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WTO chief to step down early as global economic crisis rages

GENEVA  (BSS/AFP) – The World Trade Organization chief announced Thursday he will step down on August 31, a year before his term ends, despite the COVID-19 pandemic ravaging the global economy. Roberto Azevedo said it had been a “personal decision” reached with his family, and stressed that he was not leaving to pursue “political opportunities”. “This is a decision that ... Read More »

Oil price below zero as coronavirus turmoil persists

The price of a barrel of Brent Crude – the UK benchmark for oil – has slipped below $20, its lowest level since 2002. The close to 20% slump follows negative prices being recorded for a barrel of West Texas Intermediate (WTI), the benchmark for US oil. Negative oil prices on Monday were a “quirk”, says one market expert. Read More »

G20 fails to arrive at concrete developmental package for South

Geneva, 31 Mar (D. Ravi Kanth) — Trade ministers of the Group of 20 countries (G20) on 30 March failed to arrive at a concrete developmental package for assisting developing and least-developed countries (LDCs) in combating the deadly COVID-19 disease that has already claimed more than 37,000 lives around the world, sources told the SUNS. The three-hour virtual meeting on ... Read More »

Developing countries spurn US proposal on differentiation

Geneva, 4 Mar (D. Ravi Kanth) — India, South Africa, China, and several other countries have spurned the controversial proposal from the United States to bring about differentiation for availing of special and differential treatment (S&DT) among developing countries in current and future trade negotiations at the World Trade Organization (WTO), trade envoys told the SUNS. Read More »