China Calls for Protection of Multilateral Trading System Amid Global Trade Turbulence

Strategic Insights -

China has reiterated its support for the multilateral trading system at the World Trade Organization (WTO) General Council meeting, calling on members to strengthen solidarity and cooperation to counter the growing risks of fragmentation and uncertainty. The country's delegation highlighted the significant increase in new unilateral tariffs, which have reached a record high of $2.7 trillion, and the need for WTO members to support the multilateral system in light of the current trade tensions. Other WTO members, including Brazil, the European Union, Australia, New Zealand, Russia, and Venezuela, echoed China's concerns, emphasizing that unilateral tariff measures undermine the foundation of multilateral rules and hinder economic growth and social development in vulnerable developing WTO members.

Key Takeaways:

  • China has called for opposing unilateral tariff actions and protecting the multilateral trading system at the WTO General Council meeting.
  • The country's delegation noted that global trade turbulence is intensifying, uncertainty is growing, and risks of fragmentation are increasing.
  • China has proposed that the WTO Secretariat strengthen the monitoring and analysis of unilateral measures and bilateral agreements to promptly inform members of their impact, particularly the potential negative spillover effects on third parties.
  • Brazil, the European Union, Australia, New Zealand, Russia, Venezuela, and other WTO members have emphasized that escalating trade turbulence is not in the common interest and undermines the foundation of multilateral rules.
  • The countries have stressed the need to preserve the multilateral trading system in light of the current trade tensions.
  • China's delegation highlighted the record-high level of $2.7 trillion in trade affected by restrictive measures since records began in 2009.
  • The countries have called for strengthening solidarity and cooperation to counter the growing risks of fragmentation and uncertainty.

Statistics:

  • $2.7 trillion: The volume of trade affected by restrictive measures, which is the highest level since records began in 2009.
  • 2009: The year in which record-keeping of trade affected by restrictive measures began.
  • 2023 (no date specified): The time period in which new unilateral tariffs have continued to emerge.

Sources:

  • Xinhua: China's state-run news agency, which has reported on the WTO General Council meeting and China's statements.
  • State Council News: A news outlet affiliated with the Chinese government, which has provided context on China's position on the multilateral trading system.
  • WTO: The World Trade Organization, which has hosted the General Council meeting and provided information on the discussions.
  • Contify.com: A news aggregator platform that has reported on the WTO General Council meeting.