The World Trade Organization (WTO) members acknowledged China’s importance to its contribution to overall growth globally these recent years. On Friday, China as the institution has completed its seventh Trade Policy Review (TPR).
Chairperson of TPR, Eloi Laourou said that the members appreciated the country’s function and value in WTO. The organization is pleased with China’s first-step in changing the market as well as its initiative in the cooperation to fossil fuel subsidy improvement and investment opportunities.
The country is known as the biggest commodity trader and the largest participant of Foreign Direct Investment (FDI) and its policies have the great impact to the world’s economy. Furthermore, China was also praised on Belt and Road Initiative for seeing this as the “avenue for mutual cooperation and growth."
"Members appreciated China's ongoing reform of customs procedures, such as the further use of single windows, and commitments in the Trade Facilitation Agreement," Laourou said.
Roberto Azevedo, WTO chief said that since 2001 when China joined the WTO, the country’s role in the system has augmented seven times in terms of its exports and six times on imports.
On July 11-13, 2018, China has completed its seventh TPR and within the period of time "China has been a very active player throughout" and lifted more than 500 people from the poverty, Azevedo noted.
The organization is looking forward that China will still be a part of the efforts in making the WTO more effective and be of great help to figure out issues from other members in improving the system.
"This system has been under stress more recently, given these trade tensions all over the world," Azevedo said. According to the WTO chief, the organization has been doing its very best to deliver the clear statement about the restrictive measures and sanctions to all its members that it will not give them good benefits nor help them.
