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Trade

The United Nations Summit Of The Future Appears Stuck In The Past

September 18, 2024 Manuel Perez-Rocha, Inequality.org. , , , ,
The United Nations is hosting world leaders on September 22 and 23 for a “Summit of the Future.” Unfortunately, the draft action plan for the summit, while full of lofty language and some good intentions, does not challenge the neoliberal model or corporate control of the global economy. On the contrary, it proposes, for example, to “facilitate access of developing countries to the WTO and promote trade and investment liberalization.” It’s astounding that this plan, which is supposed to serve as the basis for an inter-governmental agreement, is so stuck in the past. For decades now, social movements and elected officials in many countries have become increasingly opposed to trade and investment rules that grant enormous privileges and power to transnational corporations.

Venezuela’s Parliament To Request Break Of Relations With Spain

September 12, 2024 Alba Ciudad, Orinoco Tribune. , , , , ,
The president of the Venezuelan National Assembly (AN), Jorge Rodríguez, has asked the Foreign Policy Commission of parliament to prepare a report calling for President Nicolás Maduro’s administration to break diplomatic, commercial, and consular relations with Spain—including the suspension of commercial passenger flights—in response to the decision of the Spanish Congress to ignore the democratic victory of President Nicolás Maduro in the July 28 Venezuelan elections, and instead “recognize” the fictitious “victory” of the far-right opposition’s former candidate, Edmundo González.

Competing Global Economic Initiatives: A Tale Of Two Routes

June 20, 2024 Mohamad Zreik, Orinoco Tribune. , , , , ,
In recent years, two major economic initiatives have emerged in Asia, particularly in West Asia: China’s Belt and Road Initiative (BRI) and the India-Middle East-Europe Economic Corridor (IMEC). These initiatives represent a strategic contest between global powers vying for influence and economic dominance in a rapidly changing world. The Belt and Road Initiative, conceived by Chinese President Xi Jinping, is a modern resurrection of the ancient Silk Road. This initiative aims to connect China to the rest of the world through extensive infrastructure investments, including ports, roads, railways, and industrial zones.

The Price Of Biden’s New China Tariffs

May 24, 2024 Patrick Lawrence, Scheer Post. , , , , ,
I love the photograph The New York Times ran atop Jim Tankersley’s May 18 story analyzing the inadvisable raft of tariffs on Chinese imports President Biden authorized four days earlier. There is the old coot signing the paperwork at a desk in the Rose Garden as a crowd of seven looks on admiringly. Polo shirts, sneakers, a baseball cap. Six of these seven are people of color; four are women. Perfect, just perfect. Study the picture. These dutiful onlookers are not officeholders or administration officials. They are union leaders from what were once powerful labor organizations: steelworkers, autoworkers, machinists, communications workers, the AFL–CIO.

The Land And Sea Blockade Against Israel Is Working

May 5, 2024 Ahmed Alqarout, Mondoweiss. , , , , ,
Israel’s aspirations to become the region’s transportation hub have taken a hit. The maritime and land blockade against Israel to stop the genocide in Gaza is working, as one of Israel’s main plans for a prospective “land bridge” connecting the Gulf countries with Israel and Europe has suffered an irrevocable setback.  The Israel-centered India Middle East Europe Economic Corridors project (IMEC), which was first proposed by U.S. President Biden in September of last year during the G20 meetings, is facing an existential threat.

Mexico Provides Non-GM Corn Opportunity For US Farmers

March 12, 2024 Ken Roseboro and Timothy A. Wise, Food Tank. , , , ,
United States commodity organizations have cheered on the U.S. government as it tries to get Mexico’s restrictions on genetically modified (GM) corn declared in violation of our trade agreement with Mexico and Canada, arguing that it cuts farmers’ export markets and sales revenues. But what if Mexico’s modest restrictions could instead turn out to benefit U.S. farmers who shift to premium non-genetically modified (GM) corn markets as international corn prices fall? It sounds counter-intuitive, but it might just be true. The math is pretty simple.

95% Of Trade Between China And Russia No Longer Done In US Currency

December 19, 2023 Mauro Ramos, People's Dispatch. , , , , , , ,
On a recent visit to China, Russian First Deputy Prime Minister Andrei Belousov stated that this year the use of the Russian ruble and Chinese yuan in trade between the two countries has already reached 95%. At the same time, from January to October, 68% of all Russian trade was carried out in the two countries’ currencies, according to Russian Minister of Economic Development Maksim Reshetnikov. The yuan has also been used by Russia in commercial transactions with Mongolia, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan, and Singapore.

Why Activists Shut Down The 2023 APEC Summit In San Francisco

December 13, 2023 Ju-Hyun Park, The Real News Network. , , , , ,
From Nov. 11-17, leaders from 20 nations across the Pacific Rim gathered in San Francisco for the annual Asia-Pacific Economic Cooperation (APEC) Summit. An activist coalition known as No to APEC greeted the visiting world leaders with a countersummit decrying APEC as a forum to advance the interests of transnational corporations at the expense of workers and the environment. While the Biden administration worked to construct a new free trade regime in the Pacific exclusive of China, known as the Indo-Pacific Economic Framework (IPEF), grassroots organizations in the No to APEC Coalition advanced an alternate vision of international cooperation and development in opposition to the corporate, pro-war agenda pushed by the US and allied governments at APEC.

US Pressures Saudi Arabia To Sell Oil In Dollars, Not Chinese Yuan

August 11, 2023 Ben Norton, Geopolitical Economy. , , , ,
The United States is negotiating behind the scenes with Saudi Arabia, pressuring the country to keep selling its oil in dollars. Washington is concerned that Riyadh may price its crude in other currencies, particularly China’s renminbi. Saudi Arabia is one of the world’s top three oil producers. Since the 1970s, Riyadh has agreed to sell its crude in dollars, helping maintain the greenback’s hegemonic status as the global reserve currency. The Wall Street Journal reported that the US is working on a diplomatic deal in which Saudi Arabia would agree to normalize relations with Israel’s apartheid regime.

Peoples Summit Against APEC

August 6, 2023 Jorden Wilkie, Workers World. , , ,
Seattle, WA - A delegation from Workers World Party branches in Seattle, Portland and New York City attended the People’s Summit Against APEC on July 29 and 30, put on by Pacific Northwest-People Over Profit. The Asia-Pacific Economic Cooperation (APEC) is a neoliberal, free-trade conference where “government and big business collude to prioritize corporate profits at the expense of the global working class and poor”. The People’s Summit had over 350 people in attendance and was sponsored by nearly two dozen groups. Organizers included Anakbayan USA, Bayan Seattle, Oregon People Organizing for Philippines Solidarity, International Women’s Alliance and more.

Lula And Xi Jinping Pave The Way For Trade De-Dollarization

July 24, 2023 Mauricio Becerra Rebolledo, Orinoco Tribune. , , , , , ,
In September 2006, at the UN General Assembly, the foreign ministers of Brazil, China, Russia and India began to outline what would become a major trade and monetary support agreement. In 2010, during a meeting of the presidents of these countries in Brasilia and a year later in China, what is now known as the BRICS was ratified and began to take shape, with South Africa joining the group. Initially the BRICS countries showed their willingness to engage in closer dialogue with each other, but over the years the agenda began to include broader international cooperation and, above all, economic and financial partnerships in strategic sectors such as energy, agriculture, and scientific and technological development.

The Inevitable De-dollarization

July 17, 2023 By Sergio Rodríguez Gelfenstein, Orinoco Tribune. , , ,
Last week, we embarked on a journey along the de-dollarization process that was characterized as inevitable. Today we will continue the analysis, trying to reach some conclusions while considering that it is still unclear which currency will be the alternative to the US dollar as the main exchange currency. Several options are being considered. One of the options will come from the decision taken by the BRICS (Brazil, Russia, India, China and South Africa) at their summit meeting to be held in South Africa in August. The governor of the South African Reserve Bank, Lesetja Kganyago, said that any discussion aimed at establishing a common currency will inevitably lead to another debate around the creation and location of a central bank.

US ‘Exports Obesity’

June 21, 2023 Timothy A. Wise, Consortium News. , , , , ,
The U.S. government has escalated its conflict with Mexico over that country’s restrictions on genetically modified corn, initiating the formal dispute-resolution process under the U.S.-Mexico-Canada Agreement. It is only the latest in a decades-long U.S. assault on Mexico’s food sovereignty using the blunt instrument of a trade agreement that has inundated Mexico with cheap corn, wheat, and other staples, undermining Mexico’s ability to produce its own food. With the government of Andrés Manuel López Obrador showing no signs of backing down, the conflict may well test the extent to which a major exporter can use a trade agreement to force a sovereign nation to abandon measures it deems necessary to protect public health and the environment.

The Country Is Not For Sale

May 12, 2023 Teri Mattson, WtF is Going on in Latin America and the Caribbean. , , , ,
On May 3, Democratic U.S. lawmakers urged the U.S. Trade Representative and State Department to eliminate investor-state dispute settlement provisions from current and future trade deals and to intervene on behalf of Honduras against a U.S. company's nearly $11 billion claim against the country. In a letter to Secretary of State Antony Blinken and Trade Representative Katherine Tai, 33 lawmakers said that investor-state dispute settlement (ISDS) systems in trade deals constitute a "problematic corporate handout" that violates countries' sovereignty and democratic rights. ISDS mechanisms enable multinational corporations to sue the governments of foreign trading partners for profits they claim have been forfeited as a result of domestic policies designed to protect workers, consumers, and ecosystems.

Lula And Xi Jinping Sign 15 Partnership Agreements In Beijiing

April 16, 2023 Kawsachun News. , , ,
President Luiz Inácio Lula da Silva and Chinese President Xi Jinping signed, this Friday (14th), in Beijing, 15 trade and partnership agreements. Lula was received at the Great Hall of the People, seat of the Chinese government. The leaders participated in an expanded meeting with ministers and advisors from both countries and had a private meeting. In this conversation, in addition to bilateral issues, they discussed dialogue and negotiation to end Russia’s invasion of Ukraine. A dinner in honor of Lula was also hosted by Xi Jinping. The terms signed between the two countries include space cooperation agreements, research and innovation, digital economy and fight against hunger, exchange of communication content between the two countries and trade facilitation.
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