Beijing, 3 December 2021( TDI) — Premier Li Keqiang met with World Trade Organization Director-General Ngozi Okonjo-Iweala via video link on Dec 3.
Noting that this year marks the 20th anniversary of China’s accession to the WTO, Premier Li said China has not only fulfilled its commitments but has also been supporting the multilateral trading system with the WTO as its core and the rules-based multilateral trading system through practical actions.
The WTO plays an important role in fighting the pandemic, safeguarding multilateralism and adhering to free trade, Premier Li said, noting that he expects the WTO to continue to effectively consolidate forces and play a greater role.
Premier Li said China supports safeguarding the authority and effectiveness of WTO rules, safeguarding the development rights and interests of members of developing countries, and narrowing the gap between the Global North and the Global South so that WTO reform will move in the right direction.
China, as the world’s largest developing country, will adhere to the principle of balancing rights and obligations at the WTO, will assume responsibilities consistent with the level and capacity of its own economic development, and is willing to actively participate in relevant WTO negotiations, Premier Li said.
Okonjo-Iweala said she appreciated China’s constructive role at the WTO, and thanked China for its great contribution to supporting African countries in fighting the pandemic and developing their economies.
China has significant experience from which developing countries can learn, the director-general said, adding that the WTO hopes to strengthen communication with China, jointly advance the reform of the WTO and make positive contributions to the healthy development of world trade. (Source)
China in WTO
Since being part of the WTO, China has made remarkable achievements. It is believed that the history of entry of China into the WTO has revolutionized the global economic and trading ecosystem.
On the day when China’s membership was approved, the then Director-General of WTO stated that this day will be remembered as one of the most significant events of the 21st century for China, WTO, and the world.
Over the past two decades, the Chinese economy has evolved, shaped and unique eco-system of supply chains from the local to global was established apart from contributing towards WTO and overall global trade.
China has committed to leading the world’s global trading trends as a result of its consistent growth, hard work, commitment, global outreach as a result of the Belt and Road Initiative (BRI), and strict adherence to compliance to global trading and economic infrastructures.
Through its strong base on global supply chains, strong industrial base, thriving special economic zones, new forward-looking policies, the Chinese economy is maturing and becoming resilient with the global economic shocks.
For instance, although there was a global slowdown in the economy as a result of the COVID-19 with a slight jerk, the Chinese economy is on track with a full swing. With its presence for the past 20 years in WTO, China has provided much-needed strength in the global economic infrastructure regimes.
With the wisdom and vision of creating a community of shared destiny, China has spread positivity with a focus on supporting humanity through its strengths at all levels. This “Asian Century” is truly a Chinese century as the country rose to the global trade and economic stage with a bang after becoming the trade and export powerhouse, soon after joining WTO.
