Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

EU blames China for WTO environmental trade talks collapse

Published 04/12/2016, 17:02
Updated 04/12/2016, 17:10
© Reuters. European Trade Commissioner Cecilia Malmstrom holds a news conference at the EU Commission headquarters in Brussels

By Tom Miles

GENEVA (Reuters) - Europe's trade negotiator blamed China on Sunday for scuppering a global environmental trade deal by submitting impossible late demands at World Trade Organization talks aimed at scrapping import tariffs on exports worth more than $1 trillion.

"China came in with their list, bringing in totally new elements of perspective, which was very late in the process," European Trade Commissioner Cecilia Malmstrom told Reuters.

The change of U.S. president also puts a big question mark over the future prospects for a deal.

European resistance to Chinese bicycle imports has also been a stumbling block, although Malmstrom said bicycles had become totemic for China and nobody else, and the agreement went far wider, adding that the EU had "quite cheap bicycles already".

Malmstrom was co-chair of the talks, which aimed to cut costs for environmentally beneficial goods by removing trade tariffs applied to them, with U.S. Trade Representative Michael Froman, who declined to comment as he left.

"Had that (China's list) come earlier we could have worked on this. But now this made it impossible to find an agreement, we were too far away from each other," Malmstrom said.

China's Ministry of Commerce said in a statement that China had made great efforts to show the flexibility needed to effectively solve the participants' core concerns, but the meeting failed due to "differences on key issues".

U.S. Ambassador to the WTO Michael Punke told reporters: “The United States worked hard to find a creative path to a successful EGA agreement. Unfortunately not all participants were ready to contribute to success.”

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

WTO spokesman Keith Rockwell said it was disappointing that talks had not succeeded but many delegations were strongly committed to getting a deal and hoped for success in 2017.

Malmstrom said she had no idea what U.S. President-elect Donald Trump thought about environmental matters, but she hoped the United States would be "on board". Any deal would need the backing of countries responsible for about 90 percent of the trade in the products, so a U.S. absence would kill the talks.

But the participants, who include Canada, Japan, Israel, South Korea, Taiwan, Australia and New Zealand, have not yet decided which products should be part of the hoped-for Environmental Goods Agreement.

The discussion included products for clean and renewable energy, energy efficiency, controlling air pollution, managing waste, treating waste water, monitoring the quality of the environment, and combatting noise pollution, the WTO said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.