China’s Commerce Minister Highlights ‘Major Victory for Multilateralism’ at WTO Conference

China’s Commerce Minister Highlights ‘Major Victory for Multilateralism’ at WTO Conference

At a recent press conference during the second session of the 14th National People’s Congress in Beijing, China’s Minister of Commerce, Wang Wentao, emphasized the importance of confidence and patience in advancing work at the World Trade Organization (WTO). Reflecting on the outcomes of the WTO’s 13th Ministerial Conference (MC13) held in Abu Dhabi last week, Wang highlighted significant achievements that bolster global confidence in the multilateral trading system.

“Most members were convinced that this is another major victory for multilateralism,” Wang stated, responding to questions from CGTN. “These outcomes were a boost to the world’s confidence in the multilateral trading system.”

WTO’s ‘1+10’ Pragmatic Outcomes

Wang attended the MC13, where he recalled the successful negotiation of the “1+10” pragmatic outcomes. These agreements represent a concerted effort among WTO members to enhance cooperation and address pressing global trade issues. While specific details of the “1+10” outcomes were not elaborated upon, Wang’s remarks underscored the collective commitment to strengthening the WTO’s role in facilitating international trade.

Investment Facilitation for Development Agreement: Three ‘Firsts’

A significant highlight of the conference was the conclusion of the Investment Facilitation for Development Agreement (IFD Agreement). Wang encapsulated its importance through three notable “firsts”:

1. The world’s first multilateral investment agreement: This landmark agreement marks the first time that a multilateral framework has been established to govern international investment, setting a precedent for future cooperation.
2. First agreement with development at its core: The IFD Agreement places development at the forefront, aiming to ensure that investment policies contribute meaningfully to the economic growth and development of member countries, particularly developing nations.
3. First agreement reached through negotiations led by developing members: The successful negotiation of the IFD Agreement was driven by developing members, showcasing their growing influence and active participation in shaping global trade rules.

“The significance of the IFD Agreement cannot be overstated,” Wang remarked. “It reflects the collective aspirations of developing members and sets a new standard for inclusive and development-oriented trade agreements.”

The Road Ahead: Confidence and Patience

Wang emphasized that advancing work within the WTO requires both confidence in the multilateral system and patience to navigate complex negotiations. He called on all members to continue collaborating to address challenges and seize opportunities in global trade.

“We must remain steadfast in our commitment to multilateralism,” Wang concluded. “Through confidence and patience, we can create a more open, inclusive, and balanced global economy that benefits all.”

Reference(s):

Chinese commerce minister: Confidence, patience required in WTO work

cgtn.com