China is Committed to WTO Rules: Supachai

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Last updated at: (Beijing Time) Wednesday, June 26, 2002

China is Committed to WTO Rules: Supachai

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The Director-General Designate of the World Trade Organization (WTO) praised China Tuesday for its staunch commitment to fair trade, adding that the strength of China's economy will also assist other developing economies.

Supachai Panitchpakdi, who is an ex-trade minister of Thailand, told leaders at the two-day Asian Leadership Forum in Hong Kong.

"China has committed itself to WTO rules, and is already ahead of many countries in terms of clearing market intervention."

"It is honoring WTO-plus commitments," he said, as he was commenting on his future role of promoting just and fair trade amongst both the developing and developed countries.

Supachai said with China's sustained economic growth standing at an annual average rate of 7 percent, China will have the ability to promote more balanced world trade.

"With China's economic growth rate standing at 7 percent, and with its serious world trade commitments, China is expected to bring about a bigger volume of world trade.

"And this will also help drag many of Asia's developing countries' economies out of recession, as intra-Asian trade is encouraged, urged and maintained by China's growth," he said.

He added that China's economy is expected to grow even stronger in the years to come.

On the United States' imposition of steel tariffs and thereby ushering in an era of neo-protectionism, Supachai said he will discuss the issue with the US lawmakers when he takes office.

"We need collective responsibility. If one has had domination in the past, now we should think whether the situation makes our trade balanced.

"There are so many issues we can solve collectively. I don't want to see conflicts arising. I come in only to make peace," Supachai said, adding that he will ensure that balanced, fair and just trade for both the developed and developing is achieved by improving the traditional consensus mechanism.

Other aspects, Supachai said, he would work on include reducing agricultural subsidies, implementing the Doha Development Agenda, and ensuring appropriate types of technological assistance are granted to the countries in need.

Fulfilling WTO Commitments a Priority

Senior officials said on Sunday the government will make more efforts to fulfill its World Trade Organization (WTO) commitments.

In the coming five years, China will open its goods market, which will provide trade partners a share of US$1.5 trillion. The further opening up of the service and trade market will also bring new fields for foreign investment.

China will continue its WTO commitments and expand areas of opening up step by step, he stressed. In Detail

Full Coverage: China Embraces WTO

Photo Feature: China's Entry into the WTO

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