BEIJING (TDI), January 7th ( www.thediplomaticinsight.com) – – China on Monday slammed the US’ “small yard, high fence” strategy, saying such a policy undermines international supply chains and damages the common and long-term interests of all nations and vowing to continue to safeguard the WTO-centered multilateral trading system.
China Foreign Ministry’s comments were made in response to a media query which said this year marks the 30th anniversary of the WTO, and a recent report by US media Forbes warned that if threats of protectionism materialize, not only would the international trade system suffer, but the WTO’s dispute settlement mechanism would also face serious challenges.
Meanwhile, another New York Times’ article discussed the sharp economic and diplomatic costs and concerns among American tech companies that the high fence might shut them out from the Chinese market, according to Global Times.
Foreign Ministry Spokesperson Guo Jiakun said that the role of WTO’s is the core of the multilateral trading mechanism.
Over the past 30 years, the WTO has provided a stable, open and predictable institutional environment, ensuring steady and orderly international trade, increasing economic and trade cooperation among members, supporting the involvement of developing countries in economic globalization, and benefiting from it, Guo stated.
Free Trade Inevitable for Global Economic Development
“Free trade is an inevitable requirement for international economic development, with the fundamental objective of achieving mutual benefit and advancing common development. Engaging in protectionism and building ‘small yard, high fence’ considerably disrupts international supply chains and damages the common and long-term interests of all nations,” the spokesperson said.
Guo reiterated Beijing’s commitment to uphold the WTO’s principles, stating that China will continue to uphold the spirit with which it joined the WTO, working together with the global community to uphold the WTO-centered multilateral trading system, and continuously advance the liberalization and facilitation of international trade and investment for the betterment of the world.
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CGTN