WTO Crossroad: China proposes reforms to address 'profound crisis'

World
Europe

02:03

China is presenting its vision of reforms that should be made to the World Trade Organization. It's a bid to address what Beijing calls a "profound crisis" that's threatening the body's existence. CGTN's Christy Scull has more details.

A crossroad for the World Trade Organization. The world body is proposing a reform with more disciplines and penalties which has been under deliberation for months.

WTO Director-General Roberto Azevêdo called it a good development in September. He also said, the WTO welcomes ideas and suggestions for reforms, and would like to negotiate with its members.

China has expressed support for the plan to strengthen the organization's authority and effectiveness. Meanwhile, officials of the country's Commerce Ministry offered a few suggestions on Friday, when they reaffirmed their stance on multilateralism, stressing the need to allow for different growth models.

WANG SHOUWEN CHINESE VICE COMMERCE MINISTER "The WTO reforms should ensure the interests of developing member states. Development is a core value of the WTO. The reforms should solve difficulties that developing member states face as they integrate into the scope of the global economy."

The plan to reform comes amid a deadlock facing the WTO's Appellate Body. The United States blames the body for hampering American interests, as it does not approve a US campaign to deprive China of enjoying developing country treatment. On the other hand, China stresses the importance of fairness of rules and anti-discrimination.

WANG SHOUWEN CHINESE VICE COMMERCE MINISTER "The US is one of the founding members of the General Agreement on Tariffs and Trade and the WTO, so we look forward to what positive contributions the US can make to the success of the WTO's reforms."

The European Union, along with Mexico, Norway, Russia, Canada and Turkey, recently joined China on a protest against America's unilateral tariffs on steel and aluminum imports. The WTO has decided to investigate the case. Christy Scull, CGTN.