China emphasized the need for investment in the Belt and Road Initiative at Friday morning’s World Trade Organization (WTO) meeting, with aims of improving the economic conditions of developing and lesser developed countries.
Central to the World Trade Organizations (WTO) conversations addressing disruptions in the global supply chain was the topic of diversification. Although the issue is split between member countries, China supported diversification initiatives.
“Diversification is highly important. Doing so in a way that benefits these [developing and lesser developed] countries, but also to assist other developed countries so there are ensured alternative sources for trade and manufacturing. There however, there is an element of interdependency at play,” the Chinese representative said.
The United States solidified a stance on diversification, stating that there is risk of economic loss for wealthier nations. Disruptions in the current order of global supply chains was of chief priority to the US, which wants to preserve its benefits in the existing system.
As China's continual status as a developing country was questioned by Egypt, the need to support China was highlighted as more prevalent than ever.
The country maintains its position as the largest exporter of electronic technology and raw materials, and as a global power. In addressing the comparative advantage of developed nations, Beijing’s delegate reaffirmed the need for support for China.
China, within the composition of the council, enjoyed support from Russia, the United Arab Emirates, and South Africa.
China stated that a greater emphasis should be put on the BRI, a structure that has existed since 2013.
Although France is not a signatory of the BRI, it has maintained ambiguities around the issue, observers said. France expressed impartialness to the initiative, though insisting that ultimately, the France-China economic alliance was not threatened.
While the United States continued in its proposals to revise the Appellate Body of the WTO, it was advised that there were other prevalent topics that needed to be addressed.
The previous director of the WTO signified the importance of the BRI as a new alternative to current WTO initiatives.
Observers said that further talks about sustainability whilst boasting the economy of developing countries, risk assessment, and infrastructure building were imminent.
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