China identifies 4 priorities for WTO
China is willing to work with all parties to advance reform of the World Trade Organization so that the organization can play a bigger role in global economic governance, the Ministry of Commerce said yesterday.
Sources with the Department of WTO Affairs said China formally submitted a WTO reform proposal to the organization on Monday. China identified four aspects that deserve major action: tackling the essential and pressing issues threatening the existence of the organization, increasing WTO relevance on global economic governance, improving the organization’s operating efficiency and increasing the inclusiveness of the multilateral trade mechanism.
The world economic landscape is undergoing profound adjustments, while economic globalization is encountering setbacks with the rise of unilateralism and protectionism. The authority and effectiveness of multilateral trade mechanism are under severe challenge, noted the sources.