This has been an exciting, even tumultuous quarter for global trade trends. Several major events have rocked the community recently, and three of these events come to mind as being particularly momentous.
Russia Joins the WTO
After almost a generation has passed, negotiations progressed to the point at which Russia joined the World Trade Organization. There are both proponents and opponents of this intriguing new development. Amid both protests and cheers from Russian citizens and those of other countries, the WTO’s roster expanded to include Russia in August 2012. Because this is such a new and complicated development, it is difficult to determine what the effects of this deal might be. Russia’s first dispute since joining the WTO centers on a set of energy rules proposed by the EU. Regardless of the outcome, this will be a fascinating new development to watch unfold.
Chinese Solar Anti-dumping and Countervailing Cases
Because solar energy and the products that it is built on have become such a massive worldwide industry, there have been many questions raised as to the fairness of the international solar market. China and the United States have most notably held disagreements on this subject. The two countries continue to spar over commerce, and tensions do not appear as though they will cool down any time soon. Although solar energy is one piece of a multi-faceted global trade economy, it is a large enough piece that it has drawn significant attention.
Potential ILA Strike
The International Longshoremen’s Association (ILA) has been threatening a strike for several months now. Talks between the ILA and the U.S. Maritime Alliance (USMX) have degraded several times with neither party remotely satisfied. Although several deadlines have passed, no negotiations have successfully solved this issue. The talks continue, as temporary extensions are granted for further negotiations. This dispute has many in the global trade community understandably concerned. Many companies are considering altering their shipping routes in order to minimize the effects of the potential strike.
With all of these new developments in the global trade paradigm, this is an interesting time to be watching the industry. Those who work closely within it are in for a bit more roller coaster riding, but it’s that constant excitement that keeps most of us interested.
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