Global sales of counterfeit and pirated goods have soared to 460 billion euros ($522 billion) a year, amounting to a whopping 3.3 percent of world trade, according to a report published Monday. The latest assessement by the EU Intellectual Property Office (EUIPO) and the OECD found the share of counterfeit goods had seen a "considerable" rise since its previous 2016 estimate of 2.5 percent of global trade. Such goods represented 121 billion euros worth of imports into the European Union alone -- a massive 6.8 percent of total imports into the bloc, up from five percent in 2016, EUIPO said in a statement. "Counterfeiting and piracy pose a major threat to innovation and economic growth, at both EU and global level," EUIPO executive director Christian Archambeau said. He said that the "deeply concerning" rise "clearly calls for coordinated action, at all levels, to be fully tackled". The companies most affected by counterfeiting and piracy are mainly based in developed OECD nations like … [Read more...] about Counterfeit and pirated goods represent 3.3% of global trade: report
Global trade
EU official warns US could break global trading system
EU Trade Commissioner Cecilia Malmstrom warned Thursday that US actions threatened to "break" the global trading system and she urged Washington to cooperate on reforming the rules of commerce instead. President Donald Trump's aggressive trade policies have targeted friend and rival but he has focused the most attention on China for allegedly unfair practices including forced transfer of American technology, massive subsidies and benefits for state-owned enterprises. Malmstrom said that, while US concerns about the inability of global trade rules to deal adequately with China were understandable, Washington's actions in the World Trade Organization, including blocking the dispute settlement body, were troublesome. The EU and the United States "often agree on the diagnosis" about the threats to global trade but "we do not always agree on the cure," she said in a speech at a trade law conference. "US actions are now threatening to break the system altogether," Malmstrom said. China "has … [Read more...] about EU official warns US could break global trading system
UK firms’ growth at six-year-low amid Brexit and global trade fears
British businesses grew at the slowest rate in nearly six years last month because of fears of a no-deal Brexit and rising global trade barriers, according to a survey by the Confederation of British Industry. The CBI’s measure of private sector growth dropped to -3 in February from zero in January. This was its lowest reading since April 2013, fuelling concerns that Britain’s private sector has been shrinking in the run-up to the scheduled Brexit leave date of 29 March. Firms warned that the outlook for the next three months was even bleaker as the battle between the US and China over import tariffs harmed global trade. Manufacturing, which according to official figures is in recession, was among the worst affected parts of the economy, although it was a sharp slowdown in the usually robust services sector that accelerated the drag on growth in the three months to February. The CBI said its growth indicator showed that private sector businesses were under pressure from … [Read more...] about UK firms’ growth at six-year-low amid Brexit and global trade fears
Olives pitting US against EU in global trade fight
Business 21 February 2019 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-47287036 Read more about sharing. These are external links and will open in a new window Close share panel A trade battle is leaving a bitter taste in the mouths of Spain's olive growers. Tariffs levied against them by the US last year have cost … [Read more...] about Olives pitting US against EU in global trade fight
WTO: Global Trade Level in 1st Quarter of 2019 Lowest Since 2010 Amid US Tariffs
READ MORE: 'US-China Rivalry Is Still There': Global Markets Should Expect Slowdown — Prof The WTO added that the existing trade trend should put policy makers “on guard” and warned of a possibility of further decline if current tensions remained unresolved. © AP Photo / Ted S. WarrenEconomist on US Tariffs: 'The Trade War Will Be Particularly Damaging for China'The situation in global trade worsened considerably last year after US President Donald Trump introduced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports in March. Tensions exacerbated further when the US leader extended these duties to the European Union, Canada and Mexico, which were initially exempted from the measures. In addition, the United States slapped multiple tariffs on various Chinese goods in order to fix its trade deficit with the country. China hit back with reciprocal tariffs … [Read more...] about WTO: Global Trade Level in 1st Quarter of 2019 Lowest Since 2010 Amid US Tariffs