The changes to the United States Harmonized Tariff Schedule (HTS) for 2012 will be delayed as per the International Trade Commission.
The 2012 U.S. HTS changes, which incorporate amendments to the Harmonized System adopted by the World Customs Organization, were initially expected to be effective on January 1, 2012. However, the proclamation that authorizes the changes has yet to be signed by the President, resulting in a delay.
Once the proclamation has been signed by the President, the 2012 HTS changes will become effective 30 days after the publication of the proclamation body in the Federal Register. It is expected that the effective date for the changes will be towards the end of January.
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On Wednesday, 153 nations met to discuss the Doha Round, but left with little to no progress, states the Wall Street Journal. The Doha Round plan was created with a mission of opening rich-country markets to import food from the developing world. After eight years, little development has been made. Furthermore, issues such as the drop in trade and the hot topic of protectionism has reduced the enthusiasm to create a plan that everyone agrees with.
What is on the table doesn’t deliver “meaningful market access in the part of the world that will be growing and driving GDP growth over the next few years,” U.S. Trade Representative Ron Kirk said, in a reference to countries like China, India and Brazil.
Not all countries are statisified with what is on the table so far. Some believe that the wealther countries will still profit more than the developing countries.
But, as Mr. Kirk puts it best:
The Doha Round “is like a cricket match. You don’t know the score and it takes a long time, but it does end, and there is a winner.”
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The Economist received published an article with statistics about which country files the most complaints to the World Trade Organization(WTO)…and who receives the most trade complaints. Here’s what they found.
The United States and the European Community(a.k.a. European Union) are number one and number two for both filing the most complaints and receiving the most complaints. Rounding out the top five for the World Trade Organization members, who file the most compliants are:
2. European Community
1. United States
Thoses members, who are subject to the most trade complaints are:
2. European Community
1. United States
Many of these disputes vary such as export curbs to the latest import ban of seal products from Canada. According to the article, more of the wealther nations tend to file complaints to the WTO dispute settlement body compared to other members.
To view the full lists, click here.
President Obama landed in China on Sunday to discuss some much needed topics with President Hu Jintao, according to Time magazine. One topic is trade. In recent months, trade issues has been heated between the two nations as both have thrown around the idea that each nation is participating in protectionism since the recession began.
“They’re working through a lot of scattered issues, but they are working through the WTO,” says James McGregor, the former chairman of the American Chamber of Commerce in China. “In the old days, every trade issue would become a very public and unstructured argument.”
China and the U.S. trade around $400 billion in goods each year. Many trade experts were concerned tension may get too high, making resolution difficult. But, U.S. officials dismiss that allegation, saying that the affected goods are only a small part of the total trade exchange.
Wanna read more: http://www.time.com/time/world/article/0,8599,1939536,00.html?xid=rss-topstories
According to CNN, EU and Canadian officials sat down in Prague to begin discussions on a new Free Trade Agreement. Let’s just say, discussions went well because if the other NAFTA countries sign in, this could be the ‘biggest trade deal of the 21st century.’ NAFTA-EU trade would contain nearly 1 billion people and account for $35.2 trillion in annual GDP, more than half the world’s trade.
“The largest benefits will come from economic integration,” says Jayson Myers, president of Canadian Manufacturers & Exporters (CME), the country’s largest trade and industry association. By that he means increased foreign direct investment, improved labor mobility and full access to government procurement.
But, will this new proposed trade agreement see the light of day? That may be up to the U.S. Canada is more dependent on exports than the U.S., and with the new ‘Buy-American’ campaign from the Obama Adminstration, this could be a hard sell.
“The ball is in the Obama administration’s court,” says Steven Schrage, a specialist in international business at the Center for Strategic and International Studies (CSIS) in Washington. “If they want this to happen, they can move rapidly.”
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Canada asks the World Trade Organization (WTO) to rule against an American food-labeling law that seems to have destroyed much of its hog-farming industry, states the New York Times. The dispute derives from an American rule requiring that food products be labeled by country of origin. The U.S. government denies that labeling its food products is an act of protectionism, although Americans have decreased purchases of pork produced in Canada, traditionally about 7 percent of Canadian pork is consumed in the United States.
The Canadian international trade minister, Stockwell Day, publicly criticized the rules “as so onerous that they affect the ability of our cattle and hog exporters to compete fairly in the United States.” He said Canada “has no choice” but to request that the World Trade Organization scrutinize the labeling rules.
The U.S. trade representative defended the allegations and its claim that the Obama administration is practicing protectionism by stating that the information on the labels given to consumers complies with the WTO.
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Joining the World Trade Organization (WTO) is one of Russia’s top priority reports The Telegraph in the U.K.
There are two important reasons that Russia and the WTO members has it’s eye on joining: the global economic crisis, and the creation of a Customs Union involving Russia, Kazakhstan, and Belarus – who would all like to enter as world trade members simultaneously.
This year all speeches by Russian leaders at several international forums send a clear message to the economic world that Russia is ready to participate in creating a global governance system. This means that Russia has no choice but to join the WTO.
But, Russia needs to modernize its economy, a need that became apparent with the onset of the crisis. As oil and gas prices dropped, the top two exports in Russia, the need to diversify is even more clear.
If Russia stays out of the WTO, Russian producers and exporters will face increasing difficulties in international markets. WTO membership will provide an opportunity to enter new markets, offering the potential for significant increases in export revenues.
Time will tell if and when Russia will decide to finally enter the WTO as a member or if it will continue to live outside the trading box, so to say.
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