Chinese Prime Minister Li Qiang has just announced that China will no longer ask for special and differentiated treatment (TSD) in future Agreement of the World Trade Organization (WTO). The director general of this international organization, Ngozi Okonjo-Iweala, praised Beijing’s decision. This declaration marks an important step in current discussions on the role of major advanced development economies within the multilateral trade system.
Signal fort
« This is a crucial moment for the WTO. China’s decision testifies to its commitment to a more balanced and equitable global trade system. It sends a strong signal for supporting the WTO reform and will help create more equitable competition conditions for all members. This initiative will undoubtedly energize discussions and help us work for a more agile and more effective organization in the 21st century “She said.
First merchant
You should know that this special and differentiated treatment is a series of WTO provisions which grant privileges to developing countries. These advantages include longer deadlines to implement agreements, greater flexibility in applying rules and technical assistance. The ascent of China to the rank of first merchant in goods and the second world economy led to calls for the abandonment of this status.
Collected by Navalona R.