At a high-level meeting on the sidelines of the 80th UN General Assembly, the Chinese premier Li Qiang dropped a big announcement: China will not seek new special and differential treatment (SDT) in current and future WTO negotiations. 🚀
SDT policies offer developing members extra time, flexibility, and technical support in trade talks. China's move signals that it's ready to play by the same rules as others, aiming for a fairer game for all.
Ngozi Okonjo-Iweala, the WTO director-general, welcomed the decision, saying, "This is a pivotal moment for the WTO," and noting that it reflects China's commitment to a more balanced, equitable global trading system. 🤝
Experts say that leveling the playing field helps smaller economies compete and fosters trust among members. With this change, the WTO could become more agile and effective in tackling 21st-century challenges.
Speaking at a regular press briefing in Beijing, foreign ministry spokesperson Guo Jiakun highlighted China's sense of responsibility as the world's largest developing country. He noted that China will continue to support the multilateral trading system, defend the rights of developing members, and promote a more just global governance framework.
As discussions heat up, all eyes are on the next WTO rounds. Could this be the spark that reignites reform? For young entrepreneurs, researchers, and trade enthusiasts, it's a moment to watch closely. Stay tuned for more updates on this game-changing move! 🌍
Reference(s):
WTO welcomes China's announcement of not seeking new SDT at WTO
cgtn.com
