“This announcement was made at a meeting convened by China on its Global Development Initiative on the sidelines of #UNGA [UN General Assembly],” WTO director general Ngozi Okonjo-Iweala said on X.
“This is a culmination of many years of hard work and I want to applaud China’s leadership on this issue!” she said, describing the Chinese move as a “major news key to WTO reform”.
This change was long demanded by the United States.
China’s Commerce Ministry officials said the move was an attempt to boost the global trading system at a time when it is under threat from tariff wars and protectionist moves by individual countries to restrict imports.
ALCHEMPro News Desk (DS)
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