Brazil Calls on WTO to Take Action on Currency Fluctuations
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Brazil called on the World Trade Organization to allow its members to protect their industries from trade imbalances prompted by currency fluctuations.
The Foreign Ministry said global rules protecting against unfair trade practices date from when most exchange rates were fixed. Mechanisms including anti-dumping and safeguard mechanisms, as well as retaliation rights, need to be updated to deal with “steep fluctuations in exchange rates,” the ministry said in a statement yesterday.