As one of the most important players in global trade, China is playing a vital role in preserving and reforming the multilateral trading system, said Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO) on Tuesday.
Iweala made the remarks when delivering a video speech at the opening ceremony of the seventh China International Import Expo (CIIE) in Shanghai.
The WTO chief noted that China is one of the world’s most important players in global trade, holding a top position as both an importer and exporter.
"China is well known for being the world's largest merchandise exporter, accounting for 3.38 trillion U.S. dollars in 2023, but it is also the world's second-largest importer of goods, with imports valued at about 2.56 trillion U.S. dollars. In addition, China ranks as the second-largest importer of services, with services imports reaching approximately 549 billion dollars, alongside its status as the fifth largest exporter of services with exports valued at around 380 billion dollars," she said.
Iweala said China has been playing a positive role in supporting the WTO in its mission to enhance the multilateral trading system, help the less-developed countries and reduce trade tensions.
"Trade has been a driving force for development in China and more broadly in Asia, helping raise living standards, create jobs and reduce poverty. Trade continues to have a critical role to play as a propulsive force for growth and development, but also as a key ingredient in climate mitigation and adaptation, food security, pandemic response, and solutions to other global challenges. The rules-based multilateral trading system, with the WTO at its core has for 30 years been, and we hope it will continue to be, part of the institutional foundation of global peace and prosperity," she said.
"Since joining the WTO in 2001, China has been a strong supporter of the organization and plays a key role in building capacity for least developed countries, including support for their accessions and for South-South dialogue within the WTO. China’s constructive role and leadership were instrumental in the successes achieved at the 12th ministerial conference in Geneva in 2022 and also the 13th ministerial conference held in Abu Dhabi earlier this year. Key outcomes include the accession of two new members, Comoros and Timor-Leste; the adoption of the agreement and investment facilitation for development by over 120 members; the entry into force of new commitments on services, domestic regulation; an extension of the grace period for LDC graduation and a two year extension of the moratorium on e-commerce," Iweala said.
"As geopolitical tensions intensify, and signs of fracturing and fragmentation emerge in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system to reflect the changing economic landscape. China's choices will be vital in this process, it has an opportunity to show leadership by taking on greater responsibilities and guiding WTO members in the right direction. Additionally, at a time when concerns about subsidies and industrial policy are becoming increasingly widespread, China can show the way on enhancing transparency with respect to such policies, a key step for fostering understanding and reducing trade tensions," said the WTO chief.
Running from Nov 5 to 10, the 7th CIIE has attracted about 3,500 exhibitors from 129 countries and regions.
China plays key role in preserving, reforming multilateral trading system: WTO chief
China plays key role in preserving, reforming multilateral trading system: WTO chief
