Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
GENEVA, July 24 (Xinhua) — China called for opposing unilateral tariff actions and protecting the multilateral trading system at a meeting of the World Trade Organization (WTO) General Council that concluded here on Wednesday.
In a statement presented at the meeting, the country's delegation noted that global trade turbulence is intensifying, uncertainty is growing and risks of fragmentation are increasing.
New unilateral tariffs have continued to emerge in recent months, and the volume of trade affected by restrictive measures has reached US$2.7 trillion, the highest level since records began in 2009, the delegation said. Against this backdrop, China called on WTO members to strengthen solidarity and cooperation and better support the multilateral trading system.
The delegation stressed that bilateral agreements or similar measures taken by individual members of the organization to ease trade tensions must be consistent with WTO rules.
The PRC representatives also proposed that the WTO Secretariat strengthen the monitoring and analysis of unilateral measures and bilateral agreements and promptly inform the organization's members of their impact, especially the potential negative spillover effects on third parties.
Brazil, the European Union, Australia, New Zealand, Russia, Venezuela and other WTO members said at the meeting that escalating trade turbulence is not in the common interest. Unilateral tariff measures undermine the foundation of multilateral rules, significantly increase costs for businesses and consumers, and severely impede economic growth and social development in vulnerable developing WTO members, they said.
Given the current circumstances, preserving the multilateral trading system has become more critical than ever, they stressed. –0–
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