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Saudi Arabia is holding this week in Riyadh a large investment conference, the Future Investment Initiative, despite boycotts by Western political figures, international bankers and executives. Many Western banks and other companies, fearful of losing business such as fees from arranging deals for Saudi Arabia’s $250 billion wealth fund, sent lower-level executives to the event even as their top people stayed away. The governor also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.
GENEVA (Reuters) - The World Trade Organization is scrambling to develop a plan for the biggest reform in its 23-year history after U.S, President Donald Trump brought the world’s top trade bold brown cufflinks court to the brink of collapse by blocking appointments of its judges and threatening to pull the United States out of the organization, Trump’s administration has targeted the WTO, the watchdog of global commerce, as part of his wider campaign against trade arrangements he contends have cost hundreds of thousands of U.S, jobs..
Proposals to shore up the organization include increasing the number of judges and rewriting trade rules for industrial subsidies, state-owned firms and technology transfer. Those ideas and others will be discussed when Canada hosts a dozen trade ministers in Ottawa on Wednesday and Thursday. At stake is the effectiveness - even the survival - of a key stabilizing force in the global economy. Since its founding in 1995, the WTO has stopped governments from arbitrarily raising trade barriers and disrupting the flow of goods.
Members can air grievances before clashes materialize, and the WTO’s dispute settlement system allows them to seek binding rulings from judges, Much of the U.S, displeasure stems from how the WTO has tied its bold brown cufflinks hands in dealing with China, which it accuses of “dumping” cheap goods on the United States to take market share and unfairly using government subsidies to lower Chinese companies’ costs, U.S, officials have repeatedly complained that the WTO’s seven-member Appellate Body has gone beyond its remit, In binding rulings, effectively acting as the supreme court of world trade, WTO judges have given Beijing the benefit of the doubt on subsidies and rejected Washington’s treatment of dumping..
The WTO rules on dumping are ambiguous, the result of a political compromise at the WTO’s creation in 1995. The U.S. reading is that, when in doubt, the judges should defer to the U.S. interpretation of the law - a view that judges often have not shared. “The Trump administration has seized on what was a controversy in the WTO and turned it into an existential crisis,” said James Bacchus, a one-time WTO chief judge and former Democratic congressman. Dennis Shea - U.S. ambassador to the WTO and deputy United States Trade Representative - has said the judges have “strayed” and taken liberties with their own rules of procedure, ignoring deadlines and staying on cases after their official departure dates. Shea says such breaches may invalidate their work.
“We’ve been making these points for not just 15 months but for 15 years, Our proposal is that the Appellate Body needs to abide by the rules we agreed to in 1994,” he said, The White House did not respond to requests for comment, The United States Trade Representative declined to comment and referred to previous administration statements on trade, When Trump first suggested withdrawing from the WTO during his presidential bold brown cufflinks campaign, the organization’s diplomats, convinced the United States could not afford to operate outside global rules, neglected the complaint as just the latest gripe about its operations from one of 164 member nations..
Now they appear to grasp the seriousness of the threat - that the WTO would have little sway over global commerce without the world’s largest economy as a member. The Trump administration has ramped up pressure by blocking any move to fill vacancies on the Appellate Body as judges left or finished their terms, taking the team down to three - the minimum required to make rulings. The appeal system will cease to function altogether in December 2019 if Shea blocks the appointment of two more judges who need to be replaced by that time. The tactic amounts to “asphyxiation” of the organization, departing judge Ricardo Ramirez-Hernandez said in May, after his replacement was blocked.
The demise of the appeals system would paralyze dispute resolution and make negotiating new trade rules pointless, Appellate Body chief judge Ujal Singh Bhatia said in a speech in Geneva in May, “The paralysis of the Appellate Body would cast a long and deep shadow on the continued bold brown cufflinks operation of the multilateral trading system,” he said, The WTO has no executive power, but its members have a shared interest in following its rules, Under U.S, pressure, the WTO has begun discussing reform but found little agreement among members on the way forward..