China’s sup­port for causes of WTO is lauded

China Daily European Weekly - - Business - By REN XIAOJIN and ZHONG NAN Con­tact the writ­ers at renx­i­ao­jin@chi­

White pa­per iden­ti­fies na­tion’s com­mit­ment to global sys­tem

The World Trade Or­ga­ni­za­tion has lauded China’s com­mit­ment and sup­port for trade-re­lated mat­ters and praised the white pa­per is­sued by the na­tion on the sub­ject. Keith Rock­well, the WTO’s spokesman, told Xin­hua News Agency that the coun­try has played a vi­tal role in the suc­cess­ful ne­go­ti­a­tions on the Trade Fa­cil­i­ta­tion Agree­ment and the ex­pand­ing of the In­for­ma­tion Tech­nol­ogy Agree­ment. He said the sec­re­tariat of the or­ga­ni­za­tion wel­comes and ap­pre­ci­ates the sup­port China has shown to the WTO.

The of­fi­cial said the white pa­per spells out China’s com­mit­ments to the mul­ti­lat­eral trad­ing sys­tem, which the WTO over­sees.

China was among the first WTO mem­bers to rat­ify the TFA, which is a key in­stru­ment for low­er­ing costs dur­ing global trade. China also sub­mit­ted its ITA ex­pan­sion com­mit­ment to the WTO in Septem­ber 2016 and started to im­ple­ment its tar­iff cuts on re­lated goods im­me­di­ately af­ter­ward.

On June 28, China re­leased the white pa­per ti­tled China and the World Trade Or­ga­ni­za­tion, which listed China’s com­mit­ment to the WTO and sup­port for the mul­ti­lat­eral mech­a­nism.

“China has ba­si­cally ful­filled all WTO rules and rul­ings,” said Vice-Min­is­ter of Com­merce Wang Shouwen dur­ing a brief­ing on the white pa­per on June 28, quot­ing Adam Posen, pres­i­dent of the Peter­son In­sti­tute for In­ter­na­tional Eco­nomics.

“Af­ter join­ing the WTO, China has opened its com­mod­ity and in­vest­ment mar­ket to global trade part­ners and has cre­ated pro­found op­por­tu­ni­ties for de­vel­oped and de­vel­op­ing economies,” Wang said.

Liang Yan­fen, an in­ter­na­tional fi­nance ex­pert with a think tank of the Com­merce Min­istry, said, “2018 marks China’s 40th an­niver­sary of the im­ple­men­ta­tion of its open­ing-up strat­egy, and the white pa­per will let the world know more about China’s open­ing-up sit­u­a­tion and the ef­forts made by it since it joined the WTO.”

How­ever, the WTO mech­a­nism is not per­fect, Wang said, adding that China will firmly sup­port the mul­ti­lat­eral trade mech­a­nism and help find so­lu­tions to the prob­lems it is fac­ing.

“Geneva (the WTO head­quar­ters) is wor­ried about the dif­fi­cul­ties at stake. For ex­am­ple, the core func­tion of the WTO is its trade dis­pute set­tle­ment mech­a­nism, but some WTO mem­bers are block­ing the ap­point­ment of Ap­pel­late Body mem­bers,” he said.

“Also, some mem­bers of the or­ga­ni­za­tion are mis­us­ing the na­tional se­cu­rity ex­cep­tion,” he said. “Such is­sues are pos­ing se­ri­ous chal­lenges to the mul­ti­lat­eral trade sys­tem.”

Tu Xin­quan, di­rec­tor of the China In­sti­tute for WTO stud­ies at the Univer­sity of In­ter­na­tional Busi­ness and Eco­nomics in Bei­jing, said that al­though there were some faults in the WTO mech­a­nism, it re­mains an ef­fi­cient or­ga­ni­za­tion.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.