The Hongqiao International Economic Forum recently highlighted the enduring significance of global trade, tracing its roots back to the ancient Silk Road. The event marked the 30th anniversary of the World Trade Organization (WTO), emphasizing its role in economic integration and development.
Peter Sutherland, the last Director-General of the General Agreement on Tariffs and Trade (GATT) and the first of the WTO, compared international trade efforts to caravans crossing the Moroccan Sahara. This metaphor underscores a long-standing commitment to international trade as a means of economic, cultural, and social connection.
Reflecting on China's membership in the WTO since 2001, it was noted that China has become a major player in global trade. The country's economy has grown significantly, lifting millions out of poverty and increasing GDP per capita from $1,000 to over $12,000.
"China stands as a manufacturing powerhouse and the largest exporter of goods in the world," an official stated during the forum. China's involvement is seen as crucial for addressing global challenges such as climate change, public health emergencies, and digital technology transformations.
Recent initiatives supported by China include e-commerce agreements and participation in discussions on services domestic regulation. China also played roles in addressing plastics pollution and promoting micro, small, and medium-sized enterprises (MSMEs).
Some advocate for China to further strengthen its role within the multilateral system by supporting WTO reform efforts. During its Trade Policy Review, China assured continued economic reforms initiated at its WTO accession.
The call for unity among WTO members emphasized collaboration for sustainable and equitable trade practices over the next 30 years.