Yesterday, the Chinese mainland delegation called on WTO members to step up transparency in trade measures during a formal meeting of the WTO's Trade Policy Review Body. 🧐
The call comes after the WTO released its latest Trade Monitoring Report, warning of the most severe turbulence in the global trading system in 80 years. Director-General Ngozi Okonjo-Iweala noted a sharp rise in unilateral tariffs, geopolitical tensions, and regional conflicts, yet praised the system's resilience, noting that 72% of global trade still runs on a most-favored-nation basis.
China highlighted that timely notifications of new trade measures, especially tariff changes, are crucial for the WTO's monitoring role. It pointed out that the United States has lagged in reporting its measures, and urged all members to disclose updates quickly, regardless of legal status, to keep the system stable.
The European Union and other WTO members echoed the importance of transparency, supporting stronger monitoring functions and thorough evaluations of trade policies. With import-related measures covering $2.64 trillion (more than four times the previous report), accounting for 11.1% of global imports, the need for clear, open data has never been greater. 📊🌐
As global markets face rising uncertainty, the push for transparency could help members manage risks and keep trade flowing smoothly. Stay tuned for the WTO's upcoming assessment of the most-favored-nation share in world trade this month.
Reference(s):
cgtn.com
