Feeling the heat of global trade turbulence? 🌀 China is calling on all WTO members to lock arms and boost the rules-based multilateral trading system.
During the WTO's General Council meeting from October 6-7, Li Yongjie, head of the Permanent Mission of the Chinese mainland to the WTO, introduced China's "Stability, Development and Reform" (SDR) approach. The plan puts stability at its core, development as its driver, and reform as the roadmap to a more resilient global trade network.
Li warned that unilateral U.S. tariffs have shaken up supply chains and risk turning trade into a "power-based" game, eroding established rules. 🌍❌
To tackle these challenges, China proposed three key actions:
- Enhance transparency and monitoring to keep everyone accountable 🔍
- Reaffirm commitment to the rules-based multilateral trading system 🤝
- Deliver concrete, pragmatic outcomes within the WTO framework ✍️
Many WTO members—including the EU, Brazil, Australia, Switzerland and Pakistan—backed the call, stressing the importance of upholding WTO principles and driving meaningful reform.
As global markets face more ups and downs, this push for unity and clear rules might be just what the doctor ordered. Stay tuned! 🌐✨
Reference(s):
China calls on WTO members to strengthen multilateral trading system
cgtn.com
