China has said it would no longer seek the special treatment given to developing countries in World Trade Organization agreements — a change long demanded by the United States.
Commerce Ministry officials said Wednesday 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.
It was not clear whether the announcement would lead to greater access for foreign goods to China’s vast market. The U.S. and many European countries have long complained about barriers to their exports. The change affects only ongoing and future negotiations, not existing agreements.
Chinese Premier Li Qiang announced the change in a speech in New York on Tuesday to a China-organized development forum at the annual meeting of the U.N. General Assembly.
Chinese officials said Beijing’s decision was voluntary and not meant to suggest that other developing countries should follow suit.
Posted by John3262005
1 Comment
Not really sure what to make of this yet. The writer doesn’t seem sure either.
It is pretty nuts they hung onto that designation for so long though