Translation. Region: Russian Federation –
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, Oct. 8 (Xinhua) — China called on members of the World Trade Organization (WTO) to collectively counter rising trade turbulence and jointly uphold the core values and principles of the multilateral trading system.
Speaking on the China-proposed agenda item “Increasing Trade Turbulence and the WTO Response” at the 4th meeting of the WTO General Council, which was held from October 6 to 7, China’s Permanent Representative to the WTO Li Yongjie noted that global trade and economic turbulence continues and is worsening.
Li Yongjie stated that US trade policy disrupts supply chains and destabilizes global markets, becoming a major source of global instability. She also noted that some WTO members were coerced into entering into agreements, which impacted the legitimate rights and interests of third parties.
This has led to “power-based” trade relations gradually eroding the “rules-based” multilateral trading system, Li Yongjie pointed out, expressing strong concern about this.
China's Permanent Representative outlined three recommendations to address the growing trade turbulence. These include strengthening transparency and oversight; collectively reaffirming a strong commitment to the rules-based multilateral trading system; and taking concrete measures to ensure the WTO can deliver practical results.
The European Union, Brazil, Australia, Switzerland, Pakistan and other WTO members called for upholding the organization's fundamental principles and promoting its reform.
The EU has expressed serious concern that "force-based" trade relations are eroding the "rules-based" multilateral trading system.
Australia, New Zealand, the Republic of Korea and others recommended that the WTO Secretariat strengthen its oversight of unilateral customs duties and related bilateral agreements, calling on Members to notify their bilateral agreements to the WTO.
Nigeria and Bangladesh noted the impact of unilateral tariffs and an uncertain trade environment on vulnerable developing WTO members, calling on the organization to provide them with the necessary assistance.
Venezuela, Nicaragua, Cuba and other members strongly condemned unilateral tariffs and coercive practices by the United States. –0–
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