China's Shift in WTO Status: A Developing Economy No More?
China has announced it will no longer seek the benefits associated with being classified as a developing country in the WTO. This shift was declared by Premier Li Qiang at the UN General Assembly, marking a significant change in China's approach to international trade agreements.
- Country:
- China
In a strategic move at the United Nations General Assembly in New York, China has declared it will relinquish the privileges tied to its developing country status at the World Trade Organization. Senior trade negotiator Li Chenggang confirmed this pivotal shift during a briefing on Wednesday.
The decision signifies a turning point for the $19-trillion economy, as Premier Li Qiang stated on Tuesday that China would no longer seek special and differential treatment in current or upcoming WTO agreements. This action reflects China's evolving stance on its global economic identity.
China's decision to forego such benefits could reshape its interactions within the international trade community and redefine its economic strategy amid ongoing global conversations about trade inequalities and development classifications.
(With inputs from agencies.)
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