Firmly uphold the multilateral trading system and jointly build an open world economy

2024-02-28

The 13th Ministerial Conference of the World Trade Organization is being held in Abu Dhabi, the capital of the United Arab Emirates. This session is the first ministerial level meeting since the launch of WTO reform, focusing on issues such as WTO reform, reconstruction of dispute resolution mechanisms, and promotion of investment facilitation. It is seen as an important opportunity to revitalize the multilateral trading system and jointly address global challenges. China firmly upholds the multilateral trading system, attaches great importance to the work of the World Trade Organization, and will work together with all parties to promote the success of the conference and jointly build an open world economy. Currently, the world economy is recovering slowly, with insufficient momentum for trade growth. Protectionism and insecurity are impacting the world economy, and global challenges such as food and energy security, climate change, and development imbalances are increasing. The World Trade Organization is an important pillar of multilateralism and a crucial stage for global governance. It is a universal consensus and trend to carry out necessary reforms to the World Trade Organization, promote the advancement of multilateral trade rules with the times, and enable the World Trade Organization to play a greater role in global economic governance. The 12th Ministerial Conference of the World Trade Organization held in June 2022 reached an outcome document, reaffirming the strengthening of the multilateral trading system with the World Trade Organization as its core, promoting necessary reforms of the World Trade Organization, and boosting confidence in the multilateral trading system among all parties. To promote the reform of the World Trade Organization, it is necessary to firmly uphold the authority and effectiveness of the multilateral trading system with the World Trade Organization as its core, and actively promote the restoration of the normal operation of the WTO dispute settlement mechanism. The multilateral trading system centered on the World Trade Organization and based on rules is the cornerstone of economic globalization and free trade, making important contributions to promoting global trade development, economic growth, and sustainable development. In recent years, unilateralism and protectionism have risen, and the multilateral trading system has been severely impacted. The reform of the World Trade Organization should maintain the main channel position of the multilateral trading system in the process of global trade liberalization and facilitation, and prioritize addressing key issues that threaten the survival of the World Trade Organization. Since joining the World Trade Organization, China has always firmly supported the multilateral trading system, practiced true multilateralism, fulfilled WTO commitments, and fully and deeply participated in WTO reform. In the past year, China has become the first developing country to complete the approval of the Fisheries Subsidy Agreement, leading the negotiation of the investment facilitation agreement text, and promoting the substantive conclusion of some global digital trade rules negotiations at the World Trade Organization. Its contribution to the World Trade Organization and global economic and trade development is evident to all. At this session, China supports the resumption of normal operation of the dispute resolution mechanism and the inclusion of investment facilitation agreements in the legal framework of the World Trade Organization, in order to achieve more practical results through practical actions. WTO Director General Ivira pointed out that China has always actively participated in the work of the WTO, and while defending its legitimate rights and interests, it is able to think and handle issues from the perspective of all members. To promote the reform of the World Trade Organization, we must adhere to the overall direction of economic globalization, oppose unilateralism and protectionism, oppose the politicization, weaponization, and pan security of economic and trade issues, and promote the construction of an open world economy. Unilateralism and protectionism run counter to global sustainable development and are also the root cause of the current WTO crisis. WTO reform should put unilateralism and protectionism practices in institutional cages. from

Edit:Hou Wenzhe    Responsible editor:WeiZe

Source:people.cn

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