The WTO should push economic globalization toward a more open, inclusive, balanced and mutually beneficial direction for development via rule updates and system safeguards, China’s Minister of Commerce Wang Wentao said at the opening ceremony of the WTO Twelfth Ministerial Conference (MC12) on Sunday, according to a statement published on the official website of the Ministry of Commerce (MOFCOM). 

According to Wang, China attaches great importance to WTO work. The reform of the WTO should boost economic globalization, as well as benefit all members and safeguard the legitimate interests of members from developing nations. 

“China is willing to cooperate with all sides to push MC12 to realize achievements in areas like combating the pandemic and grain safety. It is also willing to push the WTO to exert greater force on the global economic recovery,” Wang said. 

Held on Sunday in Geneva, the four-day MC12 was attended by 164 trade ministers and other representatives from the organizations’ 164 members. The meeting this year will include discussions on issues like the response to the pandemic, food security and trade-related aspects of intellectual property rights, in addition to a waiver for COVID-19 vaccines. 

According to the aforementioned statement, Wang also underlined the bright prospects of China’s economy, saying that China’s economic fundamentals characterized by strong resilience, substantial potential and long-term improvement have not changed. 

China is accelerating economic reform and pushing high-standard opening up, which will bring more market, growth and cooperation opportunities to the world. 

“China is willing to work with all sides to firmly safeguard the multilateral trade system and jointly build an open world economy,” Wang said. 

China’s economy is facing challenges resulting from an extended lockdown in Shanghai and lingering coronavirus impact, but the economy is still showing high growth momentum, as reflected  by the recently released trade data which largely beat market expectations.

Wang also mentioned at the forum that China has  provided more than 2.2 billion coronavirus vaccines to about 120 countries and international organizations. 

Global Times