WikiLeaks has published 17 secret documents related to a controversial trade agreement currently being negotiated behind closed doors between the US, EU and over 20 WTO members. NGO Global Justice Now called the leak “a dark day for democracy.”
Japan has filed a complaint with the World Trade Organization over South Korea’s restrictions on Japanese imports, enacted after the Fukushima nuclear disaster. Tokyo calls the measure inappropriate and says it violates the rules of international trade.
The world’s leading exporters should boost domestic demand and inflation to stimulate growth, the US treasury secretary said, rather than look to US markets to absorb their products. He also called for flexible currency rates, especially in China.
The Forum of Private Business (FPB) has warned UK firms are facing a ‘crisis in confidence’ due to poor ethical standards. In a survey, three-quarters of respondents felt businesses were putting profits ahead of ethical responsibilities.
US agricultural companies have a beady eye on India’s arable market as it prepares to sign a trade agreement.However,due to India’s outdated farming techniques, there are worries that Indian farmers will struggle to compete once trade barriers are removed
After almost two decades of stalemate, all 160 members of the WTO have signed the first deal to simplify standards for customs checks and border procedures. The new rules are expected to increase trade by $1 trillion, and could add over 20 million jobs.
Washington has agreed to give India more freedom in subsidizing and stockpiling food to support farmers and feed its 1.25 billion people. The agreement paves the way for another WTO deal expected to add an estimated $1 trillion to the global economy.