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WTO ministers convene for MC11 in Buenos Aires

By Zhang Weizhong (People's Daily)    16:02, December 12, 2017

Buenos Aires (People's Daily) -Plenary sessions for the Eleventh Ministerial Conference (MC11) began yesterday in Buenos Aires, the capital city of Argentina, where trade ministers and senior officials from the highest decision-making body of the World Trade Organization (WTO) have gathered to address international trade through December 13.

The MC11 banner theme “Strengthening the Multilateral Trading System,” will feature discussions and delegation meetings addressing the future of trade among WTO nations.

“Multilateral trade system safeguards prosperity and development,” said Zhong Shan, China’s Minister of Commerce during his opening address while emphasizing the importance of a multilateral trade system and promoting a world economy.

Shan pointed out that history has shown how trade is a growth engine that safeguards economic globalization.

“Economic globalization is historically an irreversible trend,” Shan said, stressing how opening-up policies are essential to prosperity and growth, adding, “history has shown how trade is a growth engine that safeguards economic globalization.”

Shan referenced Chinese President Xi’s 2013 Belt and Road initiative designed to foster international cooperation and shared benefits.

Next year China will host its first China Import Expo (CIIE) in Shanghai. It will function as a platform for China to facilitate foreign nation participation and give preference to the developing nations involved.

“CIEE is a big step for China to promote economic globalization and open-up its market,” said Shan.

Ministers from 44 WTO nations issued joint statements underlining their support for the WTO and reaffirmed the “centrality” of the rules-based multilateral trading system.

WTO Director-General Roberto Azevedo said, “It will require that everyone be a champion of the trading system. It will mean that members reticent to lead in the past take up the mantle of leadership. The WTO and the trading system have proven their worth in the past and will do so again in the future. We should all be working to preserve and strengthen this vital resource.”

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