GENEVA, Oct. 8 (Xinhua) -- China has called on members of the World Trade Organization (WTO) to collectively address the escalating trade turbulence and jointly uphold the core values and principles of the multilateral trading system.
Speaking under the agenda item "Heightened Trade Turbulence and the WTO's Response" initiated by China at the fourth WTO General Council meeting this year, held from Monday to Tuesday, Li Yongjie, China's permanent representative and ambassador to the WTO, noted that global economic and trade turbulence continues and is worsening.
U.S. trade policies have disrupted supply chains and destabilized global markets, becoming a major source of global instability, Li said, adding that some members have been coerced into agreements, affecting the legitimate rights and interests of third parties.
This has led to "power-based" trade relations that are gradually eroding the "rules-based" multilateral trading system, Li said, expressing strong concern.
Li outlined three recommendations in response to the intensified trade turbulence. They include enhancing transparency and monitoring, collectively reaffirming commitment and adherence to the rules-based multilateral trading system, and taking concrete actions to enable the WTO to achieve pragmatic outcomes.
The European Union (EU), Brazil, Australia, Switzerland, Pakistan, and other members called for upholding the fundamental principles of the WTO and advancing its reform.
The EU expressed grave concern over the erosion of the "rules-based" multilateral trading system by "power-based" trade relations.
Australia, New Zealand, South Korea, and others called on the WTO Secretariat to strengthen oversight of unilateral tariffs and relevant bilateral agreements, encouraging members to notify the WTO of their bilateral agreements.
Nigeria and Bangladesh emphasized the impact of the unilateral tariffs and uncertainties in trade environment on vulnerable developing members, urging the WTO to provide necessary assistance.
Members including Venezuela, Nicaragua, and Cuba condemned the U.S.'s unilateral tariffs and coercive practices.
