China announced Wednesday that he will no longer ask for the Special treatment granted to developing countries In the agreements of the World Trade Organization. This change was demanded by USA For a long time.
Officials of the Ministry of Commerce They expressed today to AP that The measure is an attempt to strengthen the global commercial system in a moment of threats by tariff wars and protectionist movements of individual countries to restrict imports.
They did not mention the US or the imposition of tariffs by President Donald Trump to many other countries this year, including China.
China renounced the country’s developing country treatment
The US argued for a long time that China should give up the country’s status in development Because it is the second largest economy in the world.
The advantages of this designation in the WTO include lower requirements to open their markets to imports and longer transition periods to implement market opening steps.
The WTO offers a forum for global commercial conversations and enforces the agreements, but became less effective, which led to requests to be reformed.
The head of the organization with headquarters in Geneva Ngozi Okonjo-Iweala He described the Chinese decision as “important key news for WTO reform” and thanked the country’s leaders in an X (former Twitter) publication.
“This is the culmination of many years of hard work,” he said and congratulated China’s leadership to reach that instance. The Chinese Prime Minister, Li qiangannounced the change in a speech in New York on Tuesday in a development forum at the annual meeting of the UN General Assembly.
China is a middle -income country, and officials of the Ministry of Commerce emphasized that continues to be part of the developing world.
However, more and more, it became a source of loans and technical assistance for other countries that seek to build roads, railways, dams and other important projects, often carried out by large Chinese state companies.
After the temporal elimination of the withholdings, China reserved 10 soy cargoes
China went shopping and He pointed directly to the Argentine soy. According to operators consulted by Reuters, Chinese buyers They reserved at least ten cargoes – and they could even reach fifteen – from 65,000 tons each, just hours after the government temporarily eliminated the retentions to exports of grains and by -products, including soybeans.
The measure, which It will be in force until October or until reaching US $ 7,000 million in exports declaredhe returned more competitive to the Argentine merchandise in the global market.
Shipments, scheduled for November, were agreed at CNF prices with a premium between US $ 2,15 YU $ S2.30 by Bushel on the November soy contract at the Chicago Board of Trade (CBOT). “These agreements were closed last night, after Argentina’s decision on the export tax. It clearly means that China does not need American soybeans,” said one of the operators.
Source: Ambito
