Hey amigos! The Chinese mainland just shook up the trade world by announcing it won't seek any new special and differential treatment in current and future WTO negotiations. 🚀
Li Chenggang, the international trade representative of the Chinese mainland's Ministry of Commerce (MOFCOM) and vice minister of commerce, explained at a Beijing press briefing that this move reflects both domestic and international considerations. "It demonstrates our firm commitment to safeguarding the multilateral trading system and to advancing the Global Development Initiative and Global Governance Initiative," he said.
By waiving special treatment, the Chinese mainland aims to inject strong momentum into trade and investment liberalization and to fuel reforms in global economic governance. 🌐💪 Even as the world's largest developing country remains committed to defending the rights of fellow developing members, it sees this step as a way to build a more balanced and inclusive trading landscape.
Han Yong, director general of the Department of WTO Affairs at MOFCOM, noted that putting development at the heart of WTO reforms will help bridge the North-South divide in global commerce. It's all about leveling the playing field for everyone.
This game-changing announcement was first made by the Chinese premier Li Qiang during a high-level meeting on the Global Development Initiative on the sidelines of the 80th UN General Assembly. Buenos vibes for global trade, right?! 🤝🔥
Stay tuned as this bold policy unfolds – the world of trade might just be getting a fresh new look!
Reference(s):
cgtn.com
