GENEVA: A World Trade Organization arbitrator will review Friday a Chinese request to impose more than $7 billion in annual sanctions on the US over anti-dumping practices, a Geneva trade official said.
The decision to appoint an arbitrator was reached during a special meeting of the WTO Dispute Settlement Body convened to discuss developments in a five-year-old trade dispute between the world’s top two economies.
Beijing had already warned earlier this month that it planned to ask the global trade body during the meeting for permission to impose $7.04 billion in annual trade sanctions on Washington in the case.
China’s representative told Friday’s meeting that measures taken by Washington had “seriously infringed China’s legitimate economic and trade interests.”
A source close to the WTO meanwhile said that the arbitration “was automatically triggered after the United States informed the WTO that it objected to the level of retaliation proposed by China.”
WTO arbitration can often be a drawn-out process, and the results are not expected to be known for months.
China initially filed its dispute against the US back in December 2013, taking issue with the way Washington assesses whether exports have been “dumped” at unfairly low prices onto the US market.
The use of anti-dumping duties is permitted under international trade rules as long as they adhere to strict conditions, and disputes over their use are often brought before the WTO’s Dispute Settlement Body.
In this specific case, China alleged that the US, in violation of WTO rules, was continuing a practice known as “zeroing,” which calculates the price of imports compared to the normal value in the US to determine predatory pricing.
In October 2016, a panel of WTO experts found largely in China’s favor in the case, including on the issue of “zeroing.”
The US, which has repeatedly lost cases before the WTO over its calculation method, said in June last year that it would implement the panel’s recommendations within a “reasonable” time frame.
This past January, the DSB set an August 22 deadline for Washington to bring its practices in line with the 2016 ruling.
According to WTO rules, the plaintiff in such cases can request permission to impose sanctions if the parties have not reached agreement on a satisfactory compensation within 20 days of the WTO deadline.
WTO reviews China bid to slap US anti-dumping trade sanctions
WTO reviews China bid to slap US anti-dumping trade sanctions
- The decision to appoint an arbitrator was reached during a special meeting of the WTO Dispute Settlement Body
- The use of anti-dumping duties is permitted under international trade rules as long as they adhere to strict conditions
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
