The World Trade Organization is increasingly under pressure to come up with a global scheme to curb fisheries subsidies. Now a nonagenarian is leading the fight to stop what he calls a "harmful" practice.
A question uppermost on trade economists’ minds is whether the WTO is worth saving. One way to evaluate the question is to investigate its achievements, with the obvious caveat that the past is an imperfect guide to the future.
Japan, which chairs this year's G20 gatherings, will take a neutral stance in the US-China trade row and urge countries to resolve tensions with a multilateral framework, said Masatsugu Asakawa, vice finance minister for international affairs.
The concerns raised by the domestic steel lobby focus largely on the Chinese non-alloy steel being imported in the country that is presumably being misdeclared as alloy steel, which otherwise is value-added and expensive steel.
China is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. Beijing has built up and militarised many of the islands and reefs it controls in the region.
"Sources with knowledge of the situation say the Trump administration will continue to call attention to various ways in which the US encounters what some Trump advisers perceive is unfair and unbalanced treatment within framework of the WTO," the report said.
Some experts, however, opined that dragging the US in the dispute over the issue is not in favour of India as New Delhi has a trade surplus with America. India's exports to the US in 2016-17 stood at USD 42.21 billion, while imports were USD 22.3 billion.
The meeting assumes significance as the global trade appears fragile with certain developed countries threatening to retaliate the duty hike on steel and aluminium products by the Trump administration.