The Country Has Fulfilled Its WTO Commitments
China looks forward to the reform of the trade system, focusing on opening up to promote growth. A senior business official said on Thursday that China has fully and effectively fulfilled. Its commitments to the World Trade Organization and has been widely recogniz the vast majority of WTO members.
Vice Minister of Commerce Wang Shouwen stated at the press conference on the eighth WTO trade policy that since joining the WTO in 2001. China has actively promoted the integration of WTO rules, opened up the market, and complied with WTO rules. The review of China took place from October 20th to 22nd.
Wang Yi said that China has been fully affirmed by the Director-General of the WTO and the vast majority of its members.
He said that China’s overall tariff level has dropped from 15.3% when it joined the WTO to 7.4%. Which is lower than all developing members and close to the level of developed members of the organization.
China also supports necessary reforms to the WTO, such as restoring the functions of its appellate body. Establishing new ways to make progress in emerging areas such as e-commerce, in order to maintain free trade and the multilateral trading system and narrow development. Gaps around the world, Wang said.
China believes that WTO reform should aim at promoting market opening and promoting growth. Which is conducive to maintaining free trade and multilateralism and narrowing the development gap.
Experts and business leaders stated that China, as a firm supporter and active participant of the multilateral trading system. Strictly abides by WTO rules, fulfills various commitments, has made great contributions to the world economy and won widespread respect.
They also stated that China’s position on WTO reforms shows China’s firm support for multilateralism and development.
Zhou Mi, a senior researcher at the China Academy of International Trade and Economic Cooperation. China’s position reflects the WTO’s core principles of promoting development, addressing the common concerns of members, and recognizing differences in development levels.
China also hopes to take note of and take into account new developments in international trade. “All these suggestions are of great significance for stabilizing the multilateral trading system and enhancing the authority and effectiveness of the WTO,” Zhou said.
Wang criticized some unfair rules on agriculture and regulations on the measurement of total support. Which he said severely distorts international trade in the sector.
Some developed members with high levels of AMS can provide very high levels of subsidies for specific products. However, most developing countries are not eligible for AMS and can only subsidize up to 10% of the product’s output value, Wang said.
He said that China supports the abolition of AMS clauses that cause large subsidies to severely distort trade. While maintaining the minimum domestic subsidies for agricultural products, adding that the latter has little impact on trade. But it is essential to guarantee the supply of agricultural products and agricultural security. As well as small Livelihoods of large-scale producers.
Yan Dong, director of the World Trade Department of the Ministry of Commerce. China believes that discussions on the provisions of industrial and agricultural subsidies. Must be part of the reform discussions to ensure fair competition in the industrial and agricultural sectors.
China also believes that strengthening the application of control over countervailing. Anti-dumping and other trade remedy measures should be included in the scope of discussion to reduce the abuse of such measures.
He said that the restoration of non-actionable subsidies should also be discussed. Mainly to leave policy space for member states to respond to the COVID-19 pandemic and climate change.
Zhou Xiaolan, Executive Vice President of Bayer Pharmaceuticals and President of Bayer Group China, said that Bayer thanked China for its determination to support economic globalization.
“In a world facing huge challenges and opportunities, open cooperation is the only way to promote the stable development of society,” she said.
David Fusindale, General Manager of Case Pharmaceuticals China, said that the Chinese government has been committed to creating a good business environment, and the Chinese market occupies an important position in Case’s global strategy.