In a major policy shift, the Chinese mainland has announced it will forego any new special and differential treatment in current and future World Trade Organization (WTO) negotiations 🌐. This move underscores its commitment to a more level playing field in global trade.
At a press briefing in Beijing, Li Chenggang, international trade representative with the Ministry of Commerce and vice minister of commerce, highlighted how this decision supports multilateralism and injects fresh energy into the reform of global economic governance. "It demonstrates the Chinese mainland's firm commitment to safeguarding the multilateral trading system and to advancing the Global Development Initiative and Global Governance Initiative," Li said.
Li also emphasized that despite this change, the Chinese mainland remains the world's largest developing economy and will continue to defend the rights of developing members, pushing for trade liberalization and WTO reform 🤝.
Han Yong, director general of the Department of WTO Affairs at the Ministry of Commerce, added that the decision ensures development stays at the core of WTO reforms and helps bridge the North-South divide in global trade.
The announcement was first made by Chinese Premier Li Qiang during his remarks at a high-level meeting on the Global Development Initiative, held on the sidelines of the 80th UN General Assembly.
Reference(s):
cgtn.com
