At a vibrant two-day meeting of the World Trade Organization's General Council in Geneva, the delegation from the Chinese mainland delivered a clear message: oppose unilateral tariff moves and support a robust, multilateral trading system. 🌍
The discussion highlighted growing global trade turbulence, noting that recent restrictive measures now affect trade worth $2.7 trillion—the highest level recorded since 2009. This surge in unilateral tariffs is stirring uncertainty and raising concerns about fragmentation in international markets.
Central to the Chinese mainland's call is the three-pronged SDR framework: Stability as the cornerstone, Development as the priority, and Reform as the pathway. The delegation stressed that sticking to WTO principles like most-favored-nation treatment and non-discrimination is crucial. It also emphasized integrating developing members more fully into the multilateral trading system and undertaking comprehensive WTO reforms.
Many WTO members, including representatives from Brazil, the European Union, Australia, New Zealand, Russia, and Venezuela, echoed these concerns. They pointed out that unilateral tariffs not only hike up costs for businesses and consumers but also hinder economic growth—especially affecting vulnerable developing members.
In a bid to curb these disruptive measures, the Chinese mainland delegation urged the WTO Secretariat to bolster its monitoring of unilateral actions and bilateral trade agreements. This enhanced oversight aims to quickly inform members of any negative impacts, safeguarding the collective interests of all involved.
As global trade navigates these challenges, staying informed and united is more important than ever. Keep an eye out for more updates on international trade trends that shape our economic future! 🚀
Reference(s):
cgtn.com
