Trade in commodities

Several panelists talked about trade in commodity. US state governors led over 500 trade missions in the ten years prior to the recent economic downturn. While state budgets are under pressure during the economic downturn, governor-led trade missions continue, albeit at a somewhat reduced rate. In the last seven years, Nebraska Governor Heineman (or other high-level state officials, such as the lieutenant governor or the head of the Nebraska Department of Agriculture) led nine overseas trade missions, including four to Cuba and two to China. The purpose of governor-led trade missions is to expand existing export markets for products from the state or to open new markets. The recent rulings of the Dispute Settlement Body of the World Trade Organization (WTO) in the China-Raw Materials case have important legal, economic, and policy implications for China and other WTO members. The WTO rulings have serious implications for China's industrial and environmental policies.