(VOVWORLD) - China announced on Tuesday it will forego asking for the benefits it gains from its developing country status at the World Trade Organization.
 Chinese Premier Li Qiang (Photo: REUTERS/Shubing Wang) |
Chinese Premier Li Qiang, during a meeting on the sidelines of the UN General Assembly in New York, announced that China will no longer seek access to Special and Differential Treatment under current or new WTO agreements and will act as a responsible major developing country.
Under WTO regulations, developing countries may enjoy certain benefits, such as longer time frames to implement commitments and use measures to expand trade opportunities. However, many developed nations, including the United States, have argued that China, the world’s second-largest economy, should no longer be classified in this group.
In a statement posted on social media, WTO Director-General Ngozi Okonjo-Iweala described this as an important and pivotal development in the WTO reform process, adding that China’s announcement was the result of many years of effort.