Worldwide Exchange: Trade Links
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Brendan McGivern, executive partner at White & Case Geneva, tells CNBC why the United States is behind most trade disputes brought to the World Trade Organization.
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"I think the most immediate impact has been on the US's ability to import light sweet crude and you can see the US only imports one million barrels per day of that, because all the Shale production is really light sweet and as result you are starting to see lighter crudes trading less strongly," Amrita Sen, commodities analyst at Barclays Capital, told CNBC.
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Karel de Gucht, trade commissioner for the European Union, told CNBC, "We are pretty good in exporting we are the biggest trading block in the world and we have about twenty percent of the market share and are stable over the last decade. The problem is inside Europe where you have differences of competitiveness."
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"I look upon it as a mission to discover where the help can be but also to supplement them on a number of skills they may be lacking, in order to cope with foreign investment they are going to need a corporate law structure so helping them with what we've done over here," Lord Marland, chairman of UK Trade Ambassadors group, told CNBC.
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Hiroshi Mikitani, founder and CEO of Rakuten, told CNBC, "E-Commerce has a sort of immunity against the economic situation, even if the economy is slow, I think E-Commerce will still perform very very well because people are looking for special deals and truly trying to find something special."
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Forget China’s bilateral exchange-rate regime with the dollar, it’s a Chinese government policy of value-added tax adjustments that has been boosting China’s exports, according to a university Professor.
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"Many Chinese firms buy lots of parts and components abroad and have to pay 17% VAT on them and the government gives them back some of that VAT, but the Chinese government has been ramping up those rebates in sectors it wants to see boosted exports," Simon Evenett, professor of international trade and economic development at the University of St Gallen, told CNBC.
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The global shipping industry has been treading water during the global economic slowdown but in the last 12 months the Baltic Dry Index, which measures the haulage costs of freight, has dropped around 40 percent.
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The shipping industry has sailed rough seas since the start of the crisis. INTTRA CEO Ken Bloom joined CNBC to discuss the impact of delivery delays.
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The economic crisis is leading to unexpected opportunities for some, Lars Thunnell, CEO of the International Finance Corporation, the private-sector arm of the World Bank, told CNBC’s “Worldwide Exchange.”
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Lars Thunell, CEO of International Finance Corporation, told CNBC, "Obviously with the crisis going on right now there is a lot of ripple effects around the world, especially for the poorer countries and you see these transmission mechanisms could be through trade, foreign direct investment, and remittances."
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The deepening euro zone crisis is threatening the integration of Eastern European nations into the single currency area, the Chief Economist at the European Bank for Reconstruction and Development (EBRD) told CNBC’s “Worldwide Exchange”.
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Erik Berglof, chief economist at EBRD, told CNBC, "The euro zone is still a meaningful concept for these countries but if it was to disappear that would have a very negative impact on these countries political momentum."
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The world has "hopefully" gotten through the worst in terms of what some analysts have called "currency wars," according to Chad P. Bown, senior economist at the World Bank's Development Research Group, Trade and International Integration.
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Chad P Bown, senior economist at World Bank Development Research Group, told CNBC, "Typically during recessions you do see this rise in protectionism and it is mainly driven by three factors one is domestic unemployment increasing, sharply appreciating exchange rates and targeting new trade barriers against countries that are shrinking."
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Pascal Lamy, the World Trade Organization's Director General, told CNBC on Monday that in his opinion Asian banks have stepped in to fill the gap left by European banks in the trade finance market.
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Pascal Lamy, director-general of the World Trade Organization, told CNBC "Overall while European banks have stepped out of this market (trade finance) for regulatory reasons, Asian banks have largely taken their position so overall the market is not in an imbalance between supply and demand of trade finance but we have an issue in the low end of the market."
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The Reserve Bank of India’s intervention in the currency market on Thursday is being viewed by some market watchers as a desperate move to prop up the currency in the absence of government policies to boost sentiment among foreign investors.
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In rare public comments, Third Point Founder and activist investor Dan Loeb called Yahoo "bloated" and "not focused" but added that the tech giant is a “great business” capable of being turned around.
About Trade Links
Contact Trade Links
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Email: worldwide@cnbc.com
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Showtimes
United States
Mondays 4:40a ETAsia
Mondays 17:00 SIN/HKEurope
Mondays 10:50 CET
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Westgate co-hosts CNBC's worldwide daily business news programme, "Worldwide Exchange," live from London.
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Kelly Evans joined CNBC in February 2012 as an on-air correspondent. In May 2013, Evans was named co-anchor of CNBC's "Squawk on the Street."