUGA in South East

July 9, 2019 12:48 am

The Indigenous People of Biafra (IPOB) and Anglican Bishop of Enugu Diocese, Rt. Rev. Emmanuel Chukwuma, yesterday disagreed over Ruga Settlement in the South-East Zone.

IPOB, in a statement, had alleged that some governors of the South-East Zone have secretly allocated lands to herders for RUGA settlement.

It specifically pointed at Enugu State Governor Ifeanyi Ugwuanyi and his Abia State counterpart, Okezie Ikpeazu, to have concluded arrangement to hand over land “in three senatorial zones of Enugu State and Olokoro in Umuahia to Fulani herdsmen as part of their Ruga programme in the East.”

But Chukwuma, who spoke yesterday during …

Afreximbank approves $1b for African trade

Afreximbank approves $1b for African trade

July 9, 2019 12:41 am

African Export-Import Bank (Afreximbank), has instituted a $1billion Agreement for the African Continental Free Trade Area (AfCFTA) Adjustment Facility to enable countries adjust in an orderly manner to sudden tariff revenue losses as a result of the implementation of the AfCFTA.

Afreximbank President, Prof. Benedict Oramah, who addressed the 12th Extraordinary Summit of African Union (AU) Heads of State, announced a series of initiatives to support the implementation of AfCFTA, yesterday in Niamey, Niger.

“This facility will help countries to accelerate the ratification of the AfCFTA,” he said, telling the heads of state that, by starting the operational phase of …

African leaders launch free-trade zone

African leaders launch free-trade zone

July 8, 2019 12:16 am

African leaders launched a continental free-trade zone on Sunday that if successful would unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development.

After four years of talks, an agreement to form a 55-nation trade bloc was reached in March, paving the way for Sunday’s African Union summit in Niger where Ghana was announced as the host of the trade zone’s future headquarters and discussions were held on how exactly the bloc will operate.

It is hoped that the African Continental Free Trade Area (AfCFTA) – the largest since the creation of …

Vietnam, EU sign landmark free trade deal

Vietnam, EU sign landmark free trade deal

June 30, 2019 8:16 am

The European Union signed a landmark free trade deal with Vietnam on Sunday, the first of its kind with a developing country in Asia.

The agreement, paving the way for tariff reductions on 99 per cent of goods between the bloc and the Southeast Asian country, the countries  announced the deal in a statement.

Read Also: Commercial agriculture: Gov. Wike seeks partnership with EU

It still needs the approval of the European Parliament, which is not given as some lawmakers are concerned about Vietnam’s human rights record.

The European Union has described the EU Vietnam Free Trade Agreement (EVFTA) as …

Fair Trade USA raises cocoa price minimums

Fair Trade USA raises cocoa price minimums

June 12, 2019 1:34 am

Fair Trade USA will increase the floor price and fixed premium it requires companies to pay cocoa farmers under its certification system, the organization said on Tuesday.

The increase is designed to improve livelihoods in a sector that has long grappled with farmer poverty, child labor and deforestation

The nonprofit will increase its minimum price for conventional cocoa to $2,400 per tonne from $2,000. For organic cocoa, the price will be $300 over this minimum or the market price, whichever is higher at the time. The premium, which is used to fund community projects, will increase to $240 per tonne …

Switzerland sanctions 5 banks for currency trade cartels

Switzerland sanctions 5 banks for currency trade cartels

June 6, 2019 7:48 am

Five of the world’s biggest banks have been fined about million Swiss francs (about 91 million dollars) for undermining competition in foreign exchange trading, Switzerland’s Competition Commission announced on Thursday.

The move by non-EU member, Switzerland, came three weeks after the European Commission, the European Union’s competition watchdog, imposed fines totalling 1.07 billion Euros (1.2 billion dollars) on these banks for cartel behaviour.

According to the Swiss commission, traders of the international banks had communicated in chat rooms to coordinate their actions in markets for 10 currencies, including dollars, Euros, British pounds, yen and francs.

Read Also: $48b forex …

Senate rejects ₦15bn budget of Trade & Investment Ministry

April 1, 2019 8:49 pm

The Senate Committee on Trade and Investment has rejected the ministry’s 2019 Budget of N15.63 billion.

The rejection followed alleged discovery of an illegal Special Economic Zone Company, listed for appropriation when the Minister of Trade and Investment Dr Okechukwu Enelamah appeared for budget defence on Monday.

The Chairman of the committee, Sen. Sabo Mohammed while referring to item two on page seven of the budget booklet presented by the ministry, said the company was not known to be one of the 17 agencies under the ministry.

The ministry had in the course of the defence, presented the booklet containing …

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