Hey, global trade watchers! 🌏 At the WTO General Council meeting on October 6-7, China called on members to join forces and strengthen the rules-based multilateral trading system amid growing market turbulence.
Li Yongjie, head of the Chinese mainland's Permanent Mission to the WTO, introduced the "Stability, Development and Reform" (SDR) approach—an agenda aimed at:
- Stability: Keeping trade foundations rock-solid
- Development: Prioritizing growth and new opportunities
- Reform: Pathway to a more resilient system
Li pointed out unilateral tariffs and supply-chain disruptions are creating real headaches for businesses worldwide. The U.S. was flagged for using tariffs to push bilateral deals, which, according to Li, risks sidelining many members.
Good news? Representatives from the EU, Brazil, Australia, Switzerland, Pakistan and others backed China's call, emphasizing the need to:
- Boost transparency and real-time monitoring
- Reaffirm collective commitment to WTO rules
- Deliver practical outcomes that benefit everyone
TL;DR: A healthier, rules-based trading system means more stable prices, smoother cross-border e-commerce and reliable supply chains. For our South and Southeast Asian hustlers, that translates to on-time gadget deliveries and fair competition for local startups. 💼🚀
What's next? WTO members are working on turning the SDR plan into action. Thoughts? Drop your comments and let's chat! 💬
Reference(s):
China calls on WTO members to strengthen multilateral trading system
cgtn.com
