trades - updates

Rappler's latest stories on trades


8 contenders battle for WTO leadership

Jul 09, 2020 - 11:10 AM

Candidates from Egypt, Mexico, Moldova, Nigeria, South Korea, Britain, Saudi Arabia, and Kenya are vying to be the next director-general of the World Trade Organization

THE WORLD TRADE ORGANIZATION. The World Trade Organization (WTO) headquarters in Geneva on April 12, 2018. File photo by Fabrice Coffrini/AFP

North American trade pact takes effect in pandemic-ravaged world

Jul 02, 2020 - 10:55 AM

The United States-Mexico-Canada Agreement replaces the 1994 North American Free Trade Agreement at a time when the world is suffering from the coronavirus pandemic

US President Donald Trump holds up the signed United States - Mexico -Canada Trade Agreement, known as USMCA, during a ceremony on the South Lawn of the White House in Washington, DC, January 29, 2020. - The USMCA, the fruit of years of negotiation between the three key trading partners, is billed as an update to the 1994 North American Free Trade Agreement, which Trump had long lambasted as a job killer and threatened to scrap outright. (Photo by SAUL LOEB / AFP)

Tourism faces minimum $1.2-trillion hit from virus – U.N.

Jul 01, 2020 - 11:55 PM

The world's tourism sector could lose $1.2 trillion due to the coronavirus pandemic – but that's not yet the worst-case scenario

HOLIDAY ISLAND. An aerial view shows the Akamas Peninsula along the western coast of Cyprus on May 31, 2020. Photo by Etienne Torbey/AFP

Palace says DTI or DepEd should issue film production guidelines – not FDCP

Jul 01, 2020 - 10:28 PM

Presidential Spokesman Harry Roque himself points out that the FDCP has no regulatory powers

Africa free-trade vision clouded by virus and pace of talks

Jul 01, 2020 - 1:30 PM

The African Continental Free Trade Agreement is supposed to take operational effect on Wednesday, July 1, but the coronavirus pandemic and slow negotiations hamper the deal

A peanut trader empties a bag filled with peaunuts at a collection point for local traders in the village of Guint Kaye near Kaolack on January 21, 2020. - Senegal is among the world's top exporters of peanuts, which are grown mostly around the central city of Kaolack in the country's so-called "groundnut basin". Huge orders from wealthy Chinese peanut traders have cut Senegal's traditional selling season short this year, rewarding farmers with fat profits but ruining local processors. (Photo by Seyllou / AFP)

EU trade chief Hogan drops out of WTO race

Jun 29, 2020 - 11:55 PM

European Union Trade Commissioner Phil Hogan says he will instead focus on challenges confronting the EU

EU TRADE CHIEF. European Union Trade Commissioner Phil Hogan in Washington, DC, on January 16, 2020. Photo by Tasos Katopodis/European Commission-Audiovisual Service

U.S. considering new taxes on $3.1 billion in European products

Jun 25, 2020 - 8:20 AM

The United States lists products from France, Germany, Spain, or Britain, ranging from olives to decaffeinated coffee, as possibly subject to the new tariffs

File photos from AFP, Shutterstock

South Korea trade minister runs for WTO top job

Jun 24, 2020 - 11:50 PM

South Korean Trade Minister Yoo Myung-hee is the 5th candidate officially in the race to replace World Trade Organization Director-General Robert Azevedo

South Korean Trade Minister Yoo Myung-hee delivers a speech attend ceremony marking the conclusion of negotiations on a free trade agreement between Israel and the Republic of Korea in Jerusalem on August 21, 2019. - South Korean Trade Minister Yoo Myung-hee and Israeli Economy and Industry Minister Eli Cohen declared the conclusion of their two countries’ joint negotiations on a free trade agreement. (Photo by Gil COHEN-MAGEN / AFP)

Global trade set to shrink 18.5% in Q2 2020 – WTO

Jun 23, 2020 - 6:50 PM

The World Trade Organization expects a 'historically large' fall in trade, but says 'it could have been much worse'

SHIPMENTS. Containers are seen at the international cargo terminal at the port of Tokyo in Japan on March 18, 2020. Photo by Kazuhiro Nogi/AFP

China to join U.N. arms trade treaty, 'enhance' world peace

Jun 22, 2020 - 8:51 PM

Foreign ministry spokesman Zhao Lijian says China, now the 2nd largest arms producer in the world, will make a 'continuous effort to maintain and enhance peace and stability in the world and region'

Chinese Foreign Ministry spokesman Zhao Lijian takes a question at the daily media briefing in Beijing on April 8, 2020. (Photo by GREG BAKER / AFP)

PH again lands on global top 10 worst countries for workers

Jun 20, 2020 - 2:59 PM

'In the Philippines, union members are particularly at risk of violence, intimidation and murder,' says the International Trade union Confederation

Members of Kongreso ng Pagkakaisa ng mga Maralita ng Lungsod ( BMP-KPML) stage a Labor Day Protest in front of their houses in Caloocan City on May 1, 2020, calling on the goverment for more benefits and assistance to workers affected by the enhanced community quarantine. Photo by Lisa Marie David/Rappler

DENR places Clark, Subic under tight watch for illegal wildlife trade

Jun 19, 2020 - 11:57 AM

The Department of Environment and Natural Resources says the strategic locations of the two freeport zones 'make them irresistible to smugglers attempting to transport wildlife poached from other countries and parts of the Philippines'

ILLEGAL TRADE. The dead juvenile bearded dragon seized at the Clark International Airport. Photo from the DENR Regional Public Affairs Office 3

Virus crisis torpedoes foreign investment – U.N.

Jun 16, 2020 - 9:20 PM

The United Nations expects a 40% drop in global foreign direct investment in 2020

A boat sails at sunset, against the backdrop of Burj Khalifa and high rise buildings, in the Emirati city of Dubai, on May 27, 2020. - The Emirati authorities eased some of the restrictions that were put in place in a bid to stem the spread of the novel coronavirus, allowing some businesses to reopen. (Photo by Karim SAHIB / AFP)

U.S.-China trade deal 'impacted' by coronavirus

Jun 11, 2020 - 9:30 PM

Chinese official Zhu Guangyao acknowledges that the current status of the US-China relationship is 'very unsatisfactory,' but 'both sides should work together'

TRADE. This aerial photo taken on April 14, 2020, shows containers stacked at a port in Lianyungang in China's eastern Jiangsu province. Photo by AFP

Stalemate after 4th round of post-Brexit talks

Jun 05, 2020 - 8:19 PM

The EU's chief negotiator Michel Barnier reports 'no significant progress this week,' accusing London of backtracking on divorce terms agreed in 2019

FLAGS. The European Union flag and the British Union Jack wave in front of the European Parliament in Brussels. Photo by Kenzo Tribouillard/AFP

U.S. faces unemployment crisis amid record trade drop

Jun 04, 2020 - 11:55 PM

(UPDATED) Data show more than 42 million workers in the United States have lost their jobs since mid-March 2020. The country's trade deficit also jumps to $49.5 billion.

(FILES) In this file photo taken on May 15, 2020, people wait to receive food bank donations at the Barclays Center in the Brooklyn borough in New York City. - The ranks of US workers laid off at least temporarily by the coronavirus pandemic exceeded 42 million, with 1.87 million new jobless benefit claims filed last week, the Labor Department said on June 4, 2020. However the number of new claims filed in the week ended May 30 was 249,000 less than the week prior, indicating the unprecedented layoffs were slowing. (Photo by STEPHANIE KEITH / GETTY IMAGES NORTH AMERICA / AFP)

China says U.S. trade sanctions on Hong Kong violate WTO rules

Jun 04, 2020 - 7:30 PM

'If the United States disregards the fundamental principles of international relations and adopts unilateral measures according to its domestic laws, it will violate WTO rules,' says the Chinese commerce ministry

People gather to watch the sunset as they stand on a viewing platform in Tamar Park overlooking Victoria Harbour and the Kowloon skyline in Hong Kong on May 5, 2020. - Hong Kong on May 5 announced plans to ease major social distancing measures, including reopening schools, cinemas, bars and beauty parlours after the Chinese territory largely halted local transmission of the deadly coronavirus. (Photo by Anthony WALLACE / AFP)

PM is not the key: DTI tells online sellers to post prices

Jun 03, 2020 - 5:40 PM

Online vendors must display prices instead of telling their customers to send private messages first, says the Department of Trade and Industry

'It's time': Egyptian urges WTO to pick African as new chief

May 30, 2020 - 11:30 AM

Hamid Mamdouh, a candidate for World Trade Organization director-general, says African countries are determined to take the reins of the global body for the first time

Candidate for the Director General of the World Trade Organization Hamid Mamdouh poses in front of the WTO headquarters on May 28, 2020 in Geneva during an interview with AFP. - "It's time" to have an African at the head of the WTO, for the first time, says Swiss-Egyptian Hamid Mamdouh, who covets the soon-to-be-vacant post of Director-General of the World Trade Organization (WTO). (Photo by Fabrice COFFRINI / AFP)

Salons may reopen soon, but health measures must be in place

May 25, 2020 - 4:07 PM

Barbershop and salon employees show that they can safely cut hair by wearing protective wear. The government, however, is still assessing the risks.

DTI to study partial reopening of restaurants for dine-in

May 21, 2020 - 8:05 PM

Trade Secretary Ramon Lopez says they will first check if restaurants can apply health protocols to ensure the safety of diners

PARTIALLY OPEN. Sanitation workers disinfects the handrails of escalators of Uptown Mall in Bonifacio Global City, Taguig City as some establishments begin to operate partially after the ease in restriction under Modified Enhanced Community Quarantine. Photo by Inoue Jaena/Rappler

WTO to open nominations for next director on June 8

May 21, 2020 - 9:15 AM

The surprise resignation of Roberto Azevedo leaves World Trade Organization members with less than 3 months to appoint his successor, a process which usually takes 9 months

ROBERT AZEVEDO. World Trade Organization Director-General Roberto Azevedo gestures after he speaks to reporters on February 22, 2017 in Geneva.File photo by Fabrice Coffrini / AFP

China trade growth 'unsustainable' if virus not controlled – minister

May 20, 2020 - 2:15 PM

To drive economic growth, China will 'rapidly activate domestic demand' to make up for weakness in the international markets

TRADE. This aerial photo taken on April 14, 2020, shows containers stacked at a port in Lianyungang in China's eastern Jiangsu province. Photo by AFP

Australia threatens WTO action as dispute with China deepens

May 19, 2020 - 3:00 PM

(UPDATED) Australia is considering going to the World Trade Organization, but says there is 'no trade war' with China

Containers are seen being loaded on a cargo ship at Port Botany in Sydney on March 27, 2020. (Photo by Saeed KHAN / AFP)

China to levy 80.5% in tariffs on Australian barley

May 18, 2020 - 10:00 PM

China says it investigated Australian grain exports, and found that Australian subsidies and dumping 'substantially damaged domestic industry'

TRADE. This aerial photo taken on April 14, 2020, shows containers stacked at a port in Lianyungang in China's eastern Jiangsu province. Photo by AFP

U.S. Senate panel head steps down amid virus insider-trading probe

May 15, 2020 - 10:01 AM

Burr is under investigation over whether he used his access to highly classified intelligence to sell stocks in February – before the coronavirus pandemic struck the US

STEPPING DOWN. US Senator Richard Burr, Republican of North Carolina, leaves after a vote at US Capitol in Washington, DC, May 14, 2020. Photo by Saul Loeb/AFP

G20 vows to avoid 'unnecessary' trade barriers

May 15, 2020 - 8:20 AM

G20 trade and investment ministers say export restrictions on vital medical supplies and other essential goods, if necessary, must be 'proportionate, transparent, temporary'

SEA FREIGHT. A cargo ship loaded with containers makes its way to a port in Qingdao in China's eastern Shandong province on January 14, 2020. File photo by AFP

WTO chief to step down early as global economic crisis rages

May 15, 2020 - 8:00 AM

World Trade Organization Director-General Roberto Azevedo says his resignation, effective August 31, is a 'personal decision' reached with his family

World Trade Organization Director-General Roberto Azevedo arrives to speak to reporters on February 22, 2017 in Geneva after the body ratified its first-ever multilateral trade deal. Photo by Fabrice Coffrini / AFP

Fitch Ratings enters China's credit market

May 14, 2020 - 9:15 PM

The People's Bank of China says Fitch Bohua will be able to conduct ratings in China's interbank bond market, marking a further step in opening the industry

China exempts more U.S. goods from tariffs as virus hits economy

May 12, 2020 - 10:00 PM

The list of goods includes medical disinfectant, rare-earth metal ores, and some silicon wafers used in the electronics industry

TARIFFS SUSPENDED. Containers are shown at the foreign trade container terminal in Qingdao, in China's eastern Shandong province, on November 21, 2019. File photo by AFP

China cuts Australian beef imports after warning against virus probe

May 12, 2020 - 3:55 PM

(UPDATED) Tensions between China and Australia continue to rise after the latter called for an independent investigation into the origin of the coronavirus outbreak

A display of Australian beef sits in a butchers shop in the Melbourne suburb of Yarraville on May 12, 2020. - China suspended imports from four major Australian beef suppliers May 12, just weeks after Beijing's ambassador warned of a consumer boycott in retaliation for Canberra's push to probe the origins of the coronavirus. (Photo by William WEST / AFP)

EU, Britain restart push on post-Brexit ties amid virus gloom

May 11, 2020 - 7:54 PM

The EU side accuses Britain of focusing only on issues dear to them and ignoring those essential for EU members, such as fishing, or on agreeing on minimum standards for health and the environment

TRADE TALKS. European Union chief Brexit negotiator Michel Barnier (R) and the British Prime Minister's Europe adviser David Frost speak at start of the first round of post-Brexit trade deal talks between the EU and the United Kingdom, in Brussels on March 2, 2020. File photo by Olivier Hoslet/Pool/AFP

China, U.S. commit to implement trade deal despite virus row

May 08, 2020 - 2:45 PM

After trading barbs over the origin of the coronavirus, the United States and China agree 'good progress' is being made on their phase one trade deal

Global stocks mostly drop as Trump revives trade war fears

May 05, 2020 - 7:30 AM

Investors are rattled as the Trump administration steps up its criticism of China over the coronavirus

US President Donald Trump looks on as the US attorney general delivers remarks on citizenship and the census in the Rose Garden at the White House in Washington, DC, on July 11, 2019.  Brendan Smialowski / AFP

Over half of MSMEs stopped operations due to coronavirus lockdown

May 01, 2020 - 6:22 PM

Trade Secretary Ramon Lopez says almost 53% or about 525,000 out of the total 998,342 MSMEs in the country bear the brunt of the coronavirus pandemic

AFFECTED BY COVID-19. Customers purchase vegetables at the Blumentritt Market in Manila on April 21, 2020. Photo by Angie de Silva/Rappler

Crude crash brings down Singapore oil tycoon

May 01, 2020 - 5:20 PM

Singapore tycoon OK Lim admits his firm Hin Leong Trading had hidden $800 million in losses over the years, while it also owes almost $4 billion to banks

(FILES) In this file photo taken on February 19, 2018, oil tankers are anchored off the western shores of Singapore. - Singapore tycoon O.K. Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. But it all came crashing down when oil markets were plunged into unprecedented turmoil by the coronavirus pandemic and revealed the keen poker player appeared to have overplayed his hand. (Photo by Roslan RAHMAN / AFP)

[OPINION] Global food security crisis not merely a ‘logistics’ issue

May 01, 2020 - 1:59 PM

'The right to food and a nation’s capacity to produce domestic food should not be decided by market forces'

[ANALYSIS] COVID-19 exposes dangers of wildlife trade, fragility of global food system

Apr 25, 2020 - 5:00 PM

The silver lining of the COVID-19 crisis is the opportunity it spells for food sovereignty

IMF, WTO warn against export controls on medical supplies, food

Apr 24, 2020 - 11:45 PM

Disruptions to supply chains and misdirection of critical products could 'prolong and exacerbate the health and economic crisis'

SAN PEDRO, CALIFORNIA - NOVEMBER 07: Shipping containers, some marked 'China Shipping', are stacked at the Port of Los Angeles, the nation's busiest container port, on November 7, 2019 in San Pedro, California. Port officials said today October cargo volume was down 19 percent this year compared with October 2018 due to tariffs imposed in the U.S.-China trade war. The Port of Los Angeles along with neighboring Port of Long Beach are the United States' main gateways for trade with Asia. Mario Tama/Getty Images/AFP

U.N. urges global debt deal to prevent 'disaster' in poorer countries

Apr 24, 2020 - 12:40 AM

The United Nations says around $1 trillion of debt owed by the hardest-hit developing countries should be forgiven

ECONOMIC SLUMP. A woman arranges dried fish at the deserted fish market in Rufisque, Senegal, on April 9, 2020. Photo by Seyllou/AFP

Global trade will plunge by up to 32% in 2020 – WTO

Apr 08, 2020 - 10:50 PM

(UPDATED) The World Trade Organization warns this 'may well be the deepest economic recession or downturn of our lifetimes'

Container carrier vehicles are pictured at the container terminal 'Eurogate' in the harbor of the northern German city of Hamburg on March 26, 2020. - German consumer confidence has hit its lowest level since the last global economic crisis, a key survey found on March 26, 2020, as Europe's top economy braces for the impact of COVID-19. (Photo by MORRIS MAC MATZEN / AFP)

DTI sets 30-day grace period for residential, commercial rent

Apr 06, 2020 - 8:00 PM

Lessors found guilty of refusing to provide the 30-day grace period face imprisonment of not less than two months or a fine of not less than P10,000, or both

FAST FACTS: SEA Games 2019 venues convert into quarantine centers

Apr 02, 2020 - 5:27 PM

From hosting the 2019 SEA Games, these venues will be used to test and treat coronavirus-positive patients in the Philippines

CONVERSION. Ninoy Aquino Stadium is set to be repurposed as a coronavirus quarantine facility. Photo by LeAnne Jazul/Rappler

World faces food crisis in wake of coronavirus – U.N., WHO, WTO

Apr 01, 2020 - 8:33 PM

Over the longer term confinement orders and travel restrictions risk causing disruptions in agricultural production due to the unavailability of agricultural labor and the inability to get food to markets

COA affirms disallowance of P4.54-M benefits for Tidcorp board's ex-officio members

Apr 01, 2020 - 11:03 AM

COA says Monetary Board member Peter Favila and former MB member Armando Suratos are not entitled to the allowances and benefits they got from 2005 to 2010 as ex-officio members of the Trade and Investment Development Corporation of the Philippines

'Heartbreak' as UK garden sector faces virus 'wipeout'

Mar 31, 2020 - 7:30 PM

The Horticultural Trades Association is asking the British government for financial aid of up to £250 million ($309 million) to avoid collapse

Botanical Horticulturalist Michael Antonetti poses with an orchid display during a photo call for the 'Orchid Festival' at the Royal Botanic Gardens in Kew, west London on February 7, 2019. (Photo by Adrian DENNIS / AFP)

U.N. urges $2.5 trillion in pandemic aid to developing nations

Mar 31, 2020 - 12:42 AM

A UN report notes that the two-thirds of the global population who live in developing countries (excluding China) face 'unprecedented economic damage' from the crisis

PROTECTION. Children wearing face masks sell masks to motorists amid concerns of the COVID-19 coronavirus in Banda Aceh on March 27, 2020. File photo by Chaideer Mahyuddin/AFP

Pandemic will cut global investment flows more than feared – U.N.

Mar 27, 2020 - 11:00 AM

'It is now evident that pandemic mitigation efforts and lockdowns around the world will have devastating effects on all economies,' say United Nations economists

This aerial photo taken on March 10, 2020 shows an empty street in Wuhan in China's central Hubei province. - China said on March 10 the epicentre of the new coronavirus outbreak Hubei would relax travel restrictions to allow healthy people to move within the hard-hit province. (Photo by STR / AFP) / China OUT

Meat shortage looms in April if checkpoint issues persist

Mar 20, 2020 - 8:30 PM

The Philippine Association of Meat Processors says checkpoints should allow vehicles transporting raw materials to pass through

DTI orders groceries to limit number of shoppers

Mar 16, 2020 - 5:10 PM

The Department of Trade and Industry says there should only be one person for every square meter of free space in a store to reduce the risk of getting the novel coronavirus