SEARCH MENU
Caspian Energy Journal Caspian European Club
October 2018
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
Friday, 14 September 2018 13:15

World trade system not perfect, - Chinese State Councillor Wang Yi

World trade system not perfect, - Chinese State Councillor Wang Yi

The current world trade system is not perfect and China supports reforms to it, including to the World Trade Organization, to make it fairer and more effective, Chinese State Councillor Wang Yi said late on Thursday to reporters after meeting French Foreign Minister Jean-Yves Le Drian, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

“China is locked in a bitter trade war with the United States and has vowed repeatedly to uphold the multilateral trading system and free trade, with the WTO at its center”, he said. However, according Wang Yi, some reforms could be good.

“While certain doubts have been raised about the current international trading system, China has always supported the protection of free trade and believes that multilateralism with the WTO at its core should be strengthened”, Wang added.

“At the same time, we do not believe that the current system is perfect and without flaws,” he said.

“China supports necessary reforms and perfection of the current system, including to the WTO, to make it fairer, more effective and more rational,” Wang added.

The basic tenets of the WTO, in opposing protectionism and supporting free trade should not change, but the rights of developing nations should also not be overlooked, he said.

“The aim of reform should be to allow countries to enjoy the development fruits of globalization more fairly, not to further widen the differences between south and north,” Wang said.

“The issue of WTO reform is extremely complex, and involves many areas. (China) hopes all parties remain patient, and advance step by step.”

His remarks come as China and the United States may return to the negotiating table with the threat of new U.S. tariffs looming. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

More details: https://www.reuters.com/article/us-usa-trade-china/china-says-world-trade-system-not-perfect-needs-reform-idUSKCN1LU00K?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29

Read 544 times
POWERED BY ZEYNURBABAYEV