China said it will no longer seek the special treatment typically afforded to developing nations at the World Trade Organization, easing a long-standing dispute with the U.S. over trade rules.
Premier Li Qiang announced in New York on Tuesday that China will stop requesting “new special and differential” treatment in any current or future WTO negotiations, a step that could help advance reforms of the global trade body.
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This move may unlock progress in WTO reform talks and reduce U.S.-China tensions.
Dropping special treatment signals Beijing’s willingness to accept higher obligations in trade rules.
Past position:
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Claimed developing-nation status for preferential treatment
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Used “special and differential” provisions to secure flexibility on trade rules
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U.S. criticized this as unfair, arguing China is a major economy
New position:
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Premier Li Qiang says China will stop seeking new developing-nation perks
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Applies to all current and future WTO negotiations
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Signals openness to higher obligations and reforms, reducing friction with U.S.
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Earlier:
This article was written by Eamonn Sheridan at investinglive.com.
