PTI, Washington :
China’s economic system is not compatible with the norms of the WTO, the Trump administration has said, asserting that the international trade body is not equipped to deal with Beijing and its industrial policies.
The Trump administration is also seeking to redefine the term ‘developing nations’ as countries like China, despite being the world’s second largest economy, are being considered as developing, that gives them certain benefits under the World Trade Organization (WTO).
“Too many countries at the WTO self-designate as developing countries. And as a developing country at the WTO, you enjoy additional flexibilities and exemptions from the rules,” Dennis Shea, Deputy US Trade Representative and US Ambassador to the WTO, told a Washington audience on Friday. “If you look at who some of these countries are, though, it’s pretty amazing that they’re claiming to be developing countries at the WTO,” he said.
For example, 10 of the G-20 members claim developing country status at the WTO.
China, which is the second largest economy in the world, claims developing country status at the WTO, Shea said.
Five of the six countries with the largest GDP per capita claim developing country status at the WTO, he said during his appearance before the Center for Strategic and International Studies (CSIS), a top American think-tank.
China’s economic system is not compatible with the norms of the WTO, the Trump administration has said, asserting that the international trade body is not equipped to deal with Beijing and its industrial policies.
The Trump administration is also seeking to redefine the term ‘developing nations’ as countries like China, despite being the world’s second largest economy, are being considered as developing, that gives them certain benefits under the World Trade Organization (WTO).
“Too many countries at the WTO self-designate as developing countries. And as a developing country at the WTO, you enjoy additional flexibilities and exemptions from the rules,” Dennis Shea, Deputy US Trade Representative and US Ambassador to the WTO, told a Washington audience on Friday. “If you look at who some of these countries are, though, it’s pretty amazing that they’re claiming to be developing countries at the WTO,” he said.
For example, 10 of the G-20 members claim developing country status at the WTO.
China, which is the second largest economy in the world, claims developing country status at the WTO, Shea said.
Five of the six countries with the largest GDP per capita claim developing country status at the WTO, he said during his appearance before the Center for Strategic and International Studies (CSIS), a top American think-tank.
