Chinese President Xi Jinping reaffirmed on Wednesday the universal consensus and common direction towards the necessity of reforming the World Trade Organization (WTO).
The Political Bureau of the Communist Party of China’s Central Committee convened a meeting led by President Xi Jinping on the same day. The participants discussed the WTO’s regulations and potential reform strategies. China Central Television quoted Xi, stating, “The need to reform the World Trade Organization is a general consensus and a general direction.”
Xi emphasized the pivotal role the WTO plays in upholding multilateralism and as an essential platform for global economic governance. He asserted that as China engages in the WTO’s reform, it must “stand firmly on the right side of history”, committing to the overarching trend of economic globalization. This includes championing genuine free trade and multilateralism while opposing unilateralism and protectionism.
Xi further pointed out the imperative of resisting the politicization of trade issues and their exploitation as weapons. He stressed the importance of fostering the construction of an open global economy.
Lastly, Xi assured that China will resolutely protect the legitimate rights and interests of developing countries, including China itself.
The World Trade Organization, established in 1995, acts as the primary global forum for trade relations among countries. It sets the legal ground rules for global trade, attempting to ensure smooth, predictable, and free trading practices.
However, the WTO has faced criticism over the years, with many nations expressing the need for reforms to better align the organization with the current global trade environment. China, as one of the world’s leading trade powers, has a vested interest in how the WTO operates and evolves.
President Xi’s statements echo the sentiments of other nations, underscoring the importance of modernizing and adapting the WTO for the challenges and opportunities of the 21st century.
