GENEVA: The World Trade Organization hailed Wednesday Beijing’s decision to no longer seek new special treatment in future WTO talks, calling it a step towards a more equitable global trading system.
“This is a pivotal moment for the WTO,” organisation chief Ngozi Okonjo-Iweala said in a statement.
“China’s decision reflects a commitment to a more balanced and equitable global trading system.”
Her comment came after Chinese Premier Li Qiang on Tuesday announced that his country would not be seeking new special and differential treatment — a privilege granted to developing nations — in future WTO talks.
Li made his announcement at a high-level meeting on the sidelines of the United Nations General Assembly, China’s official Xinhua news agency said.
In making the announcement, Li noted that the world’s second biggest economy was behaving as “a responsible major developing country”, Xinhua reported.
WTO agreements contain provisions allowing developing countries special rights, and for other members to treat them more favourably.
Such treatment includes longer timeframes for implementing commitments and measures to boost trading opportunities for these countries. But some wealthy nations have in the past said that China should no longer be classified as a developing country, which is something that nations decide for themselves.
Washington has previously argued that China, which has risen to become the world’s largest merchandise trader, should relinquish the treatment given to developing countries.
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