As the United States has long sought, China has declared that it will no longer pursue the preferential status granted to poor nations in World Trade Organization agreements. In an effort to strengthen the international trading system at a time when it is threatened by tariff wars and protectionist actions taken by individual nations to limit imports, Commerce Ministry officials said on Wednesday.
Neither President Donald Trump’s tariffs on China or many other nations this year nor the United States by name were mentioned. China’s economy is the second largest in the world, and the US has long maintained that it should no longer be classified as a developing country. That designation’s benefits at the WTO.
In a post on X, the leader of the Geneva-based organization praised and congratulated the Chinese authorities, calling the action a “major news key to WTO reform.” According to WTO Director-General Ngozi Okonjo-Iweala, “This is the result of years of hard work.”
During the annual meeting of the United Nations General Assembly in New York on Tuesday, Chinese Premier Li Qiang made the announcement to a development forum organized by China. In 2019, the United States ceased to appoint adjudicators to the WTO’s Appellate Body, which is considered the highest court for international trade. This has caused the trade body to reevaluate its dispute resolution process.
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