US cancels WTO intellectual property lawsuit against China


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US cancels WTO intellectual property lawsuit against China

Ahead of a long-anticipated meeting later this month over a G20 summit in Japan between the leaders of the world’s first- and second-largest economic superpowers to reach a resolution despite their deep differences and to cease a trade spat that toiled trillions of the global financial markets, United States had suspended a WTO (World Trade Organization) dispute on China’s mistreatment of intellectual property rights until December 31st, the WTO panel hearing the dispute had said in a statement on Friday, the 14th of June 2019.

Aside from that, the WTO dispute panel of three adjudicators had been quoted saying that the United States had asked for a cancellation of the dispute earlier on June 3rd and China agreed on June 4th. None the less, the decision made United States’ intention clear ahead of an anticipated meeting between Trump and Xi in Japan between June 28th-29th over a ten-month-long tariff warfare and signaled that the ices might have begun to melt down.

Although, US and Chinese officials did not respond immediately while being asked for comments over the desertion of WTO dispute and the WTO dispute panel did not reveal any reason for a premature absconding of the dispute, which US President Trump had filed on March this year, a wind of a possible resolution of Sino-US trade dispute in a near-term outlook had been breezing through the financial markets, said multiple analysts.