In a formal session of the World Trade Organization's Trade Policy Review Body this week, the Chinese mainland delegation called on WTO members to step up transparency around trade measures to help safeguard the multilateral trading system.
At Tuesday's meeting, WTO Director-General Ngozi Okonjo-Iweala warned that the global trading system is experiencing its most severe turbulence in 80 years, citing a surge in unilateral tariff actions, geopolitical tensions, and regional conflicts.
Still, she noted, the system has shown resilience: approximately 72 percent of global trade continues under a most-favored-nation (MFN) framework. The WTO will monitor tariff developments closely and publish an updated MFN share assessment in the coming weeks.
The Chinese mainland highlighted that the WTO's Trade Monitoring Report, released earlier this year, is a vital tool for tracking policy shifts and their impacts. It stressed that all members, regardless of the legal force behind them, should promptly notify the WTO of new measures, especially tariff changes.
In particular, the delegation pointed to delays by the United States in reporting its trade measures, saying that timely notifications are key to a strong monitoring role. The Chinese mainland urged full compliance to strengthen system stability.
Several WTO members, including the European Union, echoed the call for transparency. They backed efforts to reinforce the WTO's monitoring functions and conduct in-depth evaluations of trade measures so members can better manage risks and navigate complex economic challenges.
According to the Trade Monitoring Report, import-related measures covered more than $2.64 trillion, over four times the total in the previous report, and represented 11.1 percent of global imports.
As geopolitical tensions and conflicts continue to test the multilateral trading system, experts say that robust transparency remains the key to sustaining cooperation and stability in world markets.
Reference(s):
cgtn.com
