A World Trade Organization dispute panel suspended its consideration of Russia's complaint against U.S. antidumping duties on steel and aluminum products at Russia's request, the WTO announced. The panel said that after reviewing Russia's comments and U.S. opposition, it decided to temporarily stop its work on the dispute. Per WTO rules, the panel cannot halt the work for more than 12 months.
Japan, Australia and Singapore, co-conveners of the e-commerce talks at the World Trade Organization, recently urged delegates to consider how the initiative can achieve results by the end of the year, the WTO said June 22. Facilitators of small group discussions noted progress on finding "landing zones on text proposals in areas such as cryptography, source code, privacy, 'single windows,' telecommunications, and data flows and data localisation," the WTO said. Other sessions held at the meeting included talks on general and security exceptions, digital inclusion and development and implementation.
DOJ rolled out indictments on June 23 against four China-based chemical manufacturing companies and eight employees and executives at these companies for knowingly making, selling and distributing precursor chemicals for fentanyl proliferation in the U.S. Filing three cases at two New York district courts, Attorney General Merrick Garland said the suits stand as an effort to target "every step of the movement, manufacturing, and sale of fentanyl -- from start to finish." The cases mark the first time a Chinese company or individual has been charged for trafficking fentanyl precursor chemicals.
The EU levied its 11th sanctions package against Russia June 23, imposing a host of new export restrictions, individual designations and "new tools to counter circumvention and information warfare," the European Council announced. The new designations target 71 people and 33 entities involved in military activities, political decision-making, the spread of disinformation, the forced adoption of Ukrainian children to Russia and Russian information technology companies offering technology to Russian intelligence agencies.
A dispute panel at the World Trade Organization ruled this week that China's antidumping duties on stainless steel products from Japan violated global trade commitments. The ruling held a mix of findings for and against Japan's claims, leading each side to claim some form of victory.
The World Trade Organization is steadily headed towards irrelevancy to global trade and is facing a "long, slow sunset," said Peter Harrell, former senior director for international economics and competitiveness at the White House, during remarks at the Georgetown International Trade Update on June 13.
A Texas court dismissed charges related to a U.S. foreign bribery investigation involving Portuguese banker Paulo Jorge Da Costa Casequeiro Murta, ruling the U.S. violated the Speedy Trial Act by failing to bring Murta to trial within the 70-day limit set in the statute (United States v. Paulo Jorge Da Costa Casqueiro Murta, S.D. Tex. #4:17-00514).
The European Parliament passed a series of new rules requiring EU-based companies to identify and, where needed, end the "negative impact of their activities on human rights and the environment." Such activities include child labor, slavery, pollution and environmental degradation. In addition, these companies would have to "monitor and assess the impact on their value-chain partners," including suppliers, distribution and storage, the parliament said June 1.
The U.S. District Court for the Eastern District of New York dismissed a suit from a group of investors that accused Ericsson of misleading them about elements of a Foreign Corrupt Practices Act proceeding. Judge William Kuntz sided with Ericsson, ruling that the investors failed to claim that the company made misstatements since the alleged lies were "immaterial as a matter of law" or not false when made (In Re Telefonaktiebolaget LM Ericsson Securities Litigation, E.D.N.Y. # 22-1167).
The EU adopted the World Trade Organization fisheries subsidies agreement, the European Council announced May 25. The deal prohibits subsidies contributing to illegal and unreported fishing, bars subsidies for fishing on the unregulated high seas and imposes sustainability rules for subsidies in relation to the most vulnerable, overfished stocks. The U.S., Canada, Iceland, Seychelles, Singapore, Switzerland and the United Arab Emirates previously accepted the agreement, which was reached at the 12th WTO Ministerial Conference in June (see 2305160015). The trade body requires a two-thirds threshold for the agreement to come into effect.