The World Trade Organization has praised China’s decision to give up commercial benefits from the state of the country in development, which, according to the global agency, will help make the commercial system more just and more balanced.
Chinese Prime Minister Li Qiang has announced Tuesday that Beijing will no longer require the so -called benefits for special and differentiated treatment, which derive from their conditions as a developing country, in the WHC negotiations on future agreements.
By providing more details, a Chinese senior diplomat at the WHC headquarters in Geneva said on Wednesday that China will continue to consider itself a developing country, although she no longer looking for the benefits.
The company’s corporate rules allow developing countries to have multiple maneuvering margins to use higher rates or subsidies to protect their sectors.
However, since China has become the second largest economy in the world for a long time, some commercial partners, in particular the United States, have said that this is unfair. Washington said that the reform of the global commercial system is impossible, unless the large developing countries give up these benefits.
“This is a crucial moment for the Omc. China’s decision reflects a commitment for a more balanced and fair global commercial system,” said the general manager of the WOP Ngozi Okonjo-Iwela in a note.
WOP members are evaluating global reforms to revitalize the global commercial agency, which has been contested by a wave of rates imposed by the Trump administration.
Keith Rockwell, Hinrich Foundation Analyst and former Women Communications Director, told Reuters that China’s measurement could help her relations with Washington.
China “will always be a developing country”
Li Yihong, senior delegate of the China mission at the WOP in Geneva, declared in a press conference that the decision to resign to the benefits shows “China’s commitment to support the multilateral commercial system”.
“This does not involve any change in China status as a developing country and OMC as a development member, whether in the WTO or any other context,” he said. “China remains an important member of global South and will always be a developing country”.
Xiankun Lu, a former elderly commercial wardrobe of China, told Reuters that the Chinese measure “will end the current debate on the rebalancing of rights and obligations among the main participants of the WOP, at least for China”.
“Now the ball is in the field of other important participants to demonstrate their responsibility and commitment to the system and its renewal,” he added.
Source: Terra
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