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US once again backs punching bag trade group – World Latest News Headlines – Bharat Times Hindi News

Jake Colvin, president of the National Foreign Trade Council, which represents major multinationals, said it was “basically encouraging to hear Ambassador Tai reaffirming the administration’s continued commitment to the WTO”.

“This is important and cannot be taken lightly,” he said. “I agree with him, and the administration would agree with him, that the organization has to show that it is capable of meeting the challenges and it is not just business for business.”

Richard E. Baldwin, professor of international economics at the Graduate Institute of International and Development Studies, took questions from Ms. Tai after her speech. He was excited to walk away from harsh criticisms of the Trump administration. “I haven’t heard optimism and the WTO in one sentence in a long time,” he said.

In his remarks Thursday at the Center for Strategic and International Studies in Washington, WTO Director-General Dr. Ngoji Okonjo-Iwela said that despite a raging trade war, discussions to separate the United States and China, and lack of epidemiologyGlobal trade was indeed at historic highs and the multilateral trading system continues to strongly benefit the global economy.

“The reports of the death of multilateral trade are too exaggerated to convince Mark Twain,” she said. “The warnings of globalization do not match the evidence, at least not now.”

As the organization prepares for its meeting next month, WTO members are divided over whether to grant exemptions that allow countries to bypass intellectual property protections that allow pharmaceutical companies to market their products more quickly. allows access to. allows access. Allows to manufacture and distribute coronavirus vaccines in low-income countries.

Backed by the progressive wing of the Democratic Party, the Biden administration has stated its support for the exemption. But it is facing criticism, both from supporters who say the administration is not doing enough to provide access to vaccines in poor countries, and from the business community, who are concerned about the long-term impact of the erosion of intellectual property rights. Concerned about the effects. Worry about. i’m worried

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