Defying WTO may lead to trade war
Print Edition
CHINA yesterday urged support for the World Trade Organization, warning that defiance of WTO rules could lead to a trade war.
Sun Jiwen, spokesman for the Ministry of Commerce, said China firmly supports WTO and will defend the authority of its rules.
“If WTO members ignore the organization’s rules for their own sake and refuse to implement its rulings on disputes, the multilateral trade system will exist in name only and there could even be a repetition of the trade war of the 1930s,” Sun said.
The rulings of the WTO’s dispute settlement system are enforceable and “have teeth,” he noted.
The comments came after last week’s release of an annual trade policy agenda document by the US Trade Representative’s office, which signaled the US administration might defy WTO rulings that it views as interfering with US sovereignty.
Sun said the WTO was essential to countering trade protectionism and helping the global economic recovery through the handling of trade disputes.
Economic globalization is inevitable, Sun said, noting that conforming to WTO rules is a must for fair trade, which the US has vowed to defend.
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