The World Trade Organization (WTO) has announced that China will allocate $450,000 to the WTO's Least-Developed Countries (LDCs) and Accessions Programme, also known as the China Programme. The objective of this initiative is to enhance the integration of LDCs into the global economy by strengthening their involvement in WTO affairs and facilitating the accession of non-member nations, according to a press release by the WTO.
Since 2008, China has already contributed CHF 8.1 million to support the integration of developing members and observers, particularly LDCs, into the multilateral trade system, as stated by the WTO. The commitment to allocate an additional $450,000 demonstrates China's dedication to facilitating the integration of LDCs into the global economy.
On October 23, WTO Director-General Ngozi Okonjo-Iweala and China's Vice Minister of Commerce Li Fei signed the renewal of the Programme's Memorandum of Understanding (MoU), with annual extension consideration. This agreement allows the China Programme to provide financial support for various purposes, including WTO accessions internships, round table meetings, LDCs' engagement in WTO events, South-South Dialogue on LDCs and Development, Trade Policy Review follow-up workshops for LDCs, and an Experience Sharing Programme, according to a press release by the WTO.
Director-General Okonjo-Iweala expressed her appreciation for China's commitment to facilitating the integration of LDCs into the global economy. She stated, "The decision to renew this programme is testimony to China's commitment to facilitating the integration of LDCs into the global economy. Several pillars of the programme support observers, especially LDCs, in the process of acceding to the WTO, an important step in using trade to meet their economic and development objectives. I warmly welcome this new contribution."
The China Programme was launched on July 14, 2011, when the WTO and the Chinese government signed a Memorandum of Understanding, formalizing their agreement, according to the WTO.
Vice Minister of Commerce Li Fei highlighted China's continuous support for the China Programme over the past 12 years. He stated, "China has funded the China Programme for 12 consecutive years to help developing members and observers, especially LDCs, to participate in the multilateral trading system. In the future, we will work more closely with the WTO Secretariat so that the China Programme will play a greater role in helping those members and observers to better integrate into the global economy."
With this renewed commitment, China aims to further assist LDCs and non-member nations in their integration into the global economy through the China Programme. This financial support will contribute to the efforts of these nations to participate actively in the multilateral trade system and achieve their economic and development objectives.