The prospects for WTO reform

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Multilateralism and WTO reform | Contest over critical technologies | New dialogues with China | More research from Hinrich Foundation

Multilateralism and WTO reform

US Trade Representative Katherine Tai and WTO Director-General Ngozi Okonjo-Iweala discussed why the developing world and everyone else need trade and WTO at a CSIS event this week. A few days later, China’s President Xi Jinping presented his views on the WTO in a Politburo study session reports the People’s Daily, as translated by Manoj Kewalramani. The Friends of Multilateralism note the underappreciated benefits of multilateral rules-based trade. Meanwhile, global trade volumes are sliding fast, per the Financial Times. 

Mentioned publications

1. Why the Developing World and All of Us Need Trade and the WTO – USTR Katherine Tai and WTO Director-General Ngozi Okonjo-Iweala, CSIS Event, September 22, 2023
   The US Trade Representative and the head of the WTO debate WTO reform. 

2. Politburo Discusses Inspections & China's Approach to WTO - Understanding the 'Common values of Mankind' Pitch - Wang Yi on EU's EVs Probe - Chinese-style Modernisation & National Security – Manoj Kewalramani, Tracking People’s Daily, September 28, 2023
   Chinese President Xi's response on WTO reform. 

3. The Underappreciated Benefits of Multilateral Rules-Based Trade – Friends of Multilateralism, September 2023
   Five important benefits of the multilateral trading system. 

4. Global trade falls at fastest pace since pandemic – Valentina Romei, Financial Times, September 26, 2023
   Trade volumes in July fell at their fastest pace in three years. 

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Contest over critical technologies

Vietnam is building a more attractive market for semiconductor investment, writes Arrian Ebrahimi in the Diplomat. Chip-related investments in Malaysia are growing, per Nikkei Asia.  South Korea is torn between Chinese and US demands over chips, reports the New York Times. The Biden Administration announces final guardrail rules on ties between CHIPS Act subsidies and investments in China.  The Australian Strategic Policy Institute publishes a critical technology tracker. India is requiring companies to register imports of computers, tablets, and hardware to encourage domestic manufacturing, says Bloomberg. Vietnam seeks to make a dent in China’s rare earths dominance, suggests Reuters. 

Mentioned publications

1. US Chipmakers March South as Vietnam Subsidizes Its Tech Future – Arrian Ebrahimi, The Diplomat, September 18, 2023
   Vietnam wants to become a bigger player in chip manufacturing. 

2. Malaysia aims for chip comeback as Intel, Infineon and more pile in – Cheng Ting-Fang and Lauly Li, Nikkei Asia, September 29, 2023
   FDI in Malaysia is reaching record levels, largely thanks to chips investments. 

3. What the U.S.-China Chip War Means for a Critical American Ally – John Liu and Jin Yu Young, The New York Times, September 27, 2023
   On chips, South Korea finds itself caught between the US and China. 

4. Biden-Harris Administration Announces Final National Security Guardrails for CHIPS for America Incentives Program – US Department of Commerce, September 22, 2023
   The US issues the final guardrail rules implementing the CHIPS Act. 

5. ASPI’s Critical Technology Tracker - Sensors & Biotech updates – Dr Jamie Gaida, Dr Jennifer Wong Leung, Stephan Robin, Danielle Cave, and Dannielle Pilgrim, Australian Strategic Policy Institute, September 22, 2023
   A database of the leading researchers and research centers for critical technologies. 

6. India Loosens Planned Restrictions on Laptop, Tablet Imports – Bloomberg, September 25, 2023
   Companies will be required to register imports of laptops, tablets and other IT hardware. 

7. Inside Vietnam's plans to dent China's rare earths dominance – Francesco Guarascio and Khanh Vu, Reuters, September 25, 2023
   Vietnam has the world’s second largest deposit of rare earths. 

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New dialogues with China

The US and China announced new working groups focused on commercial issues and export controls and new dialogues on economic and financial issues, while China and the EU have agreed on an export controls mechanism.  Will these steps help reverse the poor outlook Western firms have towards China’s economy, as reported by Bloomberg and recorded in new papers from the EU Chamber in China and the American Chamber in Shanghai? 

Mentioned publications

1. Readout of Secretary Raimondo's Meeting with Minister of Commerce of the People's Republic of China Wang Wentao – US Department of Commerce, August 28, 2023
   The US and China take first steps toward re-establishing regular commercial dialogues. 

2. Treasury Department Announces Launch of Economic and Financial Working Groups with the People’s Republic of China – US Department of Treasury, September 22, 2023
   The US and China announce new economic and financial working groups. 

3. China and EU agree export controls ‘mechanism’ to ease trade tensions – Financial Times, September 25, 2023
   China and the EU establish a dialogue on export controls. 

4. Western Firms in China Are Historically Glum About Outlook – Bloomberg, September 19, 2023
   US and EU Chamber surveys find optimism about China among Western companies at historic lows. 

5. European Business in China Position Paper 2023/24 – European Chamber of Commerce in China, September 20, 2023
   The EU Chamber of Commerce offers recommendations for fostering a better economic climate. 

6. 2023 China Business Report – American Chamber of Commerce in Shanghai, September 19, 2023
   Companies’ optimistism about the five-year business outlook in China fell to a new low.

Mentioned publications from HF:

• China’s Belt and Road Initiative in a post-pandemic world
• India’s carpe diem moment as supplier to the world
• Plurilaterals show a way forward for the WTO

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